Edison International $EIX Stock: Ethic Inc. Lowers Position

Ethic Inc. lowered its stake in Edison International (NYSE:EIX) by 7.4% during the third quarter, HoldingsChannel reports. The firm owned 127,712 shares of the utilities provider’s stock after selling 10,277 shares during the quarter. Ethic Inc.’s holdings in Edison International were worth $6,862,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Edison International during the second quarter worth $3,340,412,000. Legal & General Group Plc purchased a new position in Edison International in the 2nd quarter valued at $329,766,000. Bank of New York Mellon Corp purchased a new position in Edison International in the 2nd quarter valued at $309,361,000. Amundi increased its stake in Edison International by 27.0% in the 2nd quarter. Amundi now owns 3,570,726 shares of the utilities provider’s stock valued at $265,843,000 after buying an additional 759,236 shares during the period. Finally, Hsbc Holdings PLC acquired a new position in Edison International in the 2nd quarter valued at $261,275,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on EIX shares. The Goldman Sachs Group set a $67.00 target price on shares of Edison International in a research note on Thursday, October 15th. Truist Financial dropped 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 note on Monday, October 12th. Argus lowered shares of Edison International from a “buy” rating to a “hold” rating in a research note on Wednesday, August 26th. UBS Group increased their price target on shares of Edison International from $57.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, October 30th. Finally, Barclays raised their price objective on shares of Edison International from $53.00 to $58.00 and gave the company an “equal weight” rating in a research report on Friday, October 30th. One equities research 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $60.58.

Insider Buying and Selling at Edison International

In other news, Director Peter Taylor sold 500 shares of the 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 completion of the transaction, the director owned 33,212 shares in the company, valued at $1,845,258.72. This trade represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is currently owned by company insiders.

Edison International Trading Up 1.4%

Shares of EIX stock opened at $60.20 on Tuesday. The business’s fifty day moving average price is $56.22 and its 200 day moving average price is $67.70. Edison International has a 1-year low of $51.10 and a 1-year high of $81.62. The firm has a market capitalization of $23.16 billion, a PE ratio of 9.11, a P/E/G ratio of 2.60 and a beta of 0.56. The company has a debt-to-equity ratio of 2.01, a current ratio of 0.77 and a quick ratio of 0.71.

Edison International (NYSE:EIX) last released its earnings results on Thursday, October 29th. The utilities provider reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.11. Edison International had a return on equity of 14.17% and a net margin of 20.50%. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.34 billion. During the same quarter last year, the company earned $2.34 earnings per share. Edison International’s quarterly revenue was down 15.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Edison International will post 6.13 EPS for the current fiscal year.

Edison International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, October 31st. Stockholders of record on Wednesday, October 7th were paid a dividend of $0.8775 per share. The ex-dividend date of this dividend was Wednesday, October 7th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.8%. Edison International’s dividend payout ratio is 37.30%.

Edison International 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.

The company traces its roots to the late 19th century and has a long history of serving California’s electricity needs.