JPMorgan Chase & Co. Has $397.70 Million Stake in Edison International (NYSE:EIX)

JPMorgan Chase & Co. reduced its holdings in shares of Edison International (NYSE:EIX) by 2.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,566,483 shares of the utilities provider’s stock after selling 112,020 shares during the period. JPMorgan Chase & Co. owned 1.18% of Edison International worth $397,695,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Highline Wealth Partners LLC bought a new stake in Edison International in the third quarter worth approximately $26,000. Groupama Asset Managment increased its stake in shares of Edison International by 0.8% in the 3rd quarter. Groupama Asset Managment now owns 29,911 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 237 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of Edison International in the 2nd quarter valued at $27,000. Eastern Bank acquired a new position in shares of Edison International during the 3rd quarter valued at $27,000. Finally, Farmers & Merchants Investments Inc. boosted its stake in Edison International by 53.8% during the second quarter. Farmers & Merchants Investments Inc. now owns 400 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 140 shares in the last quarter. 88.95% of the stock is owned by institutional investors.

Edison International Price Performance

EIX opened at $79.79 on Friday. Edison International has a fifty-two week low of $63.15 and a fifty-two week high of $88.77. The firm has a 50-day moving average of $83.29 and a 200 day moving average of $81.50. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88. The firm has a market cap of $30.89 billion, a P/E ratio of 23.40, a PEG ratio of 1.96 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 for the quarter, beating analysts’ consensus estimates of $1.38 by $0.13. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.01 billion. During the same period in the prior year, the firm earned $1.38 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. On average, research analysts expect that Edison International will post 4.94 EPS for the current year.

Edison International Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, January 7th will be given a dividend of $0.8275 per share. This represents a $3.31 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date is Tuesday, January 7th. This is a boost from Edison International’s previous quarterly dividend of $0.78. Edison International’s dividend payout ratio is currently 97.07%.

Insider Transactions at Edison International

In related news, VP Adam S. Umanoff sold 25,619 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $83.05, for a total transaction of $2,127,657.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.03% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

EIX has been the topic of a number of research reports. Jefferies Financial Group started coverage on Edison International in a research note on Thursday, November 7th. They set a “buy” rating and a $93.00 price target on the stock. Barclays boosted their price target on shares of Edison International from $89.00 to $91.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on shares of Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley cut their price target on Edison International from $74.00 to $72.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Finally, UBS Group cut their target price on Edison International from $96.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $88.58.

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.