Investors Buy Edison International (EIX) on Weakness
Investors purchased shares of Edison International (NYSE:EIX) on weakness during trading hours on Tuesday. $40.29 million flowed into the stock on the tick-up and $29.67 million flowed out of the stock on the tick-down, for a money net flow of $10.62 million into the stock. Of all companies tracked, Edison International had the 28th highest net in-flow for the day. Edison International traded down ($1.42) for the day and closed at $76.57
EIX has been the subject of a number of research analyst reports. Argus reiterated a “buy” rating and issued a $86.00 price target (up previously from $83.00) on shares of Edison International in a report on Tuesday, July 5th. Zacks Investment Research downgraded shares of Edison International from a “hold” rating to a “sell” rating in a report on Tuesday, July 5th. Jefferies Group increased their price target on shares of Edison International from $66.00 to $72.00 and gave the company 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 increased their price target for the company from $67.00 to $71.00 in a report on Monday, April 18th. 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. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $74.13.
The firm has a 50-day moving average of $74.26 and a 200 day moving average of $68.64. The company has a market cap of $24.95 billion and a price-to-earnings ratio of 25.41.
Edison International (NYSE:EIX) last announced its quarterly earnings results on Monday, May 2nd. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by $0.06. During the same quarter last year, the business earned $0.90 EPS. The business earned $2.44 billion during the quarter, compared to analysts’ expectations of $2.85 billion. Edison International’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities research analysts anticipate that Edison International will post $3.89 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, July 31st. Shareholders of record on Thursday, June 30th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 2.51%. 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 company’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $71.28, for a total value of $903,616.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Gaddi H. Vasquez sold 6,842 shares of the company’s stock in a transaction 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 in the company, valued at $488,746.96. The disclosure for this sale can be found here.
Other hedge funds recently made changes to their positions in the company. Suntrust Banks Inc. boosted its stake in shares of Edison International by 11.6% in the fourth quarter. Suntrust Banks Inc. now owns 18,882 shares of the company’s stock worth $1,117,000 after buying an additional 1,957 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of 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 last quarter. Trexquant Investment LP acquired a new stake in shares of Edison International during the fourth quarter valued at approximately $1,255,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of 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 during the last quarter. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in shares of Edison International by 76.7% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 24,801 shares of the company’s stock valued at $1,468,000 after buying an additional 10,763 shares during 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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