Cornercap Investment Counsel Inc. Sells 7,462 Shares of Edison International (NYSE:EIX)

Cornercap Investment Counsel Inc. lessened its stake in shares of Edison International (NYSE:EIX - Free Report) by 45.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 8,911 shares of the utilities provider's stock after selling 7,462 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Edison International were worth $776,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of EIX. CIBC Asset Management Inc increased its position in shares of Edison International by 7.4% in the 3rd quarter. CIBC Asset Management Inc now owns 65,687 shares of the utilities provider's stock valued at $5,721,000 after acquiring an additional 4,509 shares during the period. OneDigital Investment Advisors LLC increased its holdings in shares of Edison International by 7.3% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,884 shares of the utilities provider's stock worth $338,000 after buying an additional 263 shares during the last quarter. ING Groep NV purchased a new stake in shares of Edison International in the 3rd quarter valued at approximately $4,715,000. Metis Global Partners LLC boosted its position in Edison International by 11.5% in the 3rd quarter. Metis Global Partners LLC now owns 88,008 shares of the utilities provider's stock valued at $7,665,000 after buying an additional 9,108 shares during the period. Finally, KBC Group NV increased its holdings in Edison International by 93.3% in the third quarter. KBC Group NV now owns 49,578 shares of the utilities provider's stock valued at $4,318,000 after buying an additional 23,935 shares during the last quarter. 88.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO J Andrew Murphy sold 1,362 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.00, for a total transaction of $115,770.00. Following the transaction, the chief executive officer now owns 19,850 shares of the company's stock, valued at approximately $1,687,250. This trade represents a 6.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Adam S. Umanoff sold 25,619 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders have sold a total of 50,878 shares of company stock worth $4,285,422 in the last ninety days. Company insiders own 1.03% of the company's stock.

Edison International Stock Up 1.9 %

Shares of NYSE:EIX traded up $1.55 during midday trading on Friday, reaching $83.68. 4,902,595 shares of the company were exchanged, compared to its average volume of 2,026,210. Edison International has a fifty-two week low of $63.15 and a fifty-two week high of $88.77. The company has a quick ratio of 0.81, a current ratio of 0.88 and a debt-to-equity ratio of 1.96. The stock has a fifty day simple moving average of $84.55 and a two-hundred day simple moving average of $79.60. The firm has a market cap of $32.40 billion, a PE ratio of 24.54, a P/E/G ratio of 1.96 and a beta of 0.92.

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

Edison International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, October 7th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend was Monday, October 7th. Edison International's payout ratio is 91.50%.

Wall Street Analysts Forecast Growth

EIX has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective on Edison International from $87.00 to $94.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Evercore ISI lifted their price objective on Edison International from $82.00 to $88.00 and gave the stock an "outperform" rating in a report on Wednesday, August 14th. Barclays boosted their price target on Edison International from $89.00 to $91.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Guggenheim boosted their price objective on Edison International from $80.00 to $83.00 and gave the company a "buy" rating in a research report on Friday, July 26th. Finally, Royal Bank of Canada raised their target price on Edison International from $94.00 to $100.00 and gave the company an "outperform" rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus 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.