Private Advisory Group LLC acquired a new position in Edison International (NYSE:EIX – Free Report) during the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 175,407 shares of the utilities provider’s stock, valued at approximately $9,425,000.
Other hedge funds also recently made changes to their positions in the company. Avior Wealth Management LLC raised its holdings in shares of Edison International by 4.7% in the 2nd quarter. Avior Wealth Management LLC now owns 2,956 shares of the utilities provider’s stock worth $220,000 after purchasing an additional 134 shares in the last quarter. Altshuler Shaham Ltd lifted its stake in Edison International by 36.6% during the first quarter. Altshuler Shaham Ltd now owns 578 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 155 shares during the last quarter. Cidel Asset Management Inc. boosted its holdings in Edison International by 3.0% during the second quarter. Cidel Asset Management Inc. now owns 6,088 shares of the utilities provider’s stock worth $453,000 after buying an additional 178 shares in the last quarter. Paladin Wealth LLC boosted its holdings in Edison International by 6.3% during the second quarter. Paladin Wealth LLC now owns 3,035 shares of the utilities provider’s stock worth $226,000 after buying an additional 181 shares in the last quarter. Finally, Basecamp Wealth Advisors LLC boosted its holdings in Edison International by 18.1% during the first quarter. Basecamp Wealth Advisors LLC now owns 1,190 shares of the utilities provider’s stock worth $87,000 after buying an additional 182 shares in the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.
Insider Activity at Edison International
In related news, Director Peter Taylor sold 500 shares of the company’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $55.56, for a total value of $27,780.00. Following the completion of the sale, the director owned 33,212 shares in the company, valued at approximately $1,845,258.72. This represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.20% of the company’s stock.
Edison International Price Performance
EIX stock opened at $60.02 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.71 and a debt-to-equity ratio of 2.01. Edison International has a one year low of $51.10 and a one year high of $81.62. The firm has a market capitalization of $23.10 billion, a PE ratio of 6.38, a P/E/G ratio of 2.54 and a beta of 0.56. The firm has a 50-day moving average of $56.45 and a two-hundred day moving average of $67.68.
Edison International (NYSE:EIX – Get Free Report) last announced its earnings results on Thursday, October 29th. The utilities provider reported $1.92 EPS for the quarter, topping the consensus estimate of $1.81 by $0.11. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Edison International had a net margin of 20.50% and a return on equity of 14.17%. The business’s revenue for the quarter was down 15.0% on a year-over-year basis. During the same period last year, the company posted $2.34 earnings per share. On average, analysts forecast that Edison International will post 6.13 earnings per share for the current year.
Edison International Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Saturday, October 31st. Stockholders of record on Wednesday, October 7th were issued a dividend of $0.8775 per share. The ex-dividend date was Wednesday, October 7th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.8%. Edison International’s payout ratio is currently 37.30%.
Wall Street Analysts Forecast Growth
EIX has been the topic of several recent research reports. Truist Financial decreased their price target on shares of Edison International from $63.00 to $62.00 and set a “hold” rating on the stock in a research report on Monday, October 12th. JPMorgan Chase & Co. cut their price objective on Edison International from $61.00 to $59.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. Bank of America lowered Edison International from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $81.00 to $51.00 in a research note on Tuesday, September 1st. UBS Group lifted their target price on Edison International from $57.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, October 30th. Finally, Jefferies Financial Group cut Edison International from a “hold” rating to an “underperform” rating and decreased their target price for the stock from $53.00 to $42.00 in a report on Friday, October 2nd. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Edison International currently has a consensus rating of “Reduce” and an average price target of $60.58.
Read Our Latest Stock Analysis on Edison International
Edison International Company Profile
Edison International is a holding company focused on electric power generation and delivery. Its principal subsidiary, Southern California Edison (SCE), is a regulated electric utility that serves homes and businesses across much of central and Southern California. SCE operates and maintains the electric grid, including transmission and distribution infrastructure, and works to support the region’s shift to cleaner energy. Edison International also provides energy advisory and management services through its Edison Energy business.
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