Pzena Investment Management LLC Sells 3,888,326 Shares of Edison International (NYSE:EIX)

Pzena Investment Management LLC decreased its holdings in Edison International (NYSE:EIX - Free Report) by 42.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,374,322 shares of the utilities provider's stock after selling 3,888,326 shares during the quarter. Edison International accounts for approximately 1.5% of Pzena Investment Management LLC's investment portfolio, making the stock its 26th biggest holding. Pzena Investment Management LLC owned 1.39% of Edison International worth $429,086,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Swedbank AB boosted its position in shares of Edison International by 3.3% during the fourth quarter. Swedbank AB now owns 523,433 shares of the utilities provider's stock valued at $41,791,000 after buying an additional 16,614 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in Edison International during the 4th quarter valued at $235,000. KBC Group NV grew its stake in shares of Edison International by 23.7% in the 4th quarter. KBC Group NV now owns 61,342 shares of the utilities provider's stock worth $4,898,000 after acquiring an additional 11,764 shares in the last quarter. abrdn plc grew its stake in shares of Edison International by 19.5% in the 4th quarter. abrdn plc now owns 1,695,182 shares of the utilities provider's stock worth $134,335,000 after acquiring an additional 276,656 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Edison International in the third quarter valued at about $1,387,000. Institutional investors and hedge funds own 88.95% of the company's stock.

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Analysts Set New Price Targets

Several equities research analysts have commented on EIX shares. UBS Group upgraded shares of Edison International from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $69.00 to $65.00 in a research note on Tuesday, February 18th. LADENBURG THALM/SH SH upgraded Edison International from a "sell" rating to a "neutral" rating and set a $56.50 target price on the stock in a research note on Wednesday, January 15th. Mizuho cut their target price on Edison International from $75.00 to $66.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. The Goldman Sachs Group cut their target price on Edison International from $88.00 to $68.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Finally, Wells Fargo & Company cut their target price on Edison International from $94.00 to $75.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $76.54.

Edison International Stock Performance

EIX stock traded up $0.04 during midday trading on Wednesday, reaching $56.10. 1,354,072 shares of the company's stock traded hands, compared to its average volume of 6,080,308. The company has a 50-day moving average price of $57.99 and a two-hundred day moving average price of $75.02. 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 52 week low of $49.06 and a 52 week high of $88.77. The firm has a market capitalization of $21.60 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 1.07 and a beta of 0.87.

Edison International (NYSE:EIX - Get Free Report) last issued its earnings results on Thursday, February 27th. The utilities provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.08 by ($0.03). Edison International had a net margin of 8.52% and a return on equity of 13.17%. The business had revenue of $17.60 billion for the quarter, compared to the consensus estimate of $3.92 billion. As a group, equities analysts anticipate that Edison International will post 4.95 EPS for the current year.

Edison International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, April 7th will be issued a $0.8275 dividend. The ex-dividend date is Monday, April 7th. This represents a $3.31 annualized dividend and a dividend yield of 5.90%. Edison International's payout ratio is currently 100.30%.

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.