Steel Grove Capital Advisors LLC Acquires New Position in Edison International $EIX

Steel Grove Capital Advisors LLC bought a new position in shares of Edison International (NYSE:EIX) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 26,570 shares of the utilities provider’s stock, valued at approximately $1,428,000.

Other hedge funds also recently made changes to their positions in the company. Armstrong Advisory Group Inc. increased its holdings in shares of Edison International by 94.5% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 1,019 shares of the utilities provider’s stock valued at $55,000 after acquiring an additional 495 shares during the last quarter. Balefire LLC increased its stake in Edison International by 95.6% during the third quarter. Balefire LLC now owns 6,041 shares of the utilities provider’s stock valued at $325,000 after purchasing an additional 2,953 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Edison International by 42.6% during the third quarter. Farther Finance Advisors LLC now owns 38,292 shares of the utilities provider’s stock valued at $2,057,000 after purchasing an additional 11,433 shares during the last quarter. CoreCap Advisors LLC raised its holdings in shares of Edison International by 18.3% during the third quarter. CoreCap Advisors LLC now owns 95,754 shares of the utilities provider’s stock worth $5,145,000 after purchasing an additional 14,795 shares during the period. Finally, Gradient Investments LLC raised its holdings in shares of Edison International by 4.6% during the third quarter. Gradient Investments LLC now owns 262,806 shares of the utilities provider’s stock worth $14,121,000 after purchasing an additional 11,523 shares during the period. Institutional investors and hedge funds own 88.95% of the company’s stock.

Edison International Stock Performance

NYSE:EIX traded down $3.20 during mid-day trading on Tuesday, hitting $52.44. The stock had a trading volume of 4,544,937 shares, compared to its average volume of 3,629,730. The stock has a market capitalization of $20.18 billion, a price-to-earnings ratio of 5.53, a P/E/G ratio of 2.23 and a beta of 0.62. The company has a 50 day simple moving average of $61.24 and a 200-day simple moving average of $68.73. Edison International has a 52 week low of $51.10 and a 52 week high of $81.62. The company has a current ratio of 0.66, a quick ratio of 0.61 and a debt-to-equity ratio of 1.95.

Edison International (NYSE:EIX) last posted its earnings results on Thursday, July 30th. The utilities provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.18 by $0.36. Edison International had a net margin of 20.30% and a return on equity of 15.53%. The firm had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. Edison International’s quarterly revenue was down 4.1% on a year-over-year basis. Edison International has set its FY 2026 guidance at 5.900-6.200 EPS. On average, research analysts expect that Edison International will post 6.13 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 31st. Stockholders of record on Wednesday, October 7th will be given a dividend of $0.8775 per share. The ex-dividend date is Wednesday, October 7th. This represents a $3.51 annualized dividend and a dividend yield of 6.7%. Edison International’s payout ratio is currently 36.19%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Barclays reduced their price target on shares of Edison International from $75.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Friday. JPMorgan Chase & Co. lowered their price objective on shares of Edison International from $61.00 to $59.00 and set a “neutral” rating for the company in a research report on Monday. Weiss Ratings lowered shares of Edison International from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, September 10th. UBS Group reissued a “neutral” rating and issued a $57.00 target price on shares of Edison International in a report on Thursday, September 24th. Finally, Truist Financial lowered their target price on Edison International from $63.00 to $62.00 and set a “hold” rating for the company in a report on Monday. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Edison International has an average rating of “Reduce” and a consensus target price of $60.18.

Edison International Company Profile

Edison International is a publicly owned holding company based in Rosemead, California. Its principal subsidiary, Southern California Edison (SCE), is an electric utility that generates, transmits, and distributes electricity across central, coastal, and Southern California.

SCE provides electric service to residential, commercial, industrial, and public-sector customers and manages a large transmission and distribution network. The utility is also involved in grid modernization, wildfire mitigation, renewable energy integration, energy efficiency, and the development of electric transportation infrastructure.

Edison International’s history is rooted in Southern California Edison, which traces its origins to the late 19th century.