Edison International (EIX) Stock Price Down 2.4%
Shares of Edison International (NYSE:EIX) dropped 2.4% during trading on Friday . The stock 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 brokerages have weighed in on EIX. Argus reaffirmed a “buy” rating and set a $86.00 target price (up previously from $83.00) on shares of Edison International in a research note on Tuesday, July 5th. Evercore ISI downgraded shares of Edison International from a “buy” rating to a “hold” rating and raised their target price for the company from $70.00 to $79.00 in a research note on Wednesday, July 6th. BMO Capital Markets reaffirmed an “outperform” rating and set a $82.00 target price (up previously from $79.00) on shares of Edison International in a research note on Monday, August 1st. Citigroup Inc. raised their target price on shares of Edison International from $70.00 to $79.00 and gave the company 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 target price for the company in a research note on Tuesday, June 7th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Edison International currently has a consensus rating of “Hold” and an average price target of $77.29.
The firm has a 50-day moving average of $75.85 and a 200 day moving average of $72.02. The firm has a market cap of $23.43 billion and a price-to-earnings ratio of 26.66.
Edison International (NYSE:EIX) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.97 by $0.12. During the same period in the previous year, the firm earned $1.16 earnings per share. The firm had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $3.18 billion. The business’s revenue for the quarter was down 4.5% on a year-over-year basis. On average, equities analysts forecast that Edison International will post $3.90 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be given 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 sale, the senior vice president now owns 6,619 shares of the company’s stock, valued at approximately $488,746.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Several hedge funds and institutional investors have recently bought and sold shares of EIX. BlackRock Advisors LLC raised 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. Trexquant Investment LP purchased a new position in Edison International during the fourth quarter valued at approximately $1,255,000. BNP Paribas Arbitrage SA raised 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, Advisors Asset Management Inc. raised 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.
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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