Edison International (EIX) Trading Down 2.4%
Edison International (NYSE:EIX)’s share price was down 2.4% during trading on Friday . The company traded as low as $71.76 and last traded at $71.90, with a volume of 1,792,214 shares. The stock had previously closed at $73.65.
A number of equities analysts recently commented on EIX shares. Argus reaffirmed a “buy” rating and issued a $86.00 price objective (up previously from $83.00) on shares of Edison International in a research note on Tuesday, July 5th. Zacks Investment Research downgraded shares of Edison International from a “hold” rating to a “sell” rating in a research report on Tuesday, July 5th. Citigroup Inc. increased their target price on shares of Edison International from $70.00 to $79.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 20th. Jefferies Group increased their target price on shares of Edison International from $66.00 to $72.00 and gave the stock a “hold” rating in a research report on Tuesday, May 3rd. Finally, Deutsche Bank AG increased their target price on shares of Edison International from $76.00 to $77.00 and gave the stock a “hold” rating in a research report on Friday, July 29th. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $77.29.
The stock has a 50 day moving average of $75.85 and a 200-day moving average of $72.02. The company has a market cap of $23.43 billion and a P/E ratio of 26.66.
Edison International (NYSE:EIX) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.97 by $0.12. The firm had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $3.18 billion. The firm’s revenue for the quarter was down 4.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.16 EPS. Equities research analysts predict that Edison International will post $3.90 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 2.67%.
In other news, SVP Gaddi H. Vasquez sold 6,842 shares of the company’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 completion of the transaction, the senior vice president now owns 6,619 shares in the company, valued at $488,746.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Several hedge funds and institutional investors recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. boosted its position in Edison International by 10.9% in the fourth quarter. Advisors Asset Management Inc. now owns 20,644 shares of the company’s stock valued at $1,222,000 after buying an additional 2,029 shares during the period. Trexquant Investment LP bought a new position in Edison International during the fourth quarter valued at $1,255,000. BNP Paribas Arbitrage SA boosted its position in Edison International by 18.2% in the fourth quarter. BNP Paribas Arbitrage SA now owns 79,960 shares of the company’s stock valued at $4,734,000 after buying an additional 12,307 shares during the period. Finally, BlackRock Advisors LLC boosted its position in Edison International by 43.1% in the fourth quarter. BlackRock Advisors LLC now owns 466,245 shares of the company’s stock valued at $27,607,000 after buying an additional 140,404 shares during the period.
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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