Edison International (EIX) Shares Sold by Cadence Capital Management LLC
Cadence Capital Management LLC reduced its position in Edison International (NYSE:EIX) by 26.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,434 shares of the utilities provider’s stock after selling 5,835 shares during the period. Cadence Capital Management LLC’s holdings in Edison International were worth $1,039,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EIX. Maple Brown Abbott Ltd acquired a new position in shares of Edison International in the 4th quarter valued at about $1,192,752,000. USS Investment Management Ltd acquired a new position in shares of Edison International in the 3rd quarter valued at about $137,776,000. Capital International Investors acquired a new position in shares of Edison International in the 3rd quarter valued at about $95,783,000. Wells Fargo & Company MN lifted its stake in shares of Edison International by 30.3% in the 3rd quarter. Wells Fargo & Company MN now owns 2,572,937 shares of the utilities provider’s stock valued at $198,553,000 after purchasing an additional 598,402 shares in the last quarter. Finally, Global Thematic Partners LLC lifted its stake in shares of Edison International by 63.2% in the 4th quarter. Global Thematic Partners LLC now owns 1,341,003 shares of the utilities provider’s stock valued at $84,806,000 after purchasing an additional 519,414 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.
EIX has been the topic of several research analyst reports. SunTrust Banks reaffirmed a “buy” rating and issued a $79.00 price objective on shares of Edison International in a research note on Tuesday, December 26th. Zacks Investment Research lowered Edison International from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Edward Jones lowered Edison International from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Goldman Sachs Group set a $70.00 price objective on Edison International and gave the company a “hold” rating in a research note on Friday, December 15th. Finally, JPMorgan Chase & Co. initiated coverage on Edison International in a research note on Friday, January 12th. They issued a “neutral” rating and a $67.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. Edison International currently has an average rating of “Hold” and an average target price of $78.00.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 31st. Investors of record on Friday, December 29th were given a dividend of $0.605 per share. The ex-dividend date of this dividend was Thursday, December 28th. This is a positive change from Edison International’s previous quarterly dividend of $0.54. This represents a $2.42 annualized dividend and a yield of 4.03%. Edison International’s payout ratio is 55.25%.
In related news, insider Ronald L. Litzinger sold 224,718 shares of the business’s 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 directly owns 14,121 shares of the company’s stock, valued at approximately $1,157,922. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.41% of the company’s stock.
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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