Cresset Asset Management LLC Has $242,000 Stock Position in Edison International (NYSE:EIX)

Cresset Asset Management LLC reduced its holdings in Edison International (NYSE:EIX) by 81.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,032 shares of the utilities provider’s stock after selling 13,101 shares during the period. Cresset Asset Management LLC’s holdings in Edison International were worth $242,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Crews Bank & Trust purchased a new stake in shares of Edison International during the 4th quarter worth about $25,000. Sierra Ocean LLC acquired a new position in Edison International in the fourth quarter worth approximately $33,000. Raleigh Capital Management Inc. raised its position in Edison International by 285.3% during the fourth quarter. Raleigh Capital Management Inc. now owns 420 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 311 shares in the last quarter. Bellwether Advisors LLC acquired a new stake in Edison International in the fourth quarter valued at approximately $34,000. Finally, OFI Invest Asset Management bought a new stake in Edison International in the fourth quarter worth approximately $38,000. 88.95% of the stock is currently owned by institutional investors and hedge funds.

Edison International Trading Up 1.8%

EIX stock opened at $58.62 on Friday. Edison International has a 1-year low of $49.06 and a 1-year high of $88.77. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. The business’s 50 day moving average is $56.81 and its 200-day moving average is $65.19. The firm has a market cap of $22.55 billion, a P/E ratio of 17.19, a P/E/G ratio of 1.07 and a beta of 0.77.

Edison International (NYSE:EIX) last announced its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.16. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.29 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The business’s revenue was down 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.13 earnings per share. Equities analysts anticipate that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Monday, April 7th were issued a dividend of $0.8275 per share. This represents a $3.31 annualized dividend and a dividend yield of 5.65%. The ex-dividend date was Monday, April 7th. Edison International’s payout ratio is 46.95%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on EIX. Barclays raised their price objective on Edison International from $64.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Morgan Stanley restated an “overweight” rating on shares of Edison International in a research note on Wednesday, April 23rd. Wells Fargo & Company decreased their price objective on shares of Edison International from $94.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Mizuho dropped their target price on shares of Edison International from $75.00 to $66.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $72.00 target price on shares of Edison International in a research report on Wednesday, February 12th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $76.96.

About Edison International

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.