Sound Income Strategies LLC Boosts Stake in Edison International (NYSE:EIX)

Sound Income Strategies LLC increased its position in Edison International (NYSE:EIX – Get Rating) by 106.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,336 shares of the utilities provider’s stock after buying an additional 47,693 shares during the period. Sound Income Strategies LLC’s holdings in Edison International were worth $5,874,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. CI Investments Inc. lifted its position in shares of Edison International by 980.9% in the third quarter. CI Investments Inc. now owns 508 shares of the utilities provider’s stock worth $29,000 after buying an additional 461 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of Edison International in the first quarter worth about $41,000. CoreFirst Bank & Trust purchased a new stake in shares of Edison International in the second quarter worth about $47,000. Lazard Asset Management LLC lifted its position in shares of Edison International by 975.7% in the third quarter. Lazard Asset Management LLC now owns 796 shares of the utilities provider’s stock worth $44,000 after buying an additional 722 shares in the last quarter. Finally, NuWave Investment Management LLC purchased a new stake in shares of Edison International in the third quarter worth about $45,000. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

Edison International Trading Down 1.8 %

Shares of EIX traded down $1.22 during mid-day trading on Friday, reaching $67.76. 4,978,041 shares of the company’s stock traded hands, compared to its average volume of 2,109,891. The stock has a market cap of $25.92 billion, a P/E ratio of 42.35, a P/E/G ratio of 4.87 and a beta of 0.78. The stock’s 50-day moving average is $67.51 and its two-hundred day moving average is $64.50. Edison International has a 12 month low of $54.45 and a 12 month high of $73.32. The company has a debt-to-equity ratio of 1.74, a current ratio of 0.68 and a quick ratio of 0.64.

Edison International (NYSE:EIX – Get Rating) last released its earnings results on Thursday, February 23rd. The utilities provider reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.07. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.61 billion. Edison International had a return on equity of 12.05% and a net margin of 4.48%. During the same quarter in the prior year, the firm posted $1.16 earnings per share. Research analysts forecast that Edison International will post 4.72 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, April 30th. Investors of record on Friday, March 31st will be issued a $0.7375 dividend. The ex-dividend date is Thursday, March 30th. This represents a $2.95 dividend on an annualized basis and a dividend yield of 4.35%. Edison International’s payout ratio is 184.38%.

Analysts Set New Price Targets

A number of research firms recently commented on EIX. Morgan Stanley decreased their target price on Edison International from $57.00 to $54.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 22nd. StockNews.com assumed coverage on Edison International in a research note on Thursday. They set a “hold” rating on the stock. Wells Fargo & Company cut Edison International from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $76.00 to $73.00 in a research note on Wednesday, February 1st. Credit Suisse Group reduced their price objective on Edison International from $68.00 to $67.00 and set a “neutral” rating on the stock in a research note on Friday, February 24th. Finally, UBS Group raised Edison International from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $69.00 to $75.00 in a research note on Tuesday, January 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $69.64.

About Edison International

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Edison International is a renewable energy company, which through its subsidiaries, generates and distributes electric power, and invests in energy services and technologies. The company was founded on July 4, 1886, and is headquartered in Rosemead, CA.