Edison International (EIX) Shares Gap Down Following Analyst Downgrade
Edison International (NYSE:EIX)’s share price gapped down prior to trading on Wednesday after Morgan Stanley lowered their price target on the stock from $96.00 to $82.00. The stock had previously closed at $76.28, but opened at $72.98. Morgan Stanley currently has an equal weight rating on the stock. Edison International shares last traded at $68.58, with a volume of 10717400 shares traded.
Other equities analysts also recently issued research reports about the company. BMO Capital Markets restated a “buy” rating and issued a $85.00 price objective on shares of Edison International in a report on Thursday, August 17th. Jefferies Group restated a “buy” rating on shares of Edison International in a report on Thursday, August 17th. ValuEngine upgraded Edison International from a “hold” rating to a “buy” rating in a report on Wednesday, November 15th. SunTrust Banks restated a “buy” rating and issued a $89.00 price objective on shares of Edison International in a report on Monday, October 30th. Finally, Bank of America reiterated a “buy” rating and set a $86.00 price target on shares of Edison International in a report on Tuesday, October 24th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Edison International presently has a consensus rating of “Hold” and an average price target of $83.77.
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 transaction 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 is available at the SEC website. Company insiders own 0.41% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Amica Retiree Medical Trust bought a new stake in shares of Edison International in the third quarter valued at approximately $138,000. Sun Life Financial INC boosted its position in shares of 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 valued at $186,000 after acquiring an additional 2,371 shares during the period. OxFORD Asset Management LLP bought a new stake in shares of Edison International in the second quarter valued at approximately $204,000. TCI Wealth Advisors Inc. boosted its position in shares of Edison International by 139.7% in the third quarter. TCI Wealth Advisors Inc. now owns 2,630 shares of the utilities provider’s stock valued at $203,000 after acquiring an additional 1,533 shares during the period. Finally, Shelton Capital Management bought a new stake in shares of Edison International in the second quarter valued at approximately $206,000. 81.36% of the stock is owned by institutional investors.
The company has a current ratio of 0.51, a quick ratio of 0.47 and a debt-to-equity ratio of 0.80. The firm has a market cap of $22,580.00, a PE ratio of 15.60, a price-to-earnings-growth ratio of 2.48 and a beta of 0.23.
Edison International (NYSE:EIX) last posted its quarterly earnings data on Monday, October 30th. The utilities provider reported $1.43 earnings per share for the quarter, beating 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 company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same period in the prior year, the business earned $1.29 earnings per share. Edison International’s revenue for the quarter was down 2.5% compared to the same quarter last year. analysts anticipate that Edison International will post 4.33 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be given a $0.605 dividend. This represents a $2.42 annualized dividend and a dividend yield of 3.49%. This is a boost from Edison International’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, December 28th. Edison International’s dividend payout ratio is currently 49.54%.
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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