Empowered Funds LLC lowered its stake in shares of Edison International (NYSE:EIX – Free Report) by 30.3% in the first quarter, Holdings Channel.com reports. The firm owned 253,439 shares of the utilities provider’s stock after selling 110,142 shares during the period. Empowered Funds LLC’s holdings in Edison International were worth $18,547,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Equitable Trust Co. lifted its holdings in shares of Edison International by 0.8% in the first quarter. Equitable Trust Co. now owns 19,616 shares of the utilities provider’s stock valued at $1,435,000 after purchasing an additional 148 shares in the last quarter. UMB Bank n.a. grew its holdings in Edison International by 5.3% during the fourth quarter. UMB Bank n.a. now owns 3,169 shares of the utilities provider’s stock worth $190,000 after buying an additional 159 shares in the last quarter. LVW Advisors LLC grew its holdings in Edison International by 4.6% during the fourth quarter. LVW Advisors LLC now owns 4,224 shares of the utilities provider’s stock worth $254,000 after buying an additional 186 shares in the last quarter. Sterling Group Wealth Management LLC grew its holdings in Edison International by 2.7% during the first quarter. Sterling Group Wealth Management LLC now owns 7,213 shares of the utilities provider’s stock worth $528,000 after buying an additional 190 shares in the last quarter. Finally, Huntington National Bank raised its position in Edison International by 6.2% in the 4th quarter. Huntington National Bank now owns 3,351 shares of the utilities provider’s stock valued at $201,000 after buying an additional 196 shares during the last quarter. 88.95% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on EIX shares. Weiss Ratings restated a “buy (b-)” rating on shares of Edison International in a research note on Monday, July 13th. Truist Financial reduced their target price on shares of Edison International from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Monday, May 18th. Wells Fargo & Company reiterated an “underweight” rating and issued a $62.00 target price on shares of Edison International in a report on Tuesday, April 21st. Seaport Research Partners lowered shares of Edison International from a “buy” rating to a “neutral” rating in a research report on Monday, April 20th. Finally, Morgan Stanley restated an “underweight” rating and set a $69.00 price target on shares of Edison International in a report on Wednesday, July 22nd. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $72.64.
Edison International Stock Up 1.5%
EIX stock opened at $79.85 on Wednesday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.68 and a current ratio of 0.74. The company has a market capitalization of $30.73 billion, a price-to-earnings ratio of 8.67, a PEG ratio of 6.11 and a beta of 0.66. Edison International has a fifty-two week low of $51.01 and a fifty-two week high of $81.62. The stock has a fifty day moving average of $73.95 and a 200-day moving average of $70.73.
Edison International (NYSE:EIX – Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The utilities provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.32 by $0.10. The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.15 billion. Edison International had a net margin of 19.27% and a return on equity of 14.56%. The company’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.37 earnings per share. As a group, equities research analysts predict that Edison International will post 6.13 earnings per share for the current year.
Edison International Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, July 7th will be given a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, July 7th. This represents a $3.51 annualized dividend and a dividend yield of 4.4%. Edison International’s payout ratio is 38.11%.
Edison International Profile
Edison International is a publicly traded utility holding company based in Rosemead, California, whose principal subsidiary is Southern California Edison (SCE). As an electric utility holding company, Edison International oversees the delivery of electricity through SCE’s integrated network of generation procurement, transmission and distribution infrastructure, serving millions of customers across central, coastal and southern California. The company’s operations focus on reliable energy delivery, customer service, regulatory compliance and long-term infrastructure planning for a complex and high-demand service territory.
The company’s activities include procuring and managing a diverse resource mix, maintaining and upgrading transmission and distribution systems, and implementing grid modernization projects.
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