Edison International (NYSE:EIX) Price Target Raised to $62.00

Edison International (NYSE:EIX) had its price objective lifted by UBS Group from $57.00 to $62.00 in a research report sent to investors on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the utilities provider’s stock.

Several other analysts have also issued reports on EIX. The Goldman Sachs Group set a $67.00 target price on shares of Edison International in a research report on Thursday, October 15th. Bank of America cut shares of Edison International from a “buy” rating to a “neutral” rating and reduced their target price for the company from $81.00 to $51.00 in a report on Tuesday, September 1st. Mizuho downgraded shares of Edison International from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $86.00 to $70.00 in a research report on Monday, August 31st. Wells Fargo & Company dropped their price target on shares of Edison International from $62.00 to $59.00 and set an “underweight” rating on the stock in a research note on Friday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Edison International from $61.00 to $59.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $61.12.

Edison International Trading Up 0.2%

Edison International stock opened at $58.92 on Friday. The business has a 50-day simple moving average of $57.77 and a two-hundred day simple moving average of $67.72. The company has a market cap of $22.67 billion, a P/E ratio of 6.26, a P/E/G ratio of 2.49 and a beta of 0.56. Edison International has a 52-week low of $51.10 and a 52-week high of $81.62. The company has a quick ratio of 0.71, a current ratio of 0.77 and a debt-to-equity ratio of 2.01.

Edison International (NYSE:EIX) last released its quarterly earnings results on Thursday, October 29th. The utilities provider reported $1.92 EPS for the quarter, beating the consensus estimate of $1.81 by $0.11. Edison International had a net margin of 20.50% and a return on equity of 14.17%. The firm had revenue of $4.89 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. The business’s revenue for the quarter was down 15.0% compared to the same quarter last year. Analysts predict that Edison International will post 6.13 EPS for the current year.

Edison International Announces Dividend

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

Insider Activity at Edison International

In other news, Director Peter Taylor sold 500 shares of Edison International stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $55.56, for a total transaction of $27,780.00. Following the transaction, the director directly owned 33,212 shares of the company’s stock, valued at $1,845,258.72. The trade was a 1.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Edison International in the second quarter worth approximately $3,340,412,000. Legal & General Group Plc bought a new position in Edison International in the 2nd quarter worth $329,766,000. Bank of New York Mellon Corp purchased a new stake in Edison International in the 2nd quarter worth $309,361,000. Amundi increased its stake in Edison International by 27.0% in the 2nd quarter. Amundi now owns 3,570,726 shares of the utilities provider’s stock worth $265,843,000 after buying an additional 759,236 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new stake in Edison International during the second quarter valued at about $261,275,000. 88.95% of the stock is currently owned by institutional investors.

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.