Park Avenue Securities LLC Acquires New Position in Edison International (NYSE:EIX)

Park Avenue Securities LLC bought a new position in shares of Edison International (NYSE:EIX) during the third quarter, HoldingsChannel reports. The firm bought 2,710 shares of the utilities provider’s stock, valued at approximately $236,000.

Several other hedge funds also recently made changes to their positions in EIX. M&G Plc acquired a new position in shares of Edison International in the 1st quarter valued at about $85,436,000. 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. Capital Research Global Investors grew its holdings 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 purchasing an additional 345,189 shares during the last quarter. Pzena Investment Management LLC raised its position 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 worth $962,287,000 after purchasing an additional 305,459 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Edison International by 595.9% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 318,672 shares of the utilities provider’s stock worth $22,884,000 after purchasing an additional 272,876 shares during the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.

Edison International Trading Up 1.2 %

NYSE:EIX opened at $84.58 on Tuesday. The company’s 50 day moving average is $85.02 and its 200-day moving average is $77.42. 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 has a 12 month low of $61.64 and a 12 month high of $88.77. The firm has a market cap of $32.66 billion, a price-to-earnings ratio of 33.97, a P/E/G ratio of 1.92 and a beta of 0.91.

Edison International (NYSE:EIX) last released its 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. Edison International had a net margin of 6.60% and a return on equity of 13.01%. The firm had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.12 billion. During the same quarter in the previous year, the business earned $1.01 EPS. The business’s revenue was up 9.4% on a year-over-year basis. Equities analysts anticipate that Edison International will post 4.97 EPS for the current year.

Edison International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, October 7th will be paid a dividend of $0.78 per share. The ex-dividend date is Monday, October 7th. This represents a $3.12 annualized dividend and a yield of 3.69%. Edison International’s payout ratio is 125.30%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on EIX shares. Wells Fargo & Company raised their target price on Edison International from $86.00 to $87.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Evercore ISI boosted their target price on shares of Edison International from $82.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, August 14th. 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. Morgan Stanley boosted their price objective on Edison International from $68.00 to $72.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Finally, Bank of America assumed coverage on Edison International in a research report on Thursday, September 12th. They issued a “buy” rating and a $95.00 target price on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $86.67.

Insider Buying and Selling at Edison International

In other news, CEO J Andrew Murphy sold 23,896 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $85.45, for a total transaction of $2,041,913.20. Following the completion of the transaction, the chief executive officer now directly owns 19,850 shares in the company, valued at $1,696,182.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Edison International news, VP Natalie K. Schilling sold 2,341 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $80.00, for a total value of $187,280.00. Following the completion of the transaction, the vice president now owns 6,338 shares of the company’s stock, valued at $507,040. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO J Andrew Murphy sold 23,896 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $85.45, for a total value of $2,041,913.20. Following the completion of the sale, the chief executive officer now owns 19,850 shares of the company’s stock, valued at $1,696,182.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 89,099 shares of company stock valued at $7,223,342 in the last 90 days. 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.