1832 Asset Management L.P. Trims Position in Edison International (NYSE:EIX)

1832 Asset Management L.P. lowered its stake in shares of Edison International (NYSE:EIX) by 1.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,383 shares of the utilities provider’s stock after selling 314 shares during the quarter. 1832 Asset Management L.P.’s holdings in Edison International were worth $1,795,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Kentucky Retirement Systems Insurance Trust Fund raised its stake in shares of Edison International by 4.2% in the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 13,655 shares of the utilities provider’s stock valued at $976,000 after acquiring an additional 551 shares during the period. Jump Financial LLC acquired a new stake in Edison International in the fourth quarter valued at $1,215,000. Avantax Advisory Services Inc. boosted its stake in Edison International by 73.2% during the 4th quarter. Avantax Advisory Services Inc. now owns 21,114 shares of the utilities provider’s stock valued at $1,509,000 after acquiring an additional 8,922 shares during the last quarter. Principal Securities Inc. acquired a new position in Edison International during the 4th quarter worth $1,233,000. Finally, Norges Bank bought a new stake in shares of Edison International in the 4th quarter worth about $210,327,000. Institutional investors and hedge funds own 88.95% of the company’s stock.

Edison International Stock Up 2.7 %

NYSE EIX traded up $2.08 during trading on Friday, reaching $78.51. 2,775,708 shares of the company’s stock were exchanged, compared to its average volume of 1,647,022. The firm has a market capitalization of $30.21 billion, a PE ratio of 34.43 and a beta of 0.91. Edison International has a fifty-two week low of $58.82 and a fifty-two week high of $79.50. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.04. The company’s fifty day simple moving average is $73.81 and its 200-day simple moving average is $70.86.

Edison International (NYSE:EIX) last announced its quarterly earnings data on Thursday, July 25th. The utilities provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18. The company had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.12 billion. Edison International had a return on equity of 13.07% and a net margin of 6.60%. The company’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.01 EPS. Sell-side analysts predict that Edison International will post 4.92 EPS for the current year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Monday, July 8th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Monday, July 8th. Edison International’s dividend payout ratio (DPR) is presently 136.84%.

Insider Activity

In other news, CEO J Andrew Murphy sold 9,794 shares of Edison International stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $75.07, for a total transaction of $735,235.58. Following the sale, the chief executive officer now directly owns 19,660 shares in the company, valued at approximately $1,475,876.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Edison International news, SVP Caroline Choi sold 10,004 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $75.77, for a total value of $758,003.08. Following the sale, the senior vice president now directly owns 26,918 shares in the company, valued at $2,039,576.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO J Andrew Murphy sold 9,794 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $75.07, for a total value of $735,235.58. Following the transaction, the chief executive officer now owns 19,660 shares of the company’s stock, valued at $1,475,876.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,897 shares of company stock worth $5,851,245. 1.03% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on EIX shares. The Goldman Sachs Group initiated coverage on shares of Edison International in a research report on Wednesday, April 10th. They set a “neutral” rating and a $78.00 price target on the stock. Barclays increased their target price on shares of Edison International from $72.00 to $75.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. Argus boosted their price objective on Edison International from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Guggenheim upped their price target on shares of Edison International from $80.00 to $83.00 and gave the company a “buy” rating in a report on Friday. Finally, Mizuho lifted their price target on shares of Edison International from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $77.82.

Edison International Company Profile

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.