Allspring Global Investments Holdings LLC Cuts Holdings in Edison International (NYSE:EIX)

Allspring Global Investments Holdings LLC cut its position in shares of Edison International (NYSE:EIX) by 47.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,967 shares of the utilities provider’s stock after selling 20,165 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Edison International were worth $1,554,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Research Global Investors boosted its holdings in Edison International by 23.0% during the fourth quarter. Capital Research Global Investors now owns 19,999,563 shares of the utilities provider’s stock worth $1,429,769,000 after purchasing an additional 3,734,550 shares during the last quarter. Wellington Management Group LLP boosted its stake in Edison International by 4.4% in the fourth quarter. Wellington Management Group LLP now owns 10,276,016 shares of the utilities provider’s stock valued at $734,632,000 after acquiring an additional 433,845 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Edison International by 4.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,261,803 shares of the utilities provider’s stock valued at $376,166,000 after acquiring an additional 202,541 shares during the last quarter. Deutsche Bank AG boosted its stake in Edison International by 266.3% in the third quarter. Deutsche Bank AG now owns 4,309,133 shares of the utilities provider’s stock valued at $272,725,000 after acquiring an additional 3,132,877 shares during the last quarter. Finally, Norges Bank purchased a new position in Edison International in the fourth quarter valued at about $210,327,000. 88.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Caroline Choi sold 10,004 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total value of $758,003.08. Following the transaction, the senior vice president now owns 26,918 shares of the company’s stock, valued at approximately $2,039,576.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Caroline Choi sold 10,004 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total value of $758,003.08. Following the transaction, the senior vice president now owns 26,918 shares of the company’s stock, valued at approximately $2,039,576.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO J Andrew Murphy sold 9,794 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $75.07, for a total transaction of $735,235.58. Following the completion of the transaction, the chief executive officer now directly owns 19,660 shares in the company, valued at approximately $1,475,876.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,897 shares of company stock valued at $5,851,245. Company insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on EIX. Argus boosted their target price on shares of Edison International from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Mizuho boosted their target price on shares of Edison International from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Royal Bank of Canada dropped their target price on shares of Edison International from $81.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, March 7th. Barclays boosted their target price on shares of Edison International from $72.00 to $75.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. Finally, Morgan Stanley dropped their price target on shares of Edison International from $64.00 to $61.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $77.40.

Edison International Stock Performance

Edison International stock opened at $71.82 on Friday. The firm’s 50 day simple moving average is $73.50 and its 200 day simple moving average is $70.49. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.04. The firm has a market capitalization of $27.63 billion, a PE ratio of 31.50 and a beta of 0.91. Edison International has a 1-year low of $58.82 and a 1-year high of $77.04.

Edison International (NYSE:EIX) last posted its earnings results on Tuesday, April 30th. The utilities provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.01. The business had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.16 billion. Edison International had a net margin of 6.14% and a return on equity of 12.48%. Edison International’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.09 EPS. As a group, analysts expect that Edison International will post 4.92 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Monday, July 8th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date is Monday, July 8th. Edison International’s dividend payout ratio (DPR) is presently 136.84%.

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.