Edison International (NYSE:EIX) Hits New 1-Year Low – Here’s Why

Shares of Edison International (NYSE:EIX) hit a new 52-week low during trading on Tuesday . The stock traded as low as $47.73 and last traded at $48.57, with a volume of 184767 shares traded. The stock had previously closed at $48.35.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on EIX. Wells Fargo & Company reduced their price objective on shares of Edison International from $94.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Morgan Stanley set a $52.00 price target on shares of Edison International and gave the company an “underweight” rating in a research report on Thursday, May 22nd. Evercore ISI reissued an “outperform” rating on shares of Edison International in a research report on Thursday, May 15th. UBS Group raised shares of Edison International from a “neutral” rating to a “buy” rating and reduced their price target for the company from $69.00 to $65.00 in a research report on Tuesday, February 18th. Finally, The Goldman Sachs Group reduced their price target on shares of Edison International from $88.00 to $68.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.89.

Edison International Stock Up 1.2%

The firm has a 50 day moving average price of $55.52 and a 200-day moving average price of $60.61. The firm has a market cap of $18.83 billion, a price-to-earnings ratio of 14.33, a P/E/G ratio of 1.07 and a beta of 0.78. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96.

Edison International (NYSE:EIX) last posted its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.37 EPS for the quarter, beating the consensus estimate of $1.21 by $0.16. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.29 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The firm’s revenue was down 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.13 EPS. On average, equities analysts forecast that Edison International will post 4.95 EPS for the current year.

Hedge Funds Weigh In On Edison International

Several institutional investors and hedge funds have recently made changes to their positions in EIX. Charles Schwab Investment Management Inc. lifted its stake in Edison International by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,416,770 shares of the utilities provider’s stock worth $192,955,000 after purchasing an additional 76,654 shares during the last quarter. Tounjian Advisory Partners LLC bought a new stake in Edison International in the first quarter valued at $1,151,000. GAMMA Investing LLC lifted its stake in Edison International by 4,157.4% in the first quarter. GAMMA Investing LLC now owns 145,179 shares of the utilities provider’s stock valued at $8,554,000 after buying an additional 141,769 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Edison International in the fourth quarter valued at $6,859,000. Finally, RWC Asset Management LLP lifted its stake in Edison International by 207.1% in the fourth quarter. RWC Asset Management LLP now owns 398,812 shares of the utilities provider’s stock valued at $31,841,000 after buying an additional 268,951 shares during the last quarter. 88.95% of the stock is currently owned by hedge funds and other institutional investors.

About Edison International

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.