Concert Wealth Management Inc. reduced its position in Edison International (NYSE:EIX) by 13.7% during the second quarter, Holdings Channel reports. The firm owned 3,298 shares of the company’s stock after selling 524 shares during the period. Concert Wealth Management Inc.’s holdings in Edison International were worth $256,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in EIX. Integrated Investment Consultants LLC boosted its stake in 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 period. Invictus RG purchased a new stake in Edison International during the first quarter worth $178,000. Pitcairn Co. purchased a new stake in Edison International during the second quarter worth $202,000. Diligent Investors LLC boosted its stake in Edison International by 3.0% in the second quarter. Diligent Investors LLC now owns 2,883 shares of the company’s stock worth $224,000 after buying an additional 85 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its stake 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 during the period. 81.95% of the stock is currently owned by institutional investors and hedge funds.
Shares of Edison International (NYSE:EIX) traded down 0.23% on Friday, hitting $70.85. 1,790,056 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $72.40 and its 200 day moving average price is $73.15. The company has a market cap of $23.08 billion, a price-to-earnings ratio of 26.27 and a beta of 0.23. Edison International has a 1-year low of $57.51 and a 1-year high of $78.72.
Edison International (NYSE:EIX) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.85 earnings per share (EPS) 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 business earned $2.78 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the prior year, the firm earned $1.16 earnings per share. The business’s quarterly revenue was down 4.5% compared to the same quarter last year. On average, equities research analysts expect that Edison International will post $3.91 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be issued a $0.48 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.71%. Edison International’s dividend payout ratio is 71.11%.
Several research firms have commented on EIX. Deutsche Bank AG set a $78.00 target price on shares of Edison International and gave the company a “hold” rating in a research note on Sunday, September 4th. Jefferies Group raised their target price on shares of Edison International from $72.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, July 29th. Zacks Investment Research raised shares of Edison International from a “sell” rating to a “hold” rating in a research note on Monday, July 11th. Citigroup Inc. lowered their target price on shares of Edison International from $79.00 to $76.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 4th. Finally, SunTrust Banks Inc. raised their target price on shares of Edison International from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, September 26th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Edison International has a consensus rating of “Hold” and a consensus price target of $76.79.
In related news, insider Ronald L. Litzinger sold 38,084 shares of Edison International stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $72.10, for a total value of $2,745,856.40. Following the completion of the transaction, the insider now directly owns 12,053 shares of the company’s stock, valued at $869,021.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ellen O. Tauscher sold 3,012 shares of Edison International stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $71.87, for a total value of $216,472.44. The disclosure for this sale can be found here. 1.51% of the stock is owned by corporate insiders.
Edison International Company Profile
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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