Harbor Capital Advisors Inc. cut its stake in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 3.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,779 shares of the utilities provider’s stock after selling 293 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Consolidated Edison were worth $794,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ED. Envestnet Asset Management Inc. lifted its stake in Consolidated Edison by 1,869.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 4,786,202 shares of the utilities provider’s stock valued at $29,777,000 after buying an additional 4,543,146 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its stake in Consolidated Edison by 89,231.2% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,145,861 shares of the utilities provider’s stock valued at $395,142,000 after buying an additional 4,141,220 shares in the last quarter. Norges Bank purchased a new position in Consolidated Edison in the 4th quarter valued at about $318,245,000. Morgan Stanley lifted its stake in Consolidated Edison by 33.3% in the 4th quarter. Morgan Stanley now owns 4,128,579 shares of the utilities provider’s stock valued at $393,495,000 after buying an additional 1,030,730 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its stake in Consolidated Edison by 547.3% in the 1st quarter. Panagora Asset Management Inc. now owns 581,790 shares of the utilities provider’s stock valued at $55,660,000 after buying an additional 491,907 shares in the last quarter. 64.53% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have weighed in on ED shares. Wells Fargo & Company decreased their target price on shares of Consolidated Edison from $102.00 to $96.00 and set an “underweight” rating on the stock in a research note on Friday, August 4th. Mizuho decreased their target price on shares of Consolidated Edison from $95.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 5th. KeyCorp lifted their price target on shares of Consolidated Edison from $70.00 to $77.00 in a research report on Wednesday, July 19th. Barclays began coverage on shares of Consolidated Edison in a research report on Wednesday, August 23rd. They set an “equal weight” rating and a $88.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of Consolidated Edison from $89.00 to $80.00 in a report on Wednesday, June 7th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $89.79.
Consolidated Edison Price Performance
ED opened at $91.57 on Tuesday. The company has a fifty day simple moving average of $91.33 and a 200 day simple moving average of $93.61. The firm has a market cap of $31.58 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 9.33 and a beta of 0.37. Consolidated Edison, Inc. has a twelve month low of $78.10 and a twelve month high of $100.92. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 0.99.
Consolidated Edison (NYSE:ED – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.03. The company had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $3.31 billion. Consolidated Edison had a net margin of 15.84% and a return on equity of 8.27%. During the same period last year, the firm posted $0.64 EPS. Equities research analysts expect that Consolidated Edison, Inc. will post 4.9 EPS for the current fiscal year.
Consolidated Edison Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th were paid a $0.81 dividend. The ex-dividend date of this dividend was Tuesday, August 15th. This represents a $3.24 annualized dividend and a dividend yield of 3.54%. Consolidated Edison’s dividend payout ratio is currently 46.62%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.6 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.
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