Laurel Wealth Advisors Inc. Sells 1,412 Shares of Edison International (EIX)
Laurel Wealth Advisors Inc. cut its holdings in Edison International (NYSE:EIX) by 20.2% in the second quarter, HoldingsChannel reports. The firm owned 5,581 shares of the utilities provider’s stock after selling 1,412 shares during the period. Laurel Wealth Advisors Inc.’s holdings in Edison International were worth $353,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Verition Fund Management LLC acquired a new position in shares of Edison International during the second quarter valued at about $4,951,000. California Public Employees Retirement System raised its position in shares of Edison International by 20.5% during the second quarter. California Public Employees Retirement System now owns 1,024,638 shares of the utilities provider’s stock valued at $64,829,000 after buying an additional 174,261 shares during the last quarter. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund raised its position in shares of Edison International by 16.4% during the second quarter. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund now owns 284,000 shares of the utilities provider’s stock valued at $17,969,000 after buying an additional 40,000 shares during the last quarter. Worldquant Millennium Quantitative Strategies LLC acquired a new position in shares of Edison International during the second quarter valued at about $754,000. Finally, Centaurus Financial Inc. acquired a new position in shares of Edison International during the second quarter valued at about $198,000. Hedge funds and other institutional investors own 81.80% of the company’s stock.
A number of research analysts have recently commented on the stock. Wells Fargo & Co upped their price objective on shares of Edison International from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday. Goldman Sachs Group set a $69.00 price objective on shares of Edison International and gave the company a “hold” rating in a research report on Friday, September 14th. Morgan Stanley reissued a “hold” rating on shares of Edison International in a research report on Monday, August 27th. Bank of America increased their price target on shares of Edison International from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Finally, SunTrust Banks reissued a “buy” rating and issued a $75.00 price target on shares of Edison International in a research report on Wednesday, July 25th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $73.71.
Edison International (NYSE:EIX) last posted its quarterly earnings results on Thursday, July 26th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.01. Edison International had a net margin of 4.34% and a return on equity of 10.27%. The firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the prior year, the business posted $0.85 earnings per share. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. equities analysts predict that Edison International will post 4.08 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Friday, September 28th will be given a $0.605 dividend. This represents a $2.42 annualized dividend and a yield of 3.54%. The ex-dividend date is Thursday, September 27th. Edison International’s dividend payout ratio (DPR) is presently 53.78%.
Edison International Company Profile
Edison International, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the United States. It generates electricity through hydroelectric, diesel/liquid petroleum gas, natural gas, nuclear, and photovoltaic sources. The company supplies electricity primarily to residential, commercial, industrial, agricultural, and other customers, as well as public authorities through transmission and distribution networks.
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