Baker Avenue Asset Management LP Invests $2.29 Million in Edison International (NYSE:EIX)

Baker Avenue Asset Management LP acquired a new stake in Edison International (NYSE:EIX - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 26,311 shares of the utilities provider's stock, valued at approximately $2,291,000.

A number of other institutional investors have also bought and sold shares of the business. Highline Wealth Partners LLC purchased a new stake in shares of Edison International during the 3rd quarter valued at approximately $26,000. Ashton Thomas Private Wealth LLC purchased a new stake in Edison International in the 2nd quarter valued at about $27,000. Eastern Bank acquired a new position in Edison International in the third quarter valued at about $27,000. Country Trust Bank purchased a new position in Edison International during the second quarter worth about $29,000. Finally, Farmers & Merchants Investments Inc. increased its position in shares of Edison International by 53.8% during the second quarter. Farmers & Merchants Investments Inc. now owns 400 shares of the utilities provider's stock valued at $29,000 after acquiring an additional 140 shares during the last quarter. 88.95% of the stock is owned by hedge funds and other institutional investors.

Edison International Price Performance

Shares of Edison International stock traded up $0.48 during trading on Monday, hitting $83.58. 2,209,295 shares of the company were exchanged, compared to its average volume of 2,014,609. The firm has a 50 day moving average price of $84.99 and a 200 day moving average price of $79.30. The stock has a market capitalization of $32.36 billion, a price-to-earnings ratio of 24.37, a P/E/G ratio of 1.93 and a beta of 0.92. The company has a quick ratio of 0.81, a current ratio of 0.88 and a debt-to-equity ratio of 1.96. Edison International has a fifty-two week low of $62.21 and a fifty-two week high of $88.77.

Edison International (NYSE:EIX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, topping analysts' consensus estimates of $1.38 by $0.13. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.01 billion. During the same period in the previous year, the firm posted $1.38 earnings per share. The company's quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts expect that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, October 7th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.73%. The ex-dividend date was Monday, October 7th. Edison International's dividend payout ratio (DPR) is 91.50%.

Insider Activity

In related news, VP Adam S. Umanoff sold 25,619 shares of the firm's stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $83.05, for a total value of $2,127,657.95. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Adam S. Umanoff sold 25,619 shares of Edison International stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total value of $2,127,657.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO J Andrew Murphy sold 23,896 shares of the company's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $85.45, for a total value of $2,041,913.20. Following the sale, the chief executive officer now owns 19,850 shares of the company's stock, valued at $1,696,182.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,878 shares of company stock valued at $4,285,422 in the last 90 days. 1.03% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EIX. Barclays upped their price target on Edison International from $89.00 to $91.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 30th. Guggenheim lifted their target price on Edison International from $80.00 to $83.00 and gave the company a "buy" rating in a research report on Friday, July 26th. Argus increased their price target on shares of Edison International from $82.00 to $97.00 and gave the stock a "buy" rating in a research report on Wednesday, September 11th. Royal Bank of Canada lifted their price objective 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. Finally, Jefferies Financial Group began coverage on shares of Edison International in a report on Thursday. They set a "buy" rating and a $93.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $88.75.

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.