Harrington Investments INC Acquires 240 Shares of Consolidated Edison, Inc. (NYSE:ED)

Harrington Investments INC raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 27,369 shares of the utilities provider’s stock after buying an additional 240 shares during the quarter. Consolidated Edison comprises 1.3% of Harrington Investments INC’s portfolio, making the stock its 26th largest holding. Harrington Investments INC’s holdings in Consolidated Edison were worth $2,442,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. AlphaMark Advisors LLC purchased a new stake in Consolidated Edison in the 4th quarter worth about $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Consolidated Edison in the third quarter worth approximately $30,000. OFI Invest Asset Management bought a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC purchased a new position in Consolidated Edison during the 4th quarter valued at $36,000. Finally, Centricity Wealth Management LLC bought a new position in Consolidated Edison in the 4th quarter valued at $39,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Up 1.9 %

ED stock opened at $106.60 on Friday. 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 52-week low of $87.16 and a 52-week high of $107.97. The company’s 50-day simple moving average is $95.96 and its 200-day simple moving average is $98.19. The firm has a market cap of $36.97 billion, a P/E ratio of 20.34, a PEG ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were issued a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.19%. Consolidated Edison’s dividend payout ratio is presently 64.89%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ED shares. Scotiabank boosted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. Morgan Stanley lowered 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 report on Friday, November 22nd. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. UBS Group boosted their price target on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Finally, Mizuho lifted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $101.50.

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.