Advisory Services Network LLC lowered its position in Edison International (NYSE:EIX) by 1.0% during the second quarter, Holdings Channel reports. The fund owned 9,868 shares of the company’s stock after selling 98 shares during the period. Advisory Services Network LLC’s holdings in Edison International were worth $766,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of EIX. Integrated Investment Consultants LLC boosted its stake in shares of Edison International by 9.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,001 shares of the company’s stock worth $155,000 after buying an additional 170 shares during the last quarter. Invictus RG purchased a new stake in shares of Edison International during the first quarter worth about $178,000. Pitcairn Co. bought a new position in Edison International during the second quarter worth $202,000. Nikko Asset Management Americas Inc. bought a new position in Edison International during the first quarter worth $193,000. Finally, Benjamin F. Edwards & Company Inc. boosted its position in Edison International by 0.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,898 shares of the company’s stock worth $225,000 after buying an additional 16 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.
Shares of Edison International (NYSE:EIX) traded down 2.10% during midday trading on Tuesday, reaching $69.89. The company’s stock had a trading volume of 2,262,514 shares. Edison International has a 52-week low of $57.51 and a 52-week high of $78.72. The stock has a 50 day moving average price of $73.41 and a 200-day moving average price of $73.28. The company has a market capitalization of $22.77 billion, a price-to-earnings ratio of 25.91 and a beta of 0.23.
Edison International (NYSE:EIX) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.97 by $0.12. Edison International had a net margin of 8.56% and a return on equity of 9.13%. The company earned $2.78 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the previous year, the business posted $1.16 earnings per share. The firm’s revenue was down 4.5% on a year-over-year basis. Equities research analysts expect that Edison International will post $3.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date is Wednesday, September 28th. Edison International’s payout ratio is 71.11%.
A number of research firms have weighed in on EIX. Evercore ISI cut Edison International from a “buy” rating to a “hold” rating and upped their price target for the stock from $70.00 to $79.00 in a report on Wednesday, July 6th. Zacks Investment Research upgraded Edison International from a “sell” rating to a “hold” rating in a report on Monday, July 11th. Jefferies Group restated a “hold” rating on shares of Edison International in a report on Monday, July 11th. Argus restated a “buy” rating and issued a $86.00 price target (up previously from $83.00) on shares of Edison International in a report on Tuesday, July 5th. Finally, Citigroup Inc. upped their price target on Edison International from $70.00 to $79.00 and gave the stock a “neutral” rating in a report on Wednesday, July 20th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $77.38.
In other Edison International news, Director Jagjeet S. Bindra sold 3,995 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $73.80, for a total value of $294,831.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ronald L. Litzinger sold 38,084 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $72.10, for a total value of $2,745,856.40. Following the completion of the sale, the insider now directly owns 12,053 shares in the company, valued at approximately $869,021.30. The disclosure for this sale can be found here. 1.51% of the stock is owned by corporate insiders.
About Edison International
Edison International is the parent holding company of Southern California Edison Company (SCE). SCE is engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. It is also the parent company of subsidiaries that are engaged in competitive businesses focused on providing energy services to commercial and industrial customers, including distributed resources, engaging in transmission opportunities, and exploring distributed water treatment and recycling.
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