E Fund Management Co. Ltd. bought a new position in shares of Edison International (NYSE:EIX) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 666 shares of the utilities provider’s stock, valued at approximately $39,000.
Several other hedge funds and other institutional investors have also made changes to their positions in EIX. BlackRock Inc. increased its holdings in Edison International by 9.2% in the first quarter. BlackRock Inc. now owns 37,412,921 shares of the utilities provider’s stock valued at $2,192,396,000 after buying an additional 3,140,052 shares during the last quarter. FMR LLC increased its holdings in Edison International by 9.4% in the fourth quarter. FMR LLC now owns 15,004,746 shares of the utilities provider’s stock valued at $942,598,000 after buying an additional 1,289,496 shares during the last quarter. Pzena Investment Management LLC increased its holdings in Edison International by 65.3% in the first quarter. Pzena Investment Management LLC now owns 13,287,086 shares of the utilities provider’s stock valued at $778,623,000 after buying an additional 5,248,524 shares during the last quarter. Clearbridge Investments LLC increased its holdings in Edison International by 0.7% in the fourth quarter. Clearbridge Investments LLC now owns 7,208,768 shares of the utilities provider’s stock valued at $452,855,000 after buying an additional 50,785 shares during the last quarter. Finally, Norges Bank bought a new stake in Edison International in the fourth quarter valued at about $285,054,000. 87.08% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE EIX opened at $57.49 on Friday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.52 and a current ratio of 0.56. The business’s 50 day simple moving average is $58.46. The firm has a market capitalization of $21.81 billion, a P/E ratio of 26.62, a PEG ratio of 3.07 and a beta of 0.58. Edison International has a 12-month low of $48.47 and a 12-month high of $66.68.
EIX has been the subject of several research analyst reports. Mizuho boosted their price objective on Edison International from $68.00 to $77.00 and gave the company a “buy” rating in a report on Friday. Barclays upped their target price on Edison International from $64.00 to $65.00 and gave the company an “equal weight” rating in a report on Tuesday, May 25th. TheStreet lowered Edison International from a “b-” rating to a “c” rating in a report on Tuesday, April 27th. Morgan Stanley lowered their target price on Edison International from $73.00 to $72.00 and set an “equal weight” rating for the company in a report on Tuesday, May 18th. Finally, Wells Fargo & Company upped their target price on Edison International from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, April 28th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $69.29.
Edison International Company Profile
Edison International, through its subsidiaries, generates and distributes electric power. As of March 03, 2021, it delivered electricity to 15 million residential, commercial, industrial, public authorities, agricultural, and other customers across Southern, Central, and Coastal California. Edison International also provides energy solutions to commercial and industrial users.
Further Reading: Dividend Reinvestment Plan (DRIP)
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