Edison International (NYSE:EIX) Stock Price Target Raised at UBS Group

Edison International (NYSE:EIX) had its target price hoisted by UBS Group from $57.00 to $62.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the utilities provider’s stock.

Other research analysts have also recently issued reports about the company. Weiss Ratings cut Edison International from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday, September 10th. Wells Fargo & Company reduced their price objective on Edison International from $62.00 to $59.00 and set an “underweight” rating on the stock in a research report on Friday. The Goldman Sachs Group set a $67.00 target price on Edison International in a report on Thursday, October 15th. Bank of America downgraded Edison International from a “buy” rating to a “neutral” rating and cut their target price for the stock from $81.00 to $51.00 in a research note on Tuesday, September 1st. Finally, HSBC started coverage on shares of Edison International in a research report on Thursday, October 22nd. They set a “hold” rating and a $56.50 price target on the stock. One equities research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, Edison International has a consensus rating of “Reduce” and an average target price of $61.12.

Edison International Stock Up 0.2%

EIX stock opened at $58.92 on Friday. The firm has a market cap of $22.67 billion, a PE ratio of 6.26, a P/E/G ratio of 2.49 and a beta of 0.56. The company has a debt-to-equity ratio of 2.01, a quick ratio of 0.71 and a current ratio of 0.77. The firm’s fifty day moving average is $57.77 and its 200 day moving average is $67.72. Edison International has a one year low of $51.10 and a one year high of $81.62.

Edison International (NYSE:EIX) last released its quarterly earnings results on Thursday, October 29th. The utilities provider reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.11. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Edison International had a return on equity of 14.17% and a net margin of 20.50%. Edison International’s quarterly revenue was down 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.34 EPS. On average, research analysts forecast that Edison International will post 6.13 EPS for the current year.

Edison International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, October 31st. Shareholders of record on Wednesday, October 7th were given a dividend of $0.8775 per share. The ex-dividend date was Wednesday, October 7th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 6.0%. Edison International’s dividend payout ratio (DPR) is currently 37.30%.

Insider Activity

In other news, Director Peter Taylor sold 500 shares of the company’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $55.56, for a total value of $27,780.00. Following the transaction, the director directly owned 33,212 shares in the company, valued at approximately $1,845,258.72. This represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.20% of the company’s stock.

Institutional Trading of Edison International

Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Edison International during the second quarter worth $3,340,412,000. Legal & General Group Plc acquired a new stake in shares of Edison International in the second quarter valued at $329,766,000. Bank of New York Mellon Corp acquired a new stake in shares of Edison International in the second quarter valued at $309,361,000. Amundi raised its holdings in shares of Edison International by 27.0% in the 2nd quarter. Amundi now owns 3,570,726 shares of the utilities provider’s stock valued at $265,843,000 after buying an additional 759,236 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in shares of Edison International in the 2nd quarter valued at $261,275,000. Institutional investors and hedge funds own 88.95% of the company’s stock.

About Edison International

Edison International (NYSE: EIX) is an electric power holding company based in California. Its principal subsidiary, Southern California Edison (SCE), is one of the largest electric utilities in the United States and delivers electricity across central, coastal and Southern California. SCE serves millions of residential, commercial and industrial customers through an extensive transmission and distribution network.

Edison International’s operations are focused on the generation, transmission and distribution of electricity, as well as supporting the transition to cleaner energy.