Edison International (NYSE:EIX) Hits New 12-Month High – What’s Next?

Edison International (NYSE:EIX)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $81.60 and last traded at $81.5750, with a volume of 377230 shares traded. The stock had previously closed at $78.64.

Wall Street Analyst Weigh In

EIX has been the topic of several recent research reports. Bank of America reduced their target price on shares of Edison International from $80.00 to $78.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Wells Fargo & Company reissued an “underweight” rating and issued a $62.00 price objective on shares of Edison International in a research report on Tuesday, April 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Edison International in a research note on Monday, July 13th. Barclays upped their target price on Edison International from $77.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $69.00 target price on shares of Edison International in a research note on Wednesday, July 22nd. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $72.64.

Edison International Trading Up 2.2%

The firm has a market capitalization of $30.92 billion, a price-to-earnings ratio of 8.72, a PEG ratio of 6.20 and a beta of 0.66. The business’s 50-day moving average price is $73.76 and its 200 day moving average price is $70.58. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.74 and a quick ratio of 0.68.

Edison International (NYSE:EIX) last released its quarterly earnings results on Tuesday, April 28th. The utilities provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.10. Edison International had a net margin of 19.27% and a return on equity of 14.56%. The business had revenue of $4.10 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same period last year, the business earned $1.37 EPS. The business’s revenue was up 7.7% on a year-over-year basis. On average, equities analysts forecast that Edison International will post 6.13 earnings per share for the current fiscal year.

Edison International Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, July 7th will be given a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, July 7th. Edison International’s dividend payout ratio is presently 38.11%.

Institutional Trading of Edison International

A number of hedge funds and other institutional investors have recently modified their holdings of EIX. AQR Capital Management LLC boosted its holdings in Edison International by 69.9% in the fourth quarter. AQR Capital Management LLC now owns 18,285,152 shares of the utilities provider’s stock valued at $1,097,475,000 after purchasing an additional 7,521,168 shares during the last quarter. Norges Bank acquired a new position in shares of Edison International in the 4th quarter valued at approximately $339,311,000. Goldman Sachs Group Inc. raised its position in shares of Edison International by 41.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,496,907 shares of the utilities provider’s stock valued at $329,924,000 after purchasing an additional 1,609,847 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Edison International by 1,118.0% during the 1st quarter. Assetmark Inc. now owns 1,601,327 shares of the utilities provider’s stock valued at $117,185,000 after buying an additional 1,469,860 shares during the last quarter. Finally, Swedbank AB grew its position in shares of Edison International by 207.0% during the first quarter. Swedbank AB now owns 2,073,181 shares of the utilities provider’s stock worth $151,715,000 after buying an additional 1,397,858 shares in the last quarter. 88.95% of the stock is owned by hedge funds and other institutional investors.

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.