Edison International (EIX) Position Increased by Nikko Asset Management Americas Inc.
Nikko Asset Management Americas Inc. raised its stake in shares of Edison International (NYSE:EIX) by 129.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,200 shares of the company’s stock after buying an additional 3,500 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Edison International were worth $448,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the stock. Pacad Investment Ltd. acquired a new stake in shares of Edison International during the second quarter valued at about $109,000. Pinkerton Retirement Specialists LLC acquired a new stake in shares of Edison International during the second quarter valued at about $130,000. Cornerstone Advisors Inc. increased its stake in shares of Edison International by 24.5% in the third quarter. Cornerstone Advisors Inc. now owns 1,900 shares of the company’s stock valued at $137,000 after buying an additional 374 shares during the period. Washington Trust Bank increased its stake in shares of Edison International by 0.9% in the third quarter. Washington Trust Bank now owns 2,777 shares of the company’s stock valued at $201,000 after buying an additional 25 shares during the period. Finally, Pitcairn Co. acquired a new stake in shares of Edison International during the second quarter valued at about $202,000. 80.30% of the stock is currently owned by institutional investors.
Edison International (NYSE:EIX) traded down 0.39% during trading on Friday, reaching $72.10. The company had a trading volume of 979,440 shares. The firm has a market capitalization of $23.49 billion, a price-to-earnings ratio of 26.73 and a beta of 0.13. Edison International has a 52 week low of $58.24 and a 52 week high of $78.72. The company’s 50-day moving average is $70.97 and its 200 day moving average is $72.84.
Edison International (NYSE:EIX) last announced its earnings results on Tuesday, November 1st. The company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.06. Edison International had a return on equity of 9.59% and a net margin of 8.80%. The business earned $3.77 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the prior year, the firm earned $1.16 earnings per share. The business’s revenue was up .1% compared to the same quarter last year. Equities analysts anticipate that Edison International will post $3.92 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Friday, December 30th will be issued a dividend of $0.5425 per share. The ex-dividend date is Wednesday, December 28th. This represents a $2.17 dividend on an annualized basis and a dividend yield of 3.01%. This is a boost from Edison International’s previous quarterly dividend of $0.48. Edison International’s dividend payout ratio is presently 80.67%.
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EIX has been the subject of several research analyst reports. Argus cut their price target on Edison International from $86.00 to $81.00 and set a “buy” rating for the company in a report on Tuesday, October 4th. Zacks Investment Research upgraded Edison International from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a report on Tuesday, September 27th. SunTrust Banks, Inc. raised their price target on Edison International from $82.00 to $84.00 and gave the company a “buy” rating in a report on Monday, September 26th. RBC Capital Markets set a $81.00 price target on Edison International and gave the company a “buy” rating in a report on Wednesday, January 4th. Finally, Citigroup Inc. cut their price target on Edison International from $79.00 to $76.00 and set a “neutral” rating for the company in a report on Tuesday, October 4th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Edison International has a consensus rating of “Hold” and a consensus price target of $77.35.
In other Edison International news, insider Ronald L. Litzinger sold 38,086 shares of the stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $69.40, for a total transaction of $2,643,168.40. Following the completion of the transaction, the insider now owns 12,054 shares of the company’s stock, valued at $836,547.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.51% of the company’s stock.
About Edison International
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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