Exxonmobil Investment Management Inc. TX cut its holdings in Edison International (NYSE:EIX) by 12.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,805 shares of the utilities provider’s stock after selling 7,693 shares during the quarter. Exxonmobil Investment Management Inc. TX’s holdings in Edison International were worth $3,276,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Capital International Investors purchased a new stake in shares of Edison International in the third quarter valued at approximately $95,783,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Edison International in the third quarter valued at approximately $557,000. Magnetar Financial LLC purchased a new stake in shares of Edison International in the third quarter valued at approximately $256,000. Wells Fargo & Company MN increased its position in shares of Edison International by 30.3% in the third quarter. Wells Fargo & Company MN now owns 2,572,937 shares of the utilities provider’s stock valued at $198,553,000 after buying an additional 598,402 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in shares of Edison International by 68.7% in the third quarter. Teacher Retirement System of Texas now owns 185,333 shares of the utilities provider’s stock valued at $14,302,000 after buying an additional 75,473 shares in the last quarter. Institutional investors and hedge funds own 81.14% of the company’s stock.
A number of research firms have recently commented on EIX. SunTrust Banks restated a “buy” rating and issued a $89.00 price objective on shares of Edison International in a research report on Monday, October 2nd. JPMorgan Chase & Co. began coverage on Edison International in a research report on Friday. They issued a “neutral” rating and a $67.00 price objective for the company. Mizuho restated a “buy” rating and issued a $86.00 price objective on shares of Edison International in a research report on Monday, October 9th. Citigroup boosted their price objective on Edison International from $84.00 to $87.00 and gave the company a “neutral” rating in a research report on Tuesday, October 17th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $84.00 price objective on shares of Edison International in a research report on Sunday, September 17th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $80.67.
Shares of Edison International (NYSE:EIX) opened at $61.42 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.47 and a current ratio of 0.51. Edison International has a 12-month low of $61.25 and a 12-month high of $83.38. The company has a market capitalization of $20,304.55, a P/E ratio of 14.20, a P/E/G ratio of 2.29 and a beta of 0.24.
Edison International (NYSE:EIX) last issued its quarterly earnings results on Monday, October 30th. The utilities provider reported $1.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.10. Edison International had a return on equity of 10.84% and a net margin of 13.18%. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same period in the previous year, the business earned $1.29 earnings per share. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. analysts predict that Edison International will post 4.33 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, December 29th will be given a dividend of $0.605 per share. This represents a $2.42 annualized dividend and a dividend yield of 3.94%. This is a boost from Edison International’s previous quarterly dividend of $0.54. The ex-dividend date is Thursday, December 28th. Edison International’s payout ratio is presently 54.63%.
In related news, insider Ronald L. Litzinger sold 224,718 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $82.00, for a total transaction of $18,426,876.00. Following the completion of the sale, the insider now directly owns 14,121 shares in the company, valued at $1,157,922. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is currently owned by insiders.
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Edison International Company Profile
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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