abrdn plc Raises Stock Position in Edison International (NYSE:EIX)

abrdn plc lifted its stake in shares of Edison International (NYSE:EIX) by 19.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,695,182 shares of the utilities provider’s stock after buying an additional 276,656 shares during the quarter. abrdn plc’s holdings in Edison International were worth $134,335,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Lake Street Advisors Group LLC increased its holdings in Edison International by 4.3% during the third quarter. Lake Street Advisors Group LLC now owns 3,015 shares of the utilities provider’s stock valued at $263,000 after buying an additional 124 shares during the period. Baker Tilly Wealth Management LLC grew its holdings in Edison International by 2.8% in the third quarter. Baker Tilly Wealth Management LLC now owns 4,779 shares of the utilities provider’s stock worth $416,000 after purchasing an additional 129 shares during the last quarter. SFE Investment Counsel grew its holdings in Edison International by 0.3% in the third quarter. SFE Investment Counsel now owns 42,730 shares of the utilities provider’s stock worth $3,721,000 after purchasing an additional 130 shares during the last quarter. Assetmark Inc. grew its holdings in Edison International by 32.9% in the third quarter. Assetmark Inc. now owns 634 shares of the utilities provider’s stock worth $55,000 after purchasing an additional 157 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC grew its holdings in Edison International by 2.1% in the third quarter. Dynamic Advisor Solutions LLC now owns 7,697 shares of the utilities provider’s stock worth $670,000 after purchasing an additional 159 shares during the last quarter. 88.95% of the stock is owned by hedge funds and other institutional investors.

Edison International Trading Down 2.9 %

NYSE EIX opened at $52.44 on Tuesday. The company has a market capitalization of $20.30 billion, a PE ratio of 15.38, a P/E/G ratio of 1.11 and a beta of 0.90. The company has a fifty day moving average of $74.15 and a 200 day moving average of $80.32. Edison International has a 1 year low of $51.64 and a 1 year high of $88.77. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.88 and a quick ratio of 0.81.

Edison International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, January 7th were given a dividend of $0.8275 per share. The ex-dividend date was Tuesday, January 7th. This is an increase from Edison International’s previous quarterly dividend of $0.78. This represents a $3.31 dividend on an annualized basis and a yield of 6.31%. Edison International’s payout ratio is currently 97.07%.

Analyst Upgrades and Downgrades

EIX has been the topic of several analyst reports. Morgan Stanley cut their price target on shares of Edison International from $74.00 to $72.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group started coverage on shares of Edison International in a research note on Thursday, November 7th. They set a “buy” rating and a $93.00 price objective for the company. Wells Fargo & Company lifted their price objective on shares of Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. LADENBURG THALM/SH SH upgraded shares of Edison International from a “sell” rating to a “neutral” rating and set a $56.50 price objective for the company in a research note on Wednesday, January 15th. Finally, UBS Group lowered their price objective on shares of Edison International from $87.00 to $69.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Edison International currently has a consensus rating of “Moderate Buy” and an average price target of $82.88.

Edison International 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.