Pinnacle Associates Ltd. Acquires Shares of 3,536 Edison International (NYSE:EIX)

Pinnacle Associates Ltd. bought a new position in Edison International (NYSE:EIX) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,536 shares of the utilities provider’s stock, valued at approximately $308,000.

Other institutional investors have also made changes to their positions in the company. Capital Research Global Investors increased its stake in Edison International by 1.7% during the first quarter. Capital Research Global Investors now owns 20,344,752 shares of the utilities provider’s stock valued at $1,438,984,000 after purchasing an additional 345,189 shares during the last quarter. Pzena Investment Management LLC raised its stake in Edison International by 2.3% during the first quarter. Pzena Investment Management LLC now owns 13,605,080 shares of the utilities provider’s stock worth $962,287,000 after acquiring an additional 305,459 shares during the period. Capital International Investors boosted its stake in Edison International by 6.4% in the first quarter. Capital International Investors now owns 13,297,917 shares of the utilities provider’s stock valued at $940,562,000 after acquiring an additional 795,950 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Edison International by 0.5% during the second quarter. Clearbridge Investments LLC now owns 5,015,988 shares of the utilities provider’s stock valued at $360,198,000 after purchasing an additional 24,834 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Edison International by 1.8% during the 2nd quarter. American Century Companies Inc. now owns 3,864,399 shares of the utilities provider’s stock worth $277,503,000 after purchasing an additional 67,089 shares during the period. 88.95% of the stock is currently owned by institutional investors.

Edison International Stock Performance

Shares of NYSE EIX opened at $81.13 on Monday. Edison International has a 1 year low of $62.21 and a 1 year high of $88.77. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.96 and a current ratio of 0.88. The stock has a fifty day moving average price of $85.39 and a two-hundred day moving average price of $78.89. The firm has a market cap of $31.41 billion, a P/E ratio of 23.79, a PEG ratio of 1.92 and a beta of 0.92.

Edison International (NYSE:EIX) last released its earnings results on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.13. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.01 billion. During the same period in the previous year, the company earned $1.38 earnings per share. Edison International’s revenue was up 10.6% compared to the same quarter last year. Research analysts forecast that Edison International will post 4.94 EPS for the current fiscal year.

Edison International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, October 7th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend was Monday, October 7th. Edison International’s dividend payout ratio is presently 91.50%.

Wall Street Analyst Weigh In

EIX has been the subject of a number of analyst reports. Guggenheim boosted their price objective on Edison International from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Bank of America began coverage on shares of Edison International in a report on Thursday, September 12th. They issued a “buy” rating and a $95.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. UBS Group raised their price target on shares of Edison International from $86.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Finally, Morgan Stanley increased their price objective on Edison International from $68.00 to $72.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Edison International has an average rating of “Moderate Buy” and an average target price of $88.36.

Insider Buying and Selling

In other Edison International news, CEO J Andrew Murphy sold 1,362 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.00, for a total value of $115,770.00. Following the transaction, the chief executive officer now owns 19,850 shares of the company’s stock, valued at approximately $1,687,250. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.03% of the stock is currently owned by insiders.

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.