USS Investment Management Ltd Takes Position in Edison International (EIX)
USS Investment Management Ltd acquired a new position in shares of Edison International (NYSE:EIX) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,785,938 shares of the utilities provider’s stock, valued at approximately $137,776,000. Edison International comprises approximately 1.1% of USS Investment Management Ltd’s holdings, making the stock its 21st biggest position. USS Investment Management Ltd owned 0.55% of Edison International at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Prudential Financial Inc. raised its position in Edison International by 18.4% in the second quarter. Prudential Financial Inc. now owns 552,076 shares of the utilities provider’s stock valued at $43,167,000 after purchasing an additional 85,968 shares during the last quarter. JPMorgan Chase & Co. raised its position in Edison International by 3.6% in the second quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock valued at $1,197,430,000 after purchasing an additional 526,261 shares during the last quarter. Principal Financial Group Inc. raised its position in Edison International by 1.9% in the second quarter. Principal Financial Group Inc. now owns 655,277 shares of the utilities provider’s stock valued at $51,236,000 after purchasing an additional 12,086 shares during the last quarter. GAM Holding AG raised its position in Edison International by 8.0% in the second quarter. GAM Holding AG now owns 43,152 shares of the utilities provider’s stock valued at $3,374,000 after purchasing an additional 3,198 shares during the last quarter. Finally, Aberdeen Asset Management PLC UK raised its position in Edison International by 5.4% in the second quarter. Aberdeen Asset Management PLC UK now owns 505,199 shares of the utilities provider’s stock valued at $39,502,000 after purchasing an additional 25,936 shares during the last quarter. Institutional investors and hedge funds own 81.36% of the company’s stock.
EIX has been the subject of several research reports. Jefferies Group upgraded Edison International from a “hold” rating to a “buy” rating and increased their target price for the company from $85.00 to $90.00 in a research report on Friday, August 11th. Royal Bank Of Canada reiterated a “buy” rating and issued a $84.00 target price on shares of Edison International in a research report on Sunday, September 17th. Morgan Stanley increased their target price on Edison International from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Friday, September 8th. Mizuho reiterated a “buy” rating and issued a $87.00 target price (up from $84.00) on shares of Edison International in a research report on Wednesday, August 23rd. Finally, Bank of America reissued a “buy” rating and issued a $86.00 price target on shares of Edison International in a research note on Tuesday, October 24th. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Edison International has an average rating of “Hold” and an average target price of $85.08.
Shares of Edison International (EIX) opened at $81.14 on Wednesday. Edison International has a one year low of $67.73 and a one year high of $83.38. The company has a market capitalization of $26,440.00, a P/E ratio of 18.35, a P/E/G ratio of 2.92 and a beta of 0.24. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.47 and a current ratio of 0.51.
Edison International (NYSE:EIX) last released its earnings results on Monday, October 30th. The utilities provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.33 by $0.10. Edison International had a return on equity of 10.84% and a net margin of 13.18%. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same quarter last year, the firm posted $1.29 earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis. analysts forecast that Edison International will post 4.33 EPS for the current fiscal year.
In other Edison International news, insider Ronald L. Litzinger sold 224,718 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $82.00, for a total value of $18,426,876.00. Following the transaction, the insider now owns 14,121 shares in the company, valued at $1,157,922. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.
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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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