SunTrust Banks Equities Analysts Reduce Earnings Estimates for Edison International (EIX)
Edison International (NYSE:EIX) – Equities research analysts at SunTrust Banks dropped their Q3 2018 earnings per share (EPS) estimates for Edison International in a research note issued on Tuesday. SunTrust Banks analyst A. Agha now anticipates that the utilities provider will post earnings of $1.32 per share for the quarter, down from their prior estimate of $1.33. SunTrust Banks also issued estimates for Edison International’s FY2018 earnings at $4.32 EPS and FY2019 earnings at $4.67 EPS.
A number of other brokerages have also recently weighed in on EIX. BidaskClub upgraded shares of Edison International from a “sell” rating to a “hold” rating in a report on Monday, June 19th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $84.00 price objective on shares of Edison International in a research note on Sunday, September 17th. Morgan Stanley raised their price objective on shares of Edison International from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Friday, September 8th. Mizuho reaffirmed a “buy” rating and issued a $87.00 price objective (up previously from $84.00) on shares of Edison International in a research note on Wednesday, August 23rd. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Edison International in a research note on Thursday, August 17th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Edison International currently has an average rating of “Hold” and an average price target of $84.15.
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Edison International (EIX) traded down 0.273% during trading on Wednesday, reaching $78.445. The company had a trading volume of 249,768 shares. The firm has a market capitalization of $25.56 billion, a price-to-earnings ratio of 18.549 and a beta of 0.24. The company’s 50-day moving average is $80.05 and its 200 day moving average is $79.66. Edison International has a 52 week low of $67.44 and a 52 week high of $82.82.
Edison International (NYSE:EIX) last released its earnings results on Thursday, July 27th. The utilities provider reported $0.85 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.85. Edison International had a return on equity of 10.58% and a net margin of 12.64%. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter in the previous year, the company posted $0.85 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL raised its holdings in Edison International by 79.9% in the 1st quarter. Tudor Investment Corp ET AL now owns 10,077 shares of the utilities provider’s stock worth $802,000 after acquiring an additional 4,477 shares during the period. Prudential Financial Inc. raised its holdings in Edison International by 18.4% in the 2nd quarter. Prudential Financial Inc. now owns 552,076 shares of the utilities provider’s stock worth $43,167,000 after acquiring an additional 85,968 shares during the period. BlackRock Inc. raised its holdings in Edison International by 2,416.6% in the 1st quarter. BlackRock Inc. now owns 24,389,198 shares of the utilities provider’s stock worth $1,941,622,000 after acquiring an additional 23,420,049 shares during the period. Principal Financial Group Inc. raised its holdings in Edison International by 1.9% in the 2nd quarter. Principal Financial Group Inc. now owns 655,277 shares of the utilities provider’s stock worth $51,236,000 after acquiring an additional 12,086 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Edison International by 3.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock worth $1,197,430,000 after acquiring an additional 526,261 shares during the period. Hedge funds and other institutional investors own 81.53% of the company’s stock.
In related news, insider Ronald L. Litzinger sold 224,715 shares of Edison International stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $80.54, for a total value of $18,098,546.10. Following the transaction, the insider now owns 14,121 shares in the company, valued at approximately $1,137,305.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.41% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be issued a $0.5425 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.17 annualized dividend and a yield of 2.76%. Edison International’s dividend payout ratio (DPR) is presently 50.82%.
Edison International Company Profile
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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