Investors Buy Edison International (EIX) on Weakness
Investors bought shares of Edison International (NYSE:EIX) on weakness during trading hours on Thursday. $36.76 million flowed into the stock on the tick-up and $13.76 million flowed out of the stock on the tick-down, for a money net flow of $23.00 million into the stock. Of all equities tracked, Edison International had the 23rd highest net in-flow for the day. Edison International traded down ($0.12) for the day and closed at $80.18
Several brokerages have commented on EIX. BidaskClub raised shares of Edison International from a “sell” rating to a “hold” rating in a research report on Monday, June 19th. Mizuho reaffirmed a “buy” rating and set a $87.00 price objective (up from $84.00) on shares of Edison International in a research report on Wednesday, August 23rd. Jefferies Group LLC reaffirmed a “buy” rating on shares of Edison International in a research report on Thursday, August 17th. BMO Capital Markets reaffirmed a “buy” rating and set a $85.00 price objective on shares of Edison International in a research report on Thursday, August 17th. Finally, Morgan Stanley lifted their price objective on shares of Edison International from $86.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 10th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $84.00.
The firm’s 50 day moving average price is $79.33 and its 200 day moving average price is $79.41. The company has a market capitalization of $26.05 billion, a PE ratio of 18.91 and a beta of 0.24.
Edison International (NYSE:EIX) last released its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.85 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.85. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.92 billion. Edison International had a net margin of 12.64% and a return on equity of 10.58%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the business earned $0.85 EPS. Equities analysts predict that Edison International will post $4.24 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be paid a dividend of $0.5425 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.17 dividend on an annualized basis and a yield of 2.71%. Edison International’s dividend payout ratio (DPR) is 50.82%.
In other Edison International news, insider Gaddi H. Vasquez sold 2,500 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $81.30, for a total transaction of $203,250.00. Following the transaction, the insider now directly owns 4,550 shares in the company, valued at approximately $369,915. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ronald L. Litzinger sold 224,715 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $80.54, for a total transaction of $18,098,546.10. Following the transaction, the insider now owns 14,121 shares in the company, valued at $1,137,305.34. The disclosure for this sale can be found here. Insiders have sold a total of 229,715 shares of company stock worth $18,505,971 over the last quarter. 0.41% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Guardian Life Insurance Co. of America increased its position in Edison International by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 1,256 shares of the utilities provider’s stock worth $100,000 after buying an additional 8 shares during the period. Sun Life Financial INC increased its position in Edison International by 16,935.7% in the second quarter. Sun Life Financial INC now owns 2,385 shares of the utilities provider’s stock worth $186,000 after buying an additional 2,371 shares during the period. Parallel Advisors LLC increased its position in Edison International by 41.7% in the first quarter. Parallel Advisors LLC now owns 2,517 shares of the utilities provider’s stock worth $198,000 after buying an additional 741 shares during the period. Wayne Hummer Investments L.L.C. bought a new position in Edison International during the first quarter worth approximately $200,000. Finally, Gofen & Glossberg LLC IL bought a new position in Edison International during the first quarter worth approximately $201,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.
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About Edison International
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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