Traders Buy Shares of Edison International (EIX) on Weakness
Traders purchased shares of Edison International (NYSE:EIX) on weakness during trading on Wednesday. $48.56 million flowed into the stock on the tick-up and $28.94 million flowed out of the stock on the tick-down, for a money net flow of $19.62 million into the stock. Of all equities tracked, Edison International had the 23rd highest net in-flow for the day. Edison International traded down ($0.15) for the day and closed at $78.40
Several research analysts have recently issued reports on the stock. BMO Capital Markets reiterated a “buy” rating on shares of Edison International in a report on Monday, May 2nd. Jefferies Group upped their price target on shares of Edison International from $66.00 to $72.00 and gave the stock a “hold” rating in a report on Tuesday, May 3rd. Deutsche Bank AG downgraded shares of Edison International from a “buy” rating to a “hold” rating and upped their price target for the stock from $67.00 to $71.00 in a report on Monday, April 18th. Argus upped their price target on shares of Edison International from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, April 20th. Finally, Vetr upgraded shares of Edison International from a “sell” rating to a “hold” rating and set a $72.50 price target for the company in a report on Monday, April 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $74.13.
The company has a market cap of $25.54 billion and a P/E ratio of 26.02. The stock has a 50-day moving average price of $73.32 and a 200-day moving average price of $68.12.
Edison International (NYSE:EIX) last posted its quarterly earnings data on Monday, May 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by $0.06. During the same period in the prior year, the company earned $0.90 earnings per share. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.85 billion. The business’s revenue was down 2.9% compared to the same quarter last year. Equities analysts forecast that Edison International will post $3.89 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, July 31st. Stockholders 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 of this dividend is Tuesday, June 28th.
In other Edison International news, insider Ronald L. Litzinger sold 12,677 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $71.28, for a total value of $903,616.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Gaddi H. Vasquez sold 6,842 shares of the business’s stock in a transaction on Friday, June 10th. The stock was sold at an average price of $73.84, for a total transaction of $505,213.28. Following the completion of the sale, the senior vice president now directly owns 6,619 shares of the company’s stock, valued at $488,746.96. The disclosure for this sale can be found here.
A number of hedge funds have bought and sold shares of the company. Suntrust Banks Inc. increased its stake in Edison International by 11.6% in the fourth quarter. Suntrust Banks Inc. now owns 18,882 shares of the company’s stock valued at $1,117,000 after buying an additional 1,957 shares in 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 valued at $1,222,000 after buying an additional 2,029 shares in the last quarter. Trexquant Investment LP acquired a new stake in Edison International during the fourth quarter valued at $1,255,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Edison International by 1.7% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,287 shares of the company’s stock valued at $1,260,000 after buying an additional 354 shares in the last quarter. Finally, Cadence Capital Management LLC increased its stake in Edison International by 7.9% in the fourth quarter. Cadence Capital Management LLC now owns 23,393 shares of the company’s stock valued at $1,385,000 after buying an additional 1,714 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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