Edison International (EIX) Trading Down 1.5%
Edison International (NYSE:EIX)’s share price dropped 1.5% during mid-day trading on Tuesday . The stock traded as low as $76.73 and last traded at $76.81, with a volume of 1,178,363 shares trading hands. The stock had previously closed at $77.99.
EIX has been the topic of several research analyst reports. Argus boosted their price target on shares of Edison International from $76.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, April 20th. Vetr upgraded shares of Edison International from a “sell” rating to a “hold” rating and set a $72.50 price target on the stock in a research report on Monday, April 18th. Jefferies Group restated a “hold” rating on shares of Edison International in a report on Monday. Goldman Sachs Group Inc. cut shares of Edison International from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $69.00 to $74.00 in a report on Friday, April 1st. Finally, Zacks Investment Research upgraded shares of Edison International from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a report on Tuesday, June 7th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Edison International has an average rating of “Hold” and a consensus target price of $74.13.
The firm’s 50-day moving average price is $74.04 and its 200 day moving average price is $68.58. The company has a market cap of $24.95 billion and a P/E ratio of 25.41.
Edison International (NYSE:EIX) last issued its quarterly earnings data on Monday, May 2nd. The company reported $0.82 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by $0.06. The firm earned $2.44 billion during the quarter, compared to analyst estimates of $2.85 billion. During the same quarter last year, the company posted $0.90 earnings per share. The business’s revenue was down 2.9% compared to the same quarter last year. Analysts expect that Edison International will post $3.89 EPS for the current 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 2.46%. The ex-dividend date is Tuesday, June 28th.
In other news, insider Ronald L. Litzinger sold 12,677 shares of the stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $71.28, for a total transaction of $903,616.56. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Gaddi H. Vasquez sold 6,842 shares of the stock in a transaction dated Friday, June 10th. The shares were sold at an average price of $73.84, for a total value of $505,213.28. Following the transaction, the senior vice president now directly owns 6,619 shares in the company, valued at approximately $488,746.96. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently modified their holdings of the stock. Boston Partners raised its position in shares of Edison International by 8.5% in the fourth quarter. Boston Partners now owns 3,488,944 shares of the company’s stock worth $206,580,000 after buying an additional 272,622 shares in the last quarter. Morgan Stanley raised its position in shares of Edison International by 138.2% in the fourth quarter. Morgan Stanley now owns 982,958 shares of the company’s stock worth $58,201,000 after buying an additional 570,328 shares in the last quarter. Reaves W H & Co. Inc. raised its position in shares of Edison International by 30.2% in the fourth quarter. Reaves W H & Co. Inc. now owns 735,862 shares of the company’s stock worth $43,570,000 after buying an additional 170,699 shares in the last quarter. State of Wisconsin Investment Board raised its position in shares of Edison International by 15.8% in the fourth quarter. State of Wisconsin Investment Board now owns 543,095 shares of the company’s stock worth $32,157,000 after buying an additional 74,050 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Edison International by 4.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 500,375 shares of the company’s stock worth $29,633,000 after buying an additional 23,539 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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