Edison International $EIX Stock: Sumitomo Mitsui Trust Group Inc. Cuts Holdings

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Edison International (NYSE:EIX) by 9.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 862,819 shares of the utilities provider’s stock after selling 86,426 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Edison International worth $46,359,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Rakuten Investment Management Inc. purchased a new position in Edison International in the second quarter valued at $4,750,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Edison International in the second quarter valued at approximately $33,328,000. Jupiter Topco LLC acquired a new stake in shares of Edison International in the second quarter valued at about $3,577,000. Corient Private Wealth LP grew its position in shares of Edison International by 49.7% in the 2nd quarter. Corient Private Wealth LP now owns 136,621 shares of the utilities provider’s stock worth $10,171,000 after acquiring an additional 45,336 shares in the last quarter. Finally, Allworth Financial LP acquired a new stake in shares of Edison International in the second quarter valued at approximately $2,586,000. 88.95% of the stock is owned by institutional investors and hedge funds.

Edison International Price Performance

Shares of EIX opened at $61.46 on Thursday. The firm has a 50 day moving average of $56.98 and a 200 day moving average of $67.71. The company has a market capitalization of $23.65 billion, a P/E ratio of 6.53, a price-to-earnings-growth ratio of 2.52 and a beta of 0.56. 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 has a twelve month low of $51.10 and a twelve month 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 the consensus estimate of $1.81 by $0.11. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.34 billion. Edison International had a net margin of 20.50% and a return on equity of 14.17%. The company’s quarterly revenue was down 15.0% on a year-over-year basis. During the same period last year, the firm earned $2.34 earnings per share. As a group, equities research analysts anticipate that Edison International will post 6.13 earnings per share for the current fiscal year.

Edison International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 31st. Investors of record on Wednesday, October 7th were issued 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 yield of 5.7%. Edison International’s dividend payout ratio (DPR) is presently 37.30%.

Insiders Place Their Bets

In other Edison International 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 value of $27,780.00. Following the transaction, the director owned 33,212 shares in the company, valued at $1,845,258.72. The trade was a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

EIX has been the subject of several research analyst reports. Jefferies Financial Group downgraded shares of Edison International from a “hold” rating to an “underperform” rating and reduced their price target for the company from $53.00 to $42.00 in a research report on Friday, October 2nd. Argus lowered Edison International from a “buy” rating to a “hold” rating in a research report on Wednesday, August 26th. Mizuho set a $63.00 target price on shares of Edison International in a report on Monday. Truist Financial dropped their target price on shares of Edison International from $63.00 to $62.00 and set a “hold” rating for the company in a report on Monday, October 12th. Finally, Morgan Stanley upped their price target on Edison International from $60.00 to $62.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 21st. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $60.58.

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.