Magellan Asset Management Ltd increased its holdings in Edison International (NYSE:EIX) by 11.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,805 shares of the utilities provider’s stock after buying an additional 21,352 shares during the quarter. Magellan Asset Management Ltd owned about 0.07% of Edison International worth $16,717,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Edison International by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 26,875,989 shares of the utilities provider’s stock worth $2,139,597,000 after buying an additional 1,239,752 shares in the last quarter. BlackRock Inc. grew its holdings in Edison International by 1.1% in the 2nd quarter. BlackRock Inc. now owns 24,659,823 shares of the utilities provider’s stock worth $1,928,152,000 after buying an additional 270,625 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Edison International by 3.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock worth $1,197,430,000 after buying an additional 526,261 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Edison International by 6.1% in the 1st quarter. Alliancebernstein L.P. now owns 5,733,802 shares of the utilities provider’s stock worth $456,468,000 after buying an additional 330,071 shares in the last quarter. Finally, Boston Partners grew its holdings in Edison International by 4.2% in the 2nd quarter. Boston Partners now owns 3,736,312 shares of the utilities provider’s stock worth $292,142,000 after buying an additional 151,153 shares in the last quarter. 81.56% of the stock is owned by institutional investors and hedge funds.
Shares of Edison International (EIX) traded up 0.21% during midday trading on Friday, hitting $81.20. The stock had a trading volume of 3,039,441 shares. Edison International has a 52 week low of $67.44 and a 52 week high of $82.82. The stock has a 50-day moving average of $79.95 and a 200 day moving average of $79.65. The stock has a market cap of $26.46 billion, a PE ratio of 19.20 and a beta of 0.24.
Edison International (NYSE:EIX) last released its earnings results on Thursday, July 27th. The utilities provider reported $0.85 EPS for the quarter, hitting analysts’ consensus estimates of $0.85. Edison International had a net margin of 12.64% and a return on equity of 10.58%. The firm had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the previous year, the business earned $0.85 EPS. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. Analysts anticipate that Edison International will post $4.23 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Thursday, September 28th. Edison International’s dividend payout ratio is presently 50.82%.
In other Edison International news, insider Ronald L. Litzinger sold 224,715 shares of Edison International stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $80.54, for a total transaction of $18,098,546.10. Following the completion of the sale, the insider now owns 14,121 shares of the company’s stock, valued at approximately $1,137,305.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by insiders.
A number of equities analysts recently issued reports on the company. BidaskClub raised Edison International from a “sell” rating to a “hold” rating in a report on Tuesday, August 22nd. Citigroup Inc. reaffirmed a “neutral” rating and set a $84.00 price target (down from $85.00) on shares of Edison International in a research note on Monday, July 24th. Jefferies Group LLC reaffirmed a “hold” rating on shares of Edison International in a research note on Friday, July 14th. Zacks Investment Research raised Edison International from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research note on Thursday, July 6th. Finally, Mizuho reaffirmed a “buy” rating and set a $87.00 price target (up from $84.00) on shares of Edison International in a research note on Wednesday, August 23rd. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $84.15.
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Edison International Profile
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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