Edison International (EIX) Stock Price Down 1.3%
Edison International (NYSE:EIX) shares were down 1.3% during mid-day trading on Monday . The company traded as low as $74.87 and last traded at $74.88, with a volume of 650,824 shares changing hands. The stock had previously closed at $75.84.
A number of research analysts have issued reports on EIX shares. Argus reaffirmed a “buy” rating and issued a $86.00 target price (up from $83.00) on shares of Edison International in a report on Tuesday, July 5th. Evercore ISI cut shares of Edison International from a “buy” rating to a “hold” rating and raised their price objective for the stock from $70.00 to $79.00 in a research note on Wednesday, July 6th. BMO Capital Markets reissued an “outperform” rating and set a $82.00 price objective (up from $79.00) on shares of Edison International in a research note on Monday, August 1st. Citigroup Inc. raised their price objective on shares of Edison International from $70.00 to $79.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 20th. Finally, Zacks Investment Research raised shares of Edison International from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research note on Tuesday, June 7th. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Edison International has an average rating of “Hold” and a consensus target price of $77.29.
The firm’s 50-day moving average price is $76.68 and its 200 day moving average price is $71.43. The company has a market cap of $24.29 billion and a P/E ratio of 27.65.
Edison International (NYSE:EIX) last released its earnings results on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by $0.12. The company had revenue of $2.78 billion for the quarter, compared to analyst estimates of $3.18 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. Edison International’s quarterly revenue was down 4.5% on a year-over-year basis. Equities research analysts expect that Edison International will post $3.90 earnings per share for the current year.
In related news, SVP Gaddi H. Vasquez sold 6,842 shares of the business’s stock in a transaction that occurred on Friday, June 10th. The shares were sold at an average price of $73.84, for a total value of $505,213.28. Following the sale, the senior vice president now directly owns 6,619 shares in the company, valued at approximately $488,746.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Several hedge funds have added to or reduced their stakes in EIX. Victory Capital Management Inc. increased its stake in Edison International by 9.9% in the fourth quarter. Victory Capital Management Inc. now owns 70,430 shares of the company’s stock worth $4,170,000 after buying an additional 6,368 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Edison International by 10.9% in the fourth quarter. Advisors Asset Management Inc. now owns 20,644 shares of the company’s stock worth $1,222,000 after buying an additional 2,029 shares during the last quarter. Trexquant Investment LP acquired a new stake in Edison International during the fourth quarter worth approximately $1,255,000. BNP Paribas Arbitrage SA increased its stake in Edison International by 18.2% in the fourth quarter. BNP Paribas Arbitrage SA now owns 79,960 shares of the company’s stock worth $4,734,000 after buying an additional 12,307 shares during the last quarter. Finally, BlackRock Advisors LLC increased its stake in Edison International by 43.1% in the fourth quarter. BlackRock Advisors LLC now owns 466,245 shares of the company’s stock worth $27,607,000 after buying an additional 140,404 shares during the last quarter.
Edison International is the parent holding company of Southern California Edison Company (SCE). SCE is engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. It is also the parent company of subsidiaries that are engaged in competitive businesses focused on providing energy services to commercial and industrial customers, including distributed resources, engaging in transmission opportunities, and exploring distributed water treatment and recycling.
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