KLP Kapitalforvaltning AS Has $17.56 Million Position in Edison International (NYSE:EIX)

KLP Kapitalforvaltning AS grew its stake in Edison International (NYSE:EIX) by 1.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 297,977 shares of the utilities provider’s stock after purchasing an additional 3,600 shares during the period. KLP Kapitalforvaltning AS’s holdings in Edison International were worth $17,557,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Bellwether Advisors LLC bought a new position in Edison International during the 4th quarter worth approximately $34,000. Rakuten Securities Inc. raised its holdings in Edison International by 4,633.3% during the 1st quarter. Rakuten Securities Inc. now owns 426 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 417 shares during the last quarter. Barnes Dennig Private Wealth Management LLC bought a new position in Edison International during the 1st quarter worth approximately $25,000. Mizuho Bank Ltd. bought a new stake in shares of Edison International in the 4th quarter valued at $50,000. Finally, Ameriflex Group Inc. bought a new stake in shares of Edison International during the fourth quarter valued at approximately $56,000. 88.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EIX. Wolfe Research downgraded shares of Edison International from an “outperform” rating to a “peer perform” rating in a report on Monday, June 9th. Morgan Stanley lowered their price target on shares of Edison International from $52.00 to $51.00 and set an “underweight” rating on the stock in a report on Wednesday, June 18th. JPMorgan Chase & Co. lowered their price target on shares of Edison International from $75.00 to $71.00 and set a “neutral” rating on the stock in a report on Monday, May 19th. Barclays increased their price target on shares of Edison International from $64.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Edison International in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $76.82.

Edison International Price Performance

Shares of Edison International stock opened at $52.29 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.96 and a debt-to-equity ratio of 2.06. Edison International has a 52 week low of $47.73 and a 52 week high of $88.77. The stock’s 50-day simple moving average is $52.64 and its 200-day simple moving average is $55.28. The company has a market capitalization of $20.12 billion, a price-to-earnings ratio of 7.42, a PEG ratio of 1.23 and a beta of 0.75.

Edison International (NYSE:EIX) last announced its quarterly earnings data on Tuesday, April 29th. The utilities provider reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.16. Edison International had a net margin of 16.84% and a return on equity of 13.21%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period last year, the firm posted $1.13 EPS. The company’s revenue was down 6.5% on a year-over-year basis. As a group, analysts expect that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, July 7th will be given a $0.8275 dividend. The ex-dividend date is Monday, July 7th. This represents a $3.31 dividend on an annualized basis and a yield of 6.33%. Edison International’s dividend payout ratio is presently 46.95%.

Edison International Profile

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.