Edison International (NYSE:EIX) Price Target Raised to $62.00

Edison International (NYSE:EIX) had its price target upped by analysts at UBS Group from $57.00 to $62.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the utilities provider’s stock. UBS Group‘s price objective suggests a potential upside of 5.23% from the company’s current price.

Several other research analysts also recently weighed in on EIX. Argus lowered shares of Edison International from a “buy” rating to a “hold” rating in a research note on Wednesday, August 26th. Mizuho cut Edison International from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $86.00 to $70.00 in a report on Monday, August 31st. Weiss Ratings downgraded Edison International from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, September 10th. Wells Fargo & Company decreased their target price on Edison International from $62.00 to $59.00 and set an “underweight” rating on the stock in a research report on Friday. Finally, Barclays lifted their price target on Edison International from $53.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Friday. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $61.12.

Edison International Price Performance

Shares of NYSE EIX opened at $58.92 on Friday. The firm has a market cap of $22.67 billion, a PE ratio of 6.26, a PEG ratio of 2.49 and a beta of 0.56. The firm has a fifty day moving average of $57.77 and a 200 day moving average of $67.72. The company has a debt-to-equity ratio of 2.01, a quick ratio of 0.71 and a current ratio of 0.77. Edison International has a one year low of $51.10 and a one year high of $81.62.

Edison International (NYSE:EIX) last posted its quarterly earnings data on Thursday, October 29th. The utilities provider reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.11. Edison International had a net margin of 20.50% and a return on equity of 14.17%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same period last year, the firm posted $2.34 earnings per share. The company’s revenue was down 15.0% compared to the same quarter last year. As a group, research analysts predict that Edison International will post 6.13 EPS for the current fiscal year.

Insider Activity

In other news, Director Peter Taylor sold 500 shares of Edison International stock in a transaction on Monday, October 12th. The stock was sold at an average price of $55.56, for a total transaction of $27,780.00. Following the transaction, the director owned 33,212 shares in the company, valued at $1,845,258.72. The trade was a 1.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Edison International

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rakuten Investment Management Inc. acquired a new position in Edison International in the second quarter valued at approximately $4,750,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Edison International during the 2nd quarter worth approximately $33,328,000. Jupiter Topco LLC purchased a new stake in shares of Edison International during the 2nd quarter worth approximately $3,577,000. Corient Private Wealth LP boosted its holdings in shares of Edison International by 49.7% in the 2nd quarter. Corient Private Wealth LP now owns 136,621 shares of the utilities provider’s stock valued at $10,171,000 after buying an additional 45,336 shares in the last quarter. Finally, Allworth Financial LP acquired a new position in shares of Edison International in the 2nd quarter valued at $2,586,000. 88.95% of the stock is currently owned by institutional investors and hedge funds.

About Edison International

Edison International (NYSE: EIX) is an electric power holding company based in California. Its principal subsidiary, Southern California Edison (SCE), is one of the largest electric utilities in the United States and delivers electricity across central, coastal and Southern California. SCE serves millions of residential, commercial and industrial customers through an extensive transmission and distribution network.

Edison International’s operations are focused on the generation, transmission and distribution of electricity, as well as supporting the transition to cleaner energy.