Zacks Investment Management Invests $4.67 Million in Edison International (NYSE:EIX)

Zacks Investment Management acquired a new stake in shares of Edison International (NYSE:EIX - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 53,652 shares of the utilities provider's stock, valued at approximately $4,673,000.

A number of other hedge funds also recently made changes to their positions in the stock. Zurich Insurance Group Ltd FI bought a new position in Edison International during the third quarter valued at approximately $18,107,000. National Bank of Canada FI raised its position in Edison International by 67.5% in the 3rd quarter. National Bank of Canada FI now owns 226,971 shares of the utilities provider's stock worth $19,767,000 after purchasing an additional 91,489 shares during the period. iA Global Asset Management Inc. lifted its stake in Edison International by 4.2% in the third quarter. iA Global Asset Management Inc. now owns 11,467 shares of the utilities provider's stock worth $999,000 after purchasing an additional 463 shares during the last quarter. EP Wealth Advisors LLC boosted its position in shares of Edison International by 77.1% during the third quarter. EP Wealth Advisors LLC now owns 19,220 shares of the utilities provider's stock valued at $1,674,000 after buying an additional 8,369 shares during the period. Finally, Worldquant Millennium Advisors LLC grew its stake in shares of Edison International by 76.6% during the third quarter. Worldquant Millennium Advisors LLC now owns 438,067 shares of the utilities provider's stock valued at $38,151,000 after buying an additional 189,972 shares during the last quarter. 88.95% of the stock is currently owned by institutional investors.

Edison International Price Performance

Shares of EIX stock traded down $0.90 during trading hours on Monday, hitting $83.05. 1,718,741 shares of the company's stock were exchanged, compared to its average volume of 2,034,803. The firm has a market cap of $32.15 billion, a P/E ratio of 24.35, a P/E/G ratio of 2.01 and a beta of 0.92. The firm has a 50 day moving average of $84.67 and a two-hundred day moving average of $80.99. 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 $63.15 and a fifty-two week high of $88.77.

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

Edison International Dividend Announcement

The company 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 3.76%. The ex-dividend date was Monday, October 7th. Edison International's dividend payout ratio is currently 91.50%.

Insider Buying and Selling at Edison International

In related news, VP Adam S. Umanoff sold 25,619 shares of Edison International stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total transaction of $2,127,657.95. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on EIX. 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. Barclays increased their price target on shares of Edison International from $89.00 to $91.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 30th. Argus boosted their target price on Edison International from $82.00 to $97.00 and gave the stock a "buy" rating in a research note on Wednesday, September 11th. Royal Bank of Canada boosted their target price on shares of Edison International from $94.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, October 4th. Finally, Evercore ISI boosted their price target on Edison International from $82.00 to $88.00 and gave the company an "outperform" rating in a research note on Wednesday, August 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.