Harrington Investments INC Purchases 170 Shares of Consolidated Edison, Inc. (NYSE:ED)

Harrington Investments INC raised its position in Consolidated Edison, Inc. (NYSE:ED) by 0.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,129 shares of the utilities provider’s stock after acquiring an additional 170 shares during the quarter. Consolidated Edison makes up 1.5% of Harrington Investments INC’s portfolio, making the stock its 25th biggest holding. Harrington Investments INC’s holdings in Consolidated Edison were worth $2,825,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ED. Clean Energy Transition LLP lifted its holdings in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares during the period. Acadian Asset Management LLC raised its stake in shares of Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after buying an additional 532,893 shares during the period. AMF Tjanstepension AB raised its stake in shares of Consolidated Edison by 243.2% in the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after buying an additional 352,903 shares during the period. Swedbank AB bought a new position in shares of Consolidated Edison in the first quarter worth about $30,515,000. Finally, LPL Financial LLC raised its stake in shares of Consolidated Edison by 101.3% in the second quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock worth $54,242,000 after buying an additional 305,291 shares during the period. Institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Guggenheim raised their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. UBS Group increased their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Barclays increased their target price on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research report on Monday, August 5th. Scotiabank increased their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Bank of America increased their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $94.96.

Consolidated Edison Price Performance

Shares of ED stock opened at $103.10 on Tuesday. Consolidated Edison, Inc. has a 52-week low of $85.15 and a 52-week high of $105.99. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a market capitalization of $35.66 billion, a P/E ratio of 19.79, a P/E/G ratio of 3.46 and a beta of 0.36. The stock has a 50 day moving average price of $102.39 and a 200 day moving average price of $96.25.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period in the previous year, the company posted $0.61 EPS. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.22%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Consolidated Edison 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.