Harbor Capital Advisors Inc. Has $777,000 Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Harbor Capital Advisors Inc. raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 2.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,707 shares of the utilities provider’s stock after buying an additional 213 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Consolidated Edison were worth $777,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp lifted its position in Consolidated Edison by 1.7% in the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock valued at $2,439,684,000 after acquiring an additional 399,034 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Consolidated Edison by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider’s stock valued at $919,041,000 after purchasing an additional 107,281 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Consolidated Edison by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider’s stock valued at $223,741,000 after purchasing an additional 28,254 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Consolidated Edison by 4.0% during the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after buying an additional 82,985 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in shares of Consolidated Edison by 0.8% during the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after buying an additional 11,785 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

ED opened at $88.38 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The business has a 50 day moving average of $93.93 and a 200-day moving average of $97.90. The stock has a market cap of $30.62 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 3.11 and a beta of 0.38.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. On average, equities research analysts expect that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a $0.83 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.76%. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ED. Jefferies Financial Group started coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Barclays lowered their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Finally, Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price objective for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average target price of $100.64.

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.