Edison International (EIX) Shares Gap Down Following Analyst Downgrade

Edison International (NYSE:EIX)’s share price gapped down prior to trading on Thursday after Deutsche Bank lowered their price target on the stock to $78.00. The stock had previously closed at $71.54, but opened at $70.00. Deutsche Bank currently has a hold rating on the stock. Edison International shares last traded at $68.72, with a volume of 10027600 shares trading hands.

Several other research firms also recently commented on EIX. ValuEngine upgraded shares of Edison International from a “hold” rating to a “buy” rating in a research note on Wednesday, November 15th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $84.00 price objective on shares of Edison International in a research report on Sunday, September 17th. Morgan Stanley upped their price objective on shares of Edison International from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Friday, September 8th. Mizuho reaffirmed a “buy” rating and set a $87.00 price objective (up previously from $84.00) on shares of Edison International in a research report on Wednesday, August 23rd. Finally, Bank of America reaffirmed a “buy” rating and set a $86.00 price objective on shares of Edison International in a research report on Tuesday, October 24th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $84.54.

In other news, insider Ronald L. Litzinger sold 224,718 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $82.00, for a total value of $18,426,876.00. Following the completion of the transaction, the insider now owns 14,121 shares of the company’s stock, valued at $1,157,922. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Edison International by 1.8% in the second quarter. Vanguard Group Inc. now owns 27,363,702 shares of the utilities provider’s stock worth $2,139,568,000 after acquiring an additional 487,713 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Edison International by 1.1% in the second quarter. BlackRock Inc. now owns 24,659,823 shares of the utilities provider’s stock worth $1,928,152,000 after acquiring an additional 270,625 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Edison International by 3.6% in the second quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock worth $1,197,430,000 after acquiring an additional 526,261 shares during the last quarter. Boston Partners lifted its holdings in shares of Edison International by 4.2% in the second quarter. Boston Partners now owns 3,736,312 shares of the utilities provider’s stock worth $292,142,000 after acquiring an additional 151,153 shares during the last quarter. Finally, FIL Ltd lifted its holdings in shares of Edison International by 12.1% in the second quarter. FIL Ltd now owns 2,789,016 shares of the utilities provider’s stock worth $218,073,000 after acquiring an additional 301,131 shares during the last quarter. 81.36% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.80, a current ratio of 0.51 and a quick ratio of 0.47. The company has a market capitalization of $22,806.78, a price-to-earnings ratio of 15.94, a P/E/G ratio of 2.54 and a beta of 0.23.

Edison International (NYSE:EIX) last released its quarterly earnings data on Monday, October 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.10. Edison International had a return on equity of 10.84% and a net margin of 13.18%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter in the prior year, the firm posted $1.29 earnings per share. The firm’s revenue was down 2.5% compared to the same quarter last year. analysts anticipate that Edison International will post 4.33 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be paid a $0.605 dividend. This represents a $2.42 annualized dividend and a dividend yield of 3.37%. This is an increase from Edison International’s previous quarterly dividend of $0.54. Edison International’s dividend payout ratio is currently 48.98%.

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About Edison International

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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