Gabelli Funds LLC Sells 16,000 Shares of Edison International (NYSE:EIX)

Gabelli Funds LLC decreased its holdings in Edison International (NYSE:EIX) by 4.2% in the second quarter, Holdings Channel reports. The firm owned 366,500 shares of the utilities provider’s stock after selling 16,000 shares during the quarter. Gabelli Funds LLC’s holdings in Edison International were worth $26,318,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Capital Research Global Investors boosted its position in shares of 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 buying an additional 345,189 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in shares of Edison International by 2.3% during the 1st quarter. Pzena Investment Management LLC now owns 13,605,080 shares of the utilities provider’s stock valued at $962,287,000 after acquiring an additional 305,459 shares during the last quarter. Capital International Investors boosted its holdings in shares of Edison International by 6.4% during the 1st 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 last quarter. Wellington Management Group LLP grew its stake in shares of 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 worth $734,632,000 after acquiring an additional 433,845 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Edison International by 1.8% during the second quarter. American Century Companies Inc. now owns 3,864,399 shares of the utilities provider’s stock valued at $277,503,000 after purchasing an additional 67,089 shares during the last quarter. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Edison International Trading Up 1.5 %

Shares of NYSE:EIX opened at $85.43 on Monday. The stock has a 50 day moving average of $82.32 and a 200 day moving average of $75.58. The company has a market cap of $32.87 billion, a PE ratio of 37.47, a price-to-earnings-growth ratio of 1.99 and a beta of 0.91. Edison International has a 12-month low of $58.82 and a 12-month high of $88.77. The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 2.04.

Edison International (NYSE:EIX) last posted its quarterly earnings results on Thursday, July 25th. The utilities provider reported $1.23 earnings per share for the quarter, topping 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 revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. As a group, equities research analysts expect that Edison International will post 4.97 EPS for the current year.

Edison International Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, CEO J Andrew Murphy sold 28,995 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $78.43, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Natalie K. Schilling sold 2,341 shares of the business’s stock in a transaction 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 Securities & Exchange Commission, which is available through this link. Also, CEO J Andrew Murphy sold 28,995 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $78.43, for a total transaction of $2,274,077.85. Following the transaction, the chief executive officer now owns 19,660 shares of the company’s stock, valued at approximately $1,541,933.80. The disclosure for this sale can be found here. Insiders have sold 89,099 shares of company stock worth $7,223,342 over the last ninety days. Corporate insiders own 1.03% of the company’s stock.

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.