Bank of New York Mellon Corp reduced its position in Edison International (NYSE:EIX) by 0.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,215,700 shares of the utilities provider’s stock after selling 16,003 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.68% of Edison International worth $140,187,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of EIX. Kiley Juergens Wealth Management LLC bought a new position in Edison International in the second quarter worth $110,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Edison International by 416.1% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,045 shares of the utilities provider’s stock valued at $177,000 after acquiring an additional 2,455 shares during the period. CSat Investment Advisory L.P. bought a new position in shares of Edison International during the second quarter valued at $182,000. Centaurus Financial Inc. bought a new position in shares of Edison International during the second quarter valued at $198,000. Finally, Laurion Capital Management LP bought a new position in shares of Edison International during the second quarter valued at $216,000. 81.59% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on EIX. Morgan Stanley lifted their price objective on Edison International from $72.00 to $75.00 and gave the company a “hold” rating in a report on Tuesday, September 11th. Zacks Investment Research raised Edison International from a “sell” rating to a “hold” rating and set a $74.00 price objective for the company in a report on Tuesday, July 10th. Wells Fargo & Co lifted their price objective on Edison International from $72.00 to $76.00 and gave the company an “outperform” rating in a report on Friday, July 27th. Bank of America lifted their price objective on Edison International from $75.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Finally, Citigroup cut their price objective on Edison International from $72.00 to $65.00 and set a “hold” rating for the company in a report on Monday, July 9th. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $73.92.
Shares of NYSE:EIX opened at $68.76 on Tuesday. Edison International has a twelve month low of $57.63 and a twelve month high of $83.38. The firm has a market capitalization of $22.12 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 2.76 and a beta of 0.01. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.72 and a quick ratio of 0.66.
Edison International (NYSE:EIX) last announced its earnings results on Tuesday, October 30th. The utilities provider reported $1.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.25. Edison International had a return on equity of 10.61% and a net margin of 4.47%. The company had revenue of $4.27 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same period last year, the company posted $1.43 earnings per share. The firm’s quarterly revenue was up 16.3% compared to the same quarter last year. Equities analysts anticipate that Edison International will post 4.14 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 31st. Stockholders of record on Friday, September 28th were paid a $0.605 dividend. The ex-dividend date was Thursday, September 27th. This represents a $2.42 dividend on an annualized basis and a dividend yield of 3.52%. Edison International’s dividend payout ratio (DPR) is presently 53.78%.
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About Edison International
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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