Principal Financial Group Inc. raised its stake in Edison International (NYSE:EIX - Free Report) by 6.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 459,194 shares of the utilities provider's stock after purchasing an additional 27,667 shares during the period. Principal Financial Group Inc. owned 0.12% of Edison International worth $39,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently made changes to their positions in the company. M&G Plc purchased a new position in shares of Edison International in the 1st quarter valued at about $85,436,000. abrdn plc increased its position in shares of Edison International by 166.4% during the 3rd quarter. abrdn plc now owns 1,418,526 shares of the utilities provider's stock valued at $123,149,000 after purchasing an additional 885,955 shares during the period. Capital International Investors raised its position in Edison International by 6.4% during the first quarter. Capital International Investors now owns 13,297,917 shares of the utilities provider's stock valued at $940,562,000 after buying an additional 795,950 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in shares of Edison International by 117.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 781,736 shares of the utilities provider's stock worth $68,081,000 after buying an additional 422,752 shares during the last quarter. Finally, Capital Research Global Investors boosted its position in shares of Edison International by 1.7% during the 1st quarter. Capital Research Global Investors now owns 20,344,752 shares of the utilities provider's stock valued at $1,438,984,000 after acquiring an additional 345,189 shares in the last quarter. 88.95% of the stock is owned by institutional investors and hedge funds.
Edison International Trading Down 1.0 %
Shares of EIX stock traded down $0.81 during mid-day trading on Tuesday, reaching $82.77. The company's stock had a trading volume of 1,038,059 shares, compared to its average volume of 2,010,158. Edison International has a 12-month low of $62.21 and a 12-month 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 firm has a market capitalization of $32.04 billion, a PE ratio of 24.51, a price-to-earnings-growth ratio of 1.93 and a beta of 0.92. The company's 50 day simple moving average is $84.92 and its 200-day simple moving average is $79.39.
Edison International (NYSE:EIX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.13. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The company had revenue of $5.20 billion for the quarter, compared to analysts' expectations of $5.01 billion. During the same period last year, the firm earned $1.38 EPS. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts predict that Edison International will post 4.95 EPS for the current fiscal year.
Edison International Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, October 7th were issued a $0.78 dividend. The ex-dividend date was Monday, October 7th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.77%. Edison International's dividend payout ratio (DPR) is 91.50%.
Analysts Set New Price Targets
A number of research analysts recently issued reports on EIX shares. Bank of America assumed coverage on shares of Edison International in a report on Thursday, September 12th. They set a "buy" rating and a $95.00 price objective for the company. Morgan Stanley upped their target price on Edison International from $68.00 to $72.00 and gave the company an "underweight" rating in a research report on Wednesday, September 25th. 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. Royal Bank of Canada lifted their price target on shares of Edison International from $94.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, October 4th. Finally, Wells Fargo & Company boosted their price target on shares of Edison International from $87.00 to $94.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $88.75.
Check Out Our Latest Stock Analysis on EIX
Insider Activity at Edison International
In other Edison International news, CEO J Andrew Murphy sold 23,896 shares of the firm's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $85.45, for a total value of $2,041,913.20. Following the transaction, the chief executive officer now directly owns 19,850 shares of the company's stock, valued at $1,696,182.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO J Andrew Murphy sold 23,896 shares of the business's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $85.45, for a total transaction of $2,041,913.20. Following the transaction, the chief executive officer now directly owns 19,850 shares in the company, valued at approximately $1,696,182.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Adam S. Umanoff sold 25,619 shares of Edison International stock in a transaction dated Thursday, October 31st. The shares were 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. Over the last 90 days, insiders sold 50,878 shares of company stock valued at $4,285,422. Corporate insiders own 1.03% of the company's stock.
About Edison International
(
Free Report)
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.
Further Reading
Before you consider Edison International, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Edison International wasn't on the list.
While Edison International currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
