Cullen Capital Management LLC raised its holdings in Edison International (NYSE:EIX) by 69.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,450 shares of the utilities provider’s stock after buying an additional 22,350 shares during the period. Cullen Capital Management LLC’s holdings in Edison International were worth $4,257,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Tudor Investment Corp ET AL raised its stake in Edison International by 79.9% in the first quarter. Tudor Investment Corp ET AL now owns 10,077 shares of the utilities provider’s stock valued at $802,000 after buying an additional 4,477 shares during the period. Prudential Financial Inc. raised its stake in Edison International by 18.4% in the second quarter. Prudential Financial Inc. now owns 552,076 shares of the utilities provider’s stock valued at $43,167,000 after buying an additional 85,968 shares during the period. JPMorgan Chase & Co. raised its stake in Edison International by 3.6% in the second quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock valued at $1,197,430,000 after buying an additional 526,261 shares during the period. BlackRock Inc. raised its stake in Edison International by 2,416.6% in the first quarter. BlackRock Inc. now owns 24,389,198 shares of the utilities provider’s stock valued at $1,941,622,000 after buying an additional 23,420,049 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Edison International by 1.9% in the second quarter. Principal Financial Group Inc. now owns 655,277 shares of the utilities provider’s stock valued at $51,236,000 after buying an additional 12,086 shares during the period. Hedge funds and other institutional investors own 81.53% of the company’s stock.
Several research firms have issued reports on EIX. Citigroup Inc. restated a “neutral” rating and issued a $84.00 price objective (down previously from $85.00) on shares of Edison International in a research note on Monday, July 24th. BidaskClub upgraded Edison International from a “strong sell” rating to a “sell” rating in a research note on Friday, August 4th. Jefferies Group LLC restated a “buy” rating on shares of Edison International in a research note on Thursday, August 17th. BMO Capital Markets restated a “buy” rating and issued a $85.00 price objective on shares of Edison International in a research note on Thursday, August 17th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Edison International in a research note on Tuesday, July 11th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Edison International presently has an average rating of “Hold” and a consensus target price of $84.75.
Edison International (NYSE:EIX) last announced its earnings results on Thursday, July 27th. The utilities provider reported $0.85 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.85. Edison International had a net margin of 12.64% and a return on equity of 10.58%. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the firm earned $0.85 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis.
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 paid a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend is Thursday, September 28th. Edison International’s dividend payout ratio is 50.82%.
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In other Edison International news, insider Ronald L. Litzinger sold 224,715 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 14,121 shares of the company’s stock, valued at $1,137,305.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by company insiders.
Edison International Company 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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