Wall Street analysts forecast that Edison International (NYSE:EIX) will report earnings per share (EPS) of $1.31 for the current quarter, Zacks Investment Research reports. Zero analysts have issued estimates for Edison International’s earnings, with the lowest EPS estimate coming in at $1.29 and the highest estimate coming in at $1.33. Edison International reported earnings per share of $1.27 in the same quarter last year, which suggests a positive year over year growth rate of 3.1%. The business is expected to issue its next earnings results on Tuesday, November 7th.
On average, analysts expect that Edison International will report full year earnings of $4.24 per share for the current fiscal year, with EPS estimates ranging from $4.20 to $4.25. For the next financial year, analysts anticipate that the business will post earnings of $4.29 per share, with EPS estimates ranging from $4.20 to $4.40. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that follow Edison International.
Edison International (NYSE:EIX) last issued its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.85. Edison International had a return on equity of 10.58% and a net margin of 12.64%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same period in the prior year, the business posted $0.85 earnings per share. The company’s quarterly revenue was up 6.8% compared to the same quarter last year.
Several brokerages have recently weighed in on EIX. UBS AG cut Edison International from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $82.00 to $80.00 in a report on Wednesday, May 17th. Jefferies Group LLC upgraded Edison International from a “hold” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $90.00 in a report on Friday, August 11th. Morgan Stanley boosted their target price on Edison International from $86.00 to $90.00 and gave the stock an “equal weight” rating in a report on Thursday, August 10th. Mizuho restated a “buy” rating and set a $87.00 target price (up from $84.00) on shares of Edison International in a report on Wednesday, August 23rd. Finally, BMO Capital Markets restated a “buy” rating and set a $85.00 target price on shares of Edison International in a report on Thursday, August 17th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $84.15.
In other Edison International news, insider Ronald L. Litzinger sold 224,715 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $80.54, for a total value of $18,098,546.10. Following the sale, the insider now owns 14,121 shares of the company’s stock, valued at $1,137,305.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.41% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Edison International by 1.8% in the second quarter. Vanguard Group Inc. now owns 27,363,702 shares of the utilities provider’s stock valued at $2,139,568,000 after purchasing an additional 487,713 shares during the period. BlackRock Inc. raised its position in Edison International by 1.1% in the second quarter. BlackRock Inc. now owns 24,659,823 shares of the utilities provider’s stock valued at $1,928,152,000 after purchasing an additional 270,625 shares during the period. JPMorgan Chase & Co. raised its position in Edison International by 3.6% in the second quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock valued at $1,197,430,000 after purchasing an additional 526,261 shares during the period. Alliancebernstein L.P. raised its position in Edison International by 6.1% in the first quarter. Alliancebernstein L.P. now owns 5,733,802 shares of the utilities provider’s stock valued at $456,468,000 after purchasing an additional 330,071 shares during the period. Finally, Boston Partners raised its position in Edison International by 4.2% in the second quarter. Boston Partners now owns 3,736,312 shares of the utilities provider’s stock valued at $292,142,000 after purchasing an additional 151,153 shares during the period. 81.56% of the stock is currently owned by institutional investors.
Shares of Edison International (EIX) traded down 0.92% during midday trading on Tuesday, reaching $80.74. The company’s stock had a trading volume of 2,856,955 shares. The firm has a market cap of $26.31 billion, a price-to-earnings ratio of 19.09 and a beta of 0.24. The stock’s 50 day moving average price is $79.65 and its 200 day moving average price is $79.59. Edison International has a one year low of $67.44 and a one year high of $82.82.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be given a $0.5425 dividend. This represents a $2.17 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend is Thursday, September 28th. Edison International’s payout ratio is 50.82%.
Edison International Company Profile
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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