Renaissance Technologies LLC Takes $18.48 Million Position in Edison International (NYSE:EIX)

Renaissance Technologies LLC purchased a new position in Edison International (NYSE:EIX) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 257,400 shares of the utilities provider’s stock, valued at approximately $18,484,000.

Other institutional investors have also added to or reduced their stakes in the company. Gladstone Institutional Advisory LLC grew its position in shares of Edison International by 17.2% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 4,499 shares of the utilities provider’s stock worth $322,000 after buying an additional 661 shares during the period. D.A. Davidson & CO. boosted its stake in Edison International by 2.0% during the fourth quarter. D.A. Davidson & CO. now owns 37,955 shares of the utilities provider’s stock worth $2,713,000 after acquiring an additional 726 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Edison International by 0.3% during the fourth quarter. Corient Private Wealth LLC now owns 61,247 shares of the utilities provider’s stock worth $4,379,000 after acquiring an additional 175 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in Edison International in the fourth quarter worth about $433,000. Finally, US Bancorp DE increased its stake in shares of Edison International by 7.3% during the fourth quarter. US Bancorp DE now owns 70,061 shares of the utilities provider’s stock valued at $5,009,000 after purchasing an additional 4,740 shares in the last quarter. Institutional investors own 88.95% of the company’s stock.

Insider Activity

In related news, VP Natalie K. Schilling sold 2,341 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $80.00, for a total value of $187,280.00. Following the transaction, the vice president now owns 6,338 shares of the company’s stock, valued at $507,040. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Edison International news, CEO J Andrew Murphy sold 28,995 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $78.43, for a total value of $2,274,077.85. Following the completion of the sale, the chief executive officer now owns 19,660 shares in the company, valued at $1,541,933.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Natalie K. Schilling sold 2,341 shares of Edison International stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $80.00, for a total value of $187,280.00. Following the transaction, the vice president now directly owns 6,338 shares in the company, valued at $507,040. The disclosure for this sale can be found here. Insiders sold 89,099 shares of company stock valued at $7,223,342 in the last quarter. 1.03% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on EIX. Royal Bank of Canada restated an “outperform” rating and issued a $94.00 price target on shares of Edison International in a research note on Monday, September 16th. Bank of America initiated coverage on Edison International in a research note on Thursday, September 12th. They issued a “buy” rating and a $95.00 target price on the stock. Evercore ISI lifted their price target on Edison International from $82.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 14th. Barclays increased their price objective on shares of Edison International from $80.00 to $91.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 4th. Finally, UBS Group lifted their target price on shares of Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Edison International presently has a consensus rating of “Hold” and a consensus target price of $85.83.

Edison International Stock Up 1.5 %

EIX opened at $85.43 on Friday. The stock has a market capitalization of $32.99 billion, a price-to-earnings ratio of 37.47, a PEG ratio of 1.99 and a beta of 0.91. The firm has a 50 day moving average price of $82.32 and a 200-day moving average price of $75.47. Edison International has a twelve month low of $58.82 and a twelve month high of $88.77. The company has a quick ratio of 0.96, a current ratio of 1.03 and a debt-to-equity ratio of 2.04.

Edison International (NYSE:EIX) last announced its earnings results on Thursday, July 25th. The utilities provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.18. The business had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.12 billion. Edison International had a net margin of 6.60% and a return on equity of 13.01%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 EPS. Equities research analysts forecast that Edison International will post 4.97 earnings per share for the current year.

Edison International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Monday, July 8th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, July 8th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.65%. Edison International’s dividend payout ratio is currently 136.84%.

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.