Investors Buy Shares of Edison International (EIX) on Weakness
Investors bought shares of Edison International (NYSE:EIX) on weakness during trading on Thursday. $95.86 million flowed into the stock on the tick-up and $40.30 million flowed out of the stock on the tick-down, for a money net flow of $55.56 million into the stock. Of all stocks tracked, Edison International had the 25th highest net in-flow for the day. Edison International traded down ($1.67) for the day and closed at $68.41
Several analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Edison International from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a report on Wednesday. Argus increased their target price on shares of Edison International to $75.00 and gave the company a “buy” rating in a report on Monday, July 9th. ValuEngine upgraded shares of Edison International from a “strong sell” rating to a “sell” rating in a report on Thursday, June 28th. Citigroup set a $72.00 target price on shares of Edison International and gave the company a “hold” rating in a report on Tuesday. Finally, Barclays assumed coverage on shares of Edison International in a report on Tuesday, July 10th. They issued an “equal weight” rating and a $73.00 target price for the company. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $73.92.
The company has a current ratio of 0.66, a quick ratio of 0.61 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $22.05 billion, a PE ratio of 15.26, a PEG ratio of 2.84 and a beta of 0.08.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Friday, September 28th will be issued a dividend of $0.605 per share. The ex-dividend date is Thursday, September 27th. This represents a $2.42 dividend on an annualized basis and a yield of 3.53%. Edison International’s dividend payout ratio (DPR) is presently 53.78%.
A number of hedge funds and other institutional investors have recently bought and sold shares of EIX. Pzena Investment Management LLC increased its holdings in Edison International by 43.1% during the second quarter. Pzena Investment Management LLC now owns 7,836,404 shares of the utilities provider’s stock worth $495,809,000 after buying an additional 2,361,340 shares during the last quarter. Macquarie Group Ltd. increased its holdings in Edison International by 15.3% during the second quarter. Macquarie Group Ltd. now owns 11,095,751 shares of the utilities provider’s stock worth $702,028,000 after buying an additional 1,475,620 shares during the last quarter. American Century Companies Inc. increased its holdings in Edison International by 13.2% during the second quarter. American Century Companies Inc. now owns 4,626,243 shares of the utilities provider’s stock worth $292,702,000 after buying an additional 539,897 shares during the last quarter. Columbus Hill Capital Management L.P. increased its holdings in Edison International by 1,706.3% during the second quarter. Columbus Hill Capital Management L.P. now owns 505,753 shares of the utilities provider’s stock worth $31,999,000 after buying an additional 477,753 shares during the last quarter. Finally, Tobam boosted its position in Edison International by 37.3% during the second quarter. Tobam now owns 951,251 shares of the utilities provider’s stock worth $60,186,000 after purchasing an additional 258,555 shares during the period. Institutional investors and hedge funds own 81.83% of the company’s stock.
Edison International Company Profile (NYSE:EIX)
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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