Mirae Asset Global Investments Co. Ltd. bought a new stake in Edison International (NYSE:EIX – Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 175,386 shares of the utilities provider’s stock, valued at approximately $9,423,000.
A number of other hedge funds have also made changes to their positions in EIX. BlackRock Inc. bought a new position in Edison International during the 2nd quarter valued at about $3,340,412,000. Legal & General Group Plc acquired a new position in Edison International in the second quarter valued at about $329,766,000. Bank of New York Mellon Corp bought a new stake in Edison International during the second quarter worth about $309,361,000. Hsbc Holdings PLC bought a new stake in Edison International during the second quarter worth about $261,275,000. Finally, Canada Pension Plan Investment Board bought a new stake in Edison International during the second quarter worth about $212,053,000. Institutional investors and hedge funds own 88.95% of the company’s stock.
Insider Activity
In other news, Director Peter Taylor sold 500 shares of the firm’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $55.56, for a total value of $27,780.00. Following the transaction, the director owned 33,212 shares of the company’s stock, valued at approximately $1,845,258.72. This trade represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.20% of the company’s stock.
Analyst Ratings Changes
EIX has been the subject of several recent analyst reports. Bank of America lowered shares of Edison International from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $81.00 to $51.00 in a report on Tuesday, September 1st. Jefferies Financial Group downgraded Edison International from a “hold” rating to an “underperform” rating and reduced their target price for the stock from $53.00 to $42.00 in a report on Friday, October 2nd. HSBC started coverage on Edison International in a research report on Thursday, October 22nd. They set a “hold” rating and a $56.50 price target on the stock. The Goldman Sachs Group set a $67.00 price target on Edison International in a research report on Thursday, October 15th. Finally, Barclays raised their price target on Edison International from $53.00 to $58.00 and gave the company an “equal weight” rating in a report on Friday, October 30th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $60.58.
Edison International Trading Up 3.1%
EIX stock opened at $61.46 on Thursday. The company has a market cap of $23.65 billion, a P/E ratio of 8.83, a PEG ratio of 2.52 and a beta of 0.56. Edison International has a twelve month low of $51.10 and a twelve month high of $81.62. The company has a quick ratio of 0.71, a current ratio of 0.77 and a debt-to-equity ratio of 2.01. The business has a fifty day moving average of $56.98 and a 200-day moving average of $67.71.
Edison International (NYSE:EIX – Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The utilities provider reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.11. The business had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $5.34 billion. Edison International had a return on equity of 14.17% and a net margin of 20.50%. The firm’s quarterly revenue was down 15.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.34 earnings per share. As a group, equities research analysts expect that Edison International will post 6.13 EPS for the current year.
Edison International Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Saturday, October 31st. Shareholders of record on Wednesday, October 7th were given 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 yield of 5.7%. Edison International’s dividend payout ratio is presently 37.30%.
Edison International Profile
Edison International (NYSE: EIX) is an electric power holding company based in California. Its principal subsidiary, Southern California Edison (SCE), is one of the largest electric utilities in the United States and delivers electricity across central, coastal and Southern California. SCE serves millions of residential, commercial and industrial customers through an extensive transmission and distribution network.
Edison International’s operations are focused on the generation, transmission and distribution of electricity, as well as supporting the transition to cleaner energy.
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