Harbor Capital Advisors Inc. Cuts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Harbor Capital Advisors Inc. lowered its stake in Consolidated Edison, Inc. (NYSE:ED) by 1.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,577 shares of the utilities provider’s stock after selling 130 shares during the period. Harbor Capital Advisors Inc.’s holdings in Consolidated Edison were worth $949,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ED. Norges Bank purchased a new stake in shares of Consolidated Edison in the 4th quarter worth approximately $399,824,000. GAMMA Investing LLC boosted its stake in Consolidated Edison by 15,937.5% during the 1st quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider’s stock valued at $113,031,000 after purchasing an additional 1,015,700 shares during the last quarter. ExodusPoint Capital Management LP boosted its stake in Consolidated Edison by 412.0% during the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock valued at $97,564,000 after purchasing an additional 879,866 shares during the last quarter. Invesco Ltd. boosted its stake in Consolidated Edison by 27.9% during the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider’s stock valued at $332,090,000 after purchasing an additional 812,885 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in Consolidated Edison by 232.3% during the 4th quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider’s stock valued at $93,989,000 after purchasing an additional 736,348 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ED. Barclays increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a research note on Monday, May 5th. Scotiabank increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. UBS Group increased their target price on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Citigroup increased their target price on Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, April 9th. Finally, Guggenheim increased their target price on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $104.27.

Consolidated Edison Price Performance

NYSE ED opened at $103.89 on Friday. The business’s fifty day moving average price is $106.74 and its 200-day moving average price is $100.51. The stock has a market capitalization of $37.43 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 3.05 and a beta of 0.27. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year high of $114.87.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the prior year, the business posted $2.15 earnings per share. On average, equities analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be issued a $0.85 dividend. The ex-dividend date is Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.27%. Consolidated Edison’s dividend payout ratio is currently 62.85%.

Consolidated Edison Company Profile

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 3.7 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.