Edison International (EIX) Reaches New 52-Week High at $78.69
Shares of Edison International (NYSE:EIX) reached a new 52-week high on Tuesday . The stock traded as high as $78.69 and last traded at $78.18, with a volume of 961,931 shares trading hands. The stock had previously closed at $77.65.
A number of brokerages have recently commented on EIX. Zacks Investment Research upgraded Edison International from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a research note on Tuesday, June 7th. Goldman Sachs Group Inc. downgraded Edison International from a “buy” rating to a “neutral” rating and upped their target price for the stock from $69.00 to $74.00 in a research note on Friday, April 1st. Evercore ISI downgraded Edison International from a “buy” rating to a “hold” rating and upped their target price for the stock from $70.00 to $79.00 in a research note on Wednesday. BMO Capital Markets restated a “buy” rating on shares of Edison International in a research note on Monday, May 2nd. Finally, Argus upped their target price on Edison International from $76.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, April 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $74.13.
The company’s 50-day moving average price is $73.32 and its 200 day moving average price is $68.12. The stock has a market capitalization of $25.54 billion and a price-to-earnings ratio of 26.02.
Edison International (NYSE:EIX) last posted its earnings results on Monday, May 2nd. The company reported $0.82 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by $0.06. During the same quarter in the prior year, the business earned $0.90 EPS. The firm earned $2.44 billion during the quarter, compared to analyst estimates of $2.85 billion. The business’s quarterly revenue was down 2.9% on a year-over-year basis. Equities analysts expect that Edison International will post $3.89 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, July 31st. Investors of record on Thursday, June 30th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Tuesday, June 28th.
In related news, SVP Gaddi H. Vasquez sold 6,842 shares of the firm’s stock in a transaction dated Friday, June 10th. The stock was sold at an average price of $73.84, for a total transaction of $505,213.28. Following the transaction, the senior vice president now owns 6,619 shares of the company’s stock, valued at $488,746.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ronald L. Litzinger sold 12,677 shares of the firm’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $71.28, for a total value of $903,616.56. The disclosure for this sale can be found here.
Several institutional investors recently added to or reduced their stakes in the company. Cadence Capital Management LLC raised its position in Edison International by 7.9% in the fourth quarter. Cadence Capital Management LLC now owns 23,393 shares of the company’s stock worth $1,385,000 after buying an additional 1,714 shares in the last quarter. TD Asset Management Inc. raised its position in Edison International by 1.3% in the fourth quarter. TD Asset Management Inc. now owns 163,127 shares of the company’s stock worth $9,659,000 after buying an additional 2,100 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its position in Edison International by 76.7% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 24,801 shares of the company’s stock worth $1,468,000 after buying an additional 10,763 shares in the last quarter. Engineers Gate Manager LP bought a new position in Edison International during the fourth quarter worth about $1,636,000. Finally, Shell Asset Management Co. raised its position in Edison International by 19.2% in the fourth quarter. Shell Asset Management Co. now owns 77,749 shares of the company’s stock worth $4,604,000 after buying an additional 12,505 shares in 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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