Welch Group LLC Makes New $501,000 Investment in Edison International $EIX

Welch Group LLC acquired a new stake in shares of Edison International (NYSE:EIX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,323 shares of the utilities provider’s stock, valued at approximately $501,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Edison International in the second quarter worth $3,340,412,000. Legal & General Group Plc bought a new position in Edison International in the second quarter valued at $329,766,000. Bank of New York Mellon Corp bought a new position in Edison International in the second quarter valued at $309,361,000. Amundi raised its position in Edison International by 27.0% during the second quarter. Amundi now owns 3,570,726 shares of the utilities provider’s stock valued at $265,843,000 after purchasing an additional 759,236 shares in the last quarter. Finally, Hsbc Holdings PLC purchased 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 hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EIX. The Goldman Sachs Group set a $67.00 price objective on shares of Edison International in a research note on Thursday, October 15th. Mizuho set a $63.00 target price on shares of Edison International in a research report on Monday. UBS Group boosted their price target on shares of Edison International from $57.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday. Bank of America downgraded shares of Edison International from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $81.00 to $51.00 in a research note on Tuesday, September 1st. Finally, Barclays upped their price target on shares of Edison International from $53.00 to $58.00 and gave the company an “equal weight” rating in a research report on Friday. One equities research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $60.58.

Edison International Trading Up 1.7%

NYSE:EIX opened at $59.78 on Tuesday. The company has a 50-day moving average price of $57.53 and a 200-day moving average price of $67.72. Edison International has a 12 month low of $51.10 and a 12 month high of $81.62. The company has a current ratio of 0.66, a quick ratio of 0.61 and a debt-to-equity ratio of 1.95. The stock has a market cap of $23.01 billion, a price-to-earnings ratio of 8.20, a P/E/G ratio of 2.49 and a beta of 0.62.

Edison International (NYSE:EIX) last announced its earnings results on Thursday, October 29th. The utilities provider reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.11. Edison International had a net margin of 20.30% and a return on equity of 15.53%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.34 billion. During the same quarter in the previous year, the firm posted $2.34 EPS. The company’s revenue for the quarter was down 15.0% compared to the same quarter last year. Equities analysts predict that Edison International will post 6.13 EPS for the current year.

Edison International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 31st. Shareholders of record on Wednesday, October 7th were issued a $0.8775 dividend. The ex-dividend date was Wednesday, October 7th. This represents a $3.51 annualized dividend and a yield of 5.9%. Edison International’s dividend payout ratio (DPR) is 37.30%.

Insiders Place Their Bets

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

Edison International Profile

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.