Edison International (NYSE:EIX) Reaches New 1-Year High – Here’s What Happened

Shares of Edison International (NYSE:EIX) reached a new 52-week high on Wednesday . The company traded as high as $63.40 and last traded at $63.5350, with a volume of 1008057 shares. The stock had previously closed at $61.48.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Edison International in a research note on Monday, December 29th. Wells Fargo & Company cut Edison International from an “equal weight” rating to an “underweight” rating and raised their target price for the company from $56.00 to $59.00 in a research report on Tuesday, January 20th. Barclays reduced their price target on Edison International from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Thursday, January 22nd. Jefferies Financial Group cut their price objective on shares of Edison International from $59.00 to $54.00 and set a “hold” rating on the stock in a research note on Wednesday, January 28th. Finally, Morgan Stanley reissued an “underweight” rating on shares of Edison International in a research note on Wednesday, January 21st. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Edison International currently has an average rating of “Hold” and a consensus target price of $63.30.

Edison International Price Performance

The company has a market cap of $24.42 billion, a P/E ratio of 8.30, a PEG ratio of 0.89 and a beta of 0.82. The company has a fifty day simple moving average of $59.89 and a 200-day simple moving average of $57.03. The company has a debt-to-equity ratio of 1.95, a current ratio of 0.82 and a quick ratio of 0.76.

Edison International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, January 31st. Investors of record on Wednesday, January 7th were given a $0.8775 dividend. This is a positive change from Edison International’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, January 7th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.5%. Edison International’s dividend payout ratio is 45.88%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EIX. LVW Advisors LLC boosted its stake in Edison International by 4.6% in the 4th quarter. LVW Advisors LLC now owns 4,224 shares of the utilities provider’s stock worth $254,000 after purchasing an additional 186 shares during the period. Diligent Investors LLC grew its holdings in shares of Edison International by 1.5% during the third quarter. Diligent Investors LLC now owns 13,895 shares of the utilities provider’s stock valued at $768,000 after buying an additional 201 shares in the last quarter. MAI Capital Management raised its position in Edison International by 20.8% during the second quarter. MAI Capital Management now owns 1,172 shares of the utilities provider’s stock valued at $60,000 after buying an additional 202 shares during the period. Empowered Funds LLC boosted its position in Edison International by 2.4% during the 1st quarter. Empowered Funds LLC now owns 8,875 shares of the utilities provider’s stock worth $523,000 after acquiring an additional 211 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Edison International by 0.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 73,809 shares of the utilities provider’s stock worth $3,818,000 after purchasing an additional 213 shares in the last quarter. 88.95% of the stock is currently owned by institutional investors and hedge funds.

Edison International Company Profile

Edison International is a publicly traded utility holding company based in Rosemead, California, whose principal subsidiary is Southern California Edison (SCE). As an electric utility holding company, Edison International oversees the delivery of electricity through SCE’s integrated network of generation procurement, transmission and distribution infrastructure, serving millions of customers across central, coastal and southern California. The company’s operations focus on reliable energy delivery, customer service, regulatory compliance and long-term infrastructure planning for a complex and high-demand service territory.

The company’s activities include procuring and managing a diverse resource mix, maintaining and upgrading transmission and distribution systems, and implementing grid modernization projects.