Fmr LLC Grows Stake in Edison International (NYSE:EIX)

FMR LLC lifted its stake in shares of Edison International (NYSE:EIX - Free Report) by 8.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,800,874 shares of the utilities provider's stock after buying an additional 1,741,835 shares during the quarter. FMR LLC owned approximately 5.63% of Edison International worth $1,898,638,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on EIX shares. Morgan Stanley lowered their target price on shares of Edison International from $74.00 to $72.00 and set an "underweight" rating for the company in a report on Friday, November 22nd. Evercore ISI upped their price objective on shares of Edison International from $82.00 to $88.00 and gave the company an "outperform" rating in a research note on Wednesday, August 14th. Jefferies Financial Group assumed coverage on Edison International in a research report on Thursday, November 7th. They set a "buy" rating and a $93.00 target price on the stock. Wells Fargo & Company upped their target price on Edison International from $87.00 to $94.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Finally, Argus boosted their price objective on Edison International from $82.00 to $97.00 and gave the company a "buy" rating in a research note on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $88.75.

Insider Transactions at Edison International

In other news, VP Adam S. Umanoff sold 25,619 shares of the company's stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $83.05, for a total transaction of $2,127,657.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.20% of the company's stock.

Edison International Stock Performance

EIX traded up $0.65 during trading on Wednesday, hitting $88.39. The stock had a trading volume of 1,589,271 shares, compared to its average volume of 2,037,297. The firm has a market capitalization of $34.22 billion, a P/E ratio of 25.92, a PEG ratio of 2.09 and a beta of 0.92. 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 has a twelve month low of $63.15 and a twelve month high of $88.77. The company's 50-day moving average price is $84.76 and its 200 day moving average price is $80.41.

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, beating the consensus estimate 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 business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.38 earnings per share. On average, equities research analysts forecast that Edison International will post 4.95 EPS for the current fiscal year.

Edison International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, October 7th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.53%. The ex-dividend date was Monday, October 7th. Edison International's payout ratio is 91.50%.

Edison International 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.