Veriti Management LLC increased its position in Edison International (NYSE:EIX – Get Rating) by 9.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,812 shares of the utilities provider's stock after acquiring an additional 500 shares during the period. Veriti Management LLC's holdings in Edison International were worth $368,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Strs Ohio lifted its holdings in shares of Edison International by 248.7% during the first quarter. Strs Ohio now owns 41,364 shares of the utilities provider's stock valued at $2,899,000 after purchasing an additional 29,501 shares in the last quarter. Aaron Wealth Advisors LLC purchased a new stake in shares of Edison International during the 1st quarter valued at about $1,370,000. Marcum Wealth LLC grew its stake in shares of Edison International by 11.7% in the first quarter. Marcum Wealth LLC now owns 6,405 shares of the utilities provider's stock worth $449,000 after acquiring an additional 669 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Edison International by 2.0% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 89,146 shares of the utilities provider's stock valued at $6,249,000 after purchasing an additional 1,729 shares during the last quarter. Finally, Independent Advisor Alliance lifted its position in Edison International by 6.4% during the first quarter. Independent Advisor Alliance now owns 5,009 shares of the utilities provider's stock valued at $351,000 after purchasing an additional 302 shares during the period. 87.21% of the stock is owned by institutional investors.
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Edison International Stock Performance
EIX opened at $61.31 on Thursday. The company has a 50 day simple moving average of $67.67 and a two-hundred day simple moving average of $67.09. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.61 and a quick ratio of 0.56. The firm has a market cap of $23.39 billion, a P/E ratio of 46.45, a PEG ratio of 4.80 and a beta of 0.67. Edison International has a 1-year low of $54.98 and a 1-year high of $73.32.
Edison International (NYSE:EIX – Get Rating) last issued its earnings results on Thursday, July 28th. The utilities provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.04. The company had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $3.57 billion. Edison International had a net
margin of 3.63% and a return on equity of 12.42%. Edison International's quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 EPS. Equities analysts forecast that Edison International will post 4.43 earnings per share for the current fiscal year.
Edison International Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 4.57%. The ex-dividend date is Thursday, September 29th. Edison International's dividend payout ratio (DPR) is presently 212.12%.
Wall Street Analyst Weigh In
A number of research firms have commented on EIX. Bank of America reaffirmed an "underperform" rating on shares of Edison International in a research report on Thursday, July 14th. Evercore ISI reduced their price objective on Edison International to $71.00 in a research report on Tuesday, August 9th. Morgan Stanley downgraded Edison International from an "equal weight" rating to an "underweight" rating and lowered their target price for the company from $69.00 to $62.00 in a report on Tuesday, September 6th. UBS Group reduced their price target on shares of Edison International from $73.00 to $68.00 and set a "neutral" rating for the company in a research report on Thursday, June 30th. Finally, Mizuho dropped their price objective on shares of Edison International from $72.00 to $71.00 and set a "neutral" rating on the stock in a report on Wednesday, August 24th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $72.44.
About Edison International
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Edison International, through its subsidiaries, generates and distributes electric power. It delivers electricity to 15 million residential, commercial, industrial, public authorities, agricultural, and other customers across Southern, Central, and Coastal California. The company also provides energy solutions to commercial and industrial users.
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