Advisors Asset Management Inc. Lowers Stock Position in Edison International (NYSE:EIX)

Advisors Asset Management Inc. trimmed its holdings in shares of Edison International (NYSE:EIX) by 29.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,428 shares of the utilities provider’s stock after selling 8,873 shares during the period. Advisors Asset Management Inc.’s holdings in Edison International were worth $1,866,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. abrdn plc raised its position in Edison International by 166.4% in the third quarter. abrdn plc now owns 1,418,526 shares of the utilities provider’s stock worth $123,149,000 after acquiring an additional 885,955 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Edison International by 117.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 781,736 shares of the utilities provider’s stock valued at $68,081,000 after purchasing an additional 422,752 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Edison International by 595.9% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 318,672 shares of the utilities provider’s stock valued at $22,884,000 after purchasing an additional 272,876 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Edison International in the second quarter valued at about $18,484,000. Finally, Swedbank AB purchased a new stake in Edison International during the first quarter worth about $17,918,000. 88.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Edison International

In other news, VP Adam S. Umanoff sold 25,619 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $83.05, for a total value of $2,127,657.95. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.03% of the stock is owned by company insiders.

Edison International Trading Down 0.7 %

Shares of EIX opened at $86.48 on Monday. Edison International has a fifty-two week low of $63.15 and a fifty-two week high of $88.77. The company has a market capitalization of $33.48 billion, a PE ratio of 25.36, a price-to-earnings-growth ratio of 2.08 and a beta of 0.92. The stock has a fifty day moving average of $84.64 and a two-hundred day moving average of $80.17. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88.

Edison International (NYSE:EIX) last released its earnings results on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.13. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.01 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.38 earnings per share. As a group, analysts forecast that Edison International will post 4.95 EPS for the current year.

Edison International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, October 7th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date was Monday, October 7th. Edison International’s dividend payout ratio is currently 91.50%.

Analyst Ratings Changes

EIX has been the subject of a number of research analyst reports. Royal Bank of Canada increased their target price on shares of Edison International from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Argus lifted their price objective on Edison International from $82.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Bank of America started coverage on Edison International in a research report on Thursday, September 12th. They set a “buy” rating and a $95.00 target price on the stock. Evercore ISI raised their price target on Edison International from $82.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. Finally, Barclays boosted their price objective on shares of Edison International from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Edison International currently has a consensus rating of “Moderate Buy” and an average target price of $88.75.

Edison International Company Profile

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.