Bull Harbor Capital LLC Buys New Stake in Edison International $EIX

Bull Harbor Capital LLC purchased a new position in shares of Edison International (NYSE:EIX) during the 1st quarter, Holdings Channel.com reports. The fund purchased 46,321 shares of the utilities provider’s stock, valued at approximately $3,390,000. Edison International accounts for 0.9% of Bull Harbor Capital LLC’s investment portfolio, making the stock its 11th biggest position.

A number of other institutional investors have also modified their holdings of the stock. Jones Financial Companies Lllp raised its position in Edison International by 112.9% during the first quarter. Jones Financial Companies Lllp now owns 9,785 shares of the utilities provider’s stock valued at $577,000 after acquiring an additional 5,190 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of Edison International by 2.4% in the 1st quarter. Empowered Funds LLC now owns 8,875 shares of the utilities provider’s stock valued at $523,000 after purchasing an additional 211 shares during the period. Woodline Partners LP lifted its stake in shares of Edison International by 40.7% in the 1st quarter. Woodline Partners LP now owns 32,709 shares of the utilities provider’s stock valued at $1,927,000 after purchasing an additional 9,459 shares during the period. Sivia Capital Partners LLC boosted its holdings in Edison International by 153.6% during the second quarter. Sivia Capital Partners LLC now owns 8,734 shares of the utilities provider’s stock worth $451,000 after buying an additional 5,290 shares in the last quarter. Finally, Baird Financial Group Inc. acquired a new stake in Edison International during the second quarter valued at $302,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Edison International Trading Down 1.4%

EIX stock opened at $78.68 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.68 and a debt-to-equity ratio of 1.98. Edison International has a 12-month low of $51.01 and a 12-month high of $81.62. The stock has a market cap of $30.28 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 6.20 and a beta of 0.66. The business’s 50-day moving average is $74.13 and its 200 day moving average is $70.87.

Edison International (NYSE:EIX) last announced its earnings results on Tuesday, April 28th. The utilities provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.10. The business had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Edison International had a return on equity of 14.56% and a net margin of 19.27%.The business’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.37 earnings per share. On average, sell-side analysts anticipate that Edison International will post 6.13 EPS for the current fiscal year.

Edison International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, July 7th will be given a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Tuesday, July 7th. Edison International’s payout ratio is presently 38.11%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on EIX shares. Seaport Research Partners downgraded shares of Edison International from a “buy” rating to a “neutral” rating in a research report on Monday, April 20th. Truist Financial cut their price target on Edison International from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Monday, May 18th. JPMorgan Chase & Co. upped their price target on Edison International from $75.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Bank of America lowered their price target on Edison International from $80.00 to $78.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Edison International in a research report on Monday, July 13th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Edison International presently has a consensus rating of “Hold” and a consensus price target of $72.64.

Edison International Company Profile

Edison International is a publicly traded utility holding company based in Rosemead, California, whose principal subsidiary is Southern California Edison (SCE). As an electric utility holding company, Edison International oversees the delivery of electricity through SCE’s integrated network of generation procurement, transmission and distribution infrastructure, serving millions of customers across central, coastal and southern California. The company’s operations focus on reliable energy delivery, customer service, regulatory compliance and long-term infrastructure planning for a complex and high-demand service territory.

The company’s activities include procuring and managing a diverse resource mix, maintaining and upgrading transmission and distribution systems, and implementing grid modernization projects.