Macquarie Group Ltd. cut its stake in Edison International (NYSE:EIX – Free Report) by 1.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,097,839 shares of the utilities provider’s stock after selling 127,183 shares during the period. Edison International comprises approximately 0.6% of Macquarie Group Ltd.’s portfolio, making the stock its 23rd largest position. Macquarie Group Ltd. owned about 1.85% of Edison International worth $501,036,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Edison International by 1.7% in the first quarter. Vanguard Group Inc. now owns 44,530,226 shares of the utilities provider’s stock worth $3,121,569,000 after acquiring an additional 731,841 shares in the last quarter. FMR LLC lifted its stake in Edison International by 30.3% in the first quarter. FMR LLC now owns 14,924,771 shares of the utilities provider’s stock worth $1,053,540,000 after purchasing an additional 3,468,195 shares during the last quarter. Pzena Investment Management LLC lifted its stake in Edison International by 2.7% in the first quarter. Pzena Investment Management LLC now owns 13,994,142 shares of the utilities provider’s stock worth $987,846,000 after purchasing an additional 374,257 shares during the last quarter. Wellington Management Group LLP lifted its stake in Edison International by 40.6% in the first quarter. Wellington Management Group LLP now owns 9,575,555 shares of the utilities provider’s stock worth $675,938,000 after purchasing an additional 2,763,270 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Edison International by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 8,113,651 shares of the utilities provider’s stock worth $515,289,000 after purchasing an additional 106,738 shares during the last quarter. 88.17% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
EIX has been the subject of several recent research reports. Barclays initiated coverage on shares of Edison International in a research note on Wednesday, August 23rd. They issued an “equal weight” rating and a $68.00 price target for the company. LADENBURG THALM/SH SH raised shares of Edison International from a “sell” rating to a “neutral” rating in a research note on Tuesday, August 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $81.00 price objective on shares of Edison International in a research note on Tuesday. Guggenheim downgraded shares of Edison International from a “buy” rating to a “neutral” rating in a research note on Friday, July 7th. Finally, Morgan Stanley lowered their price objective on shares of Edison International from $56.00 to $51.00 and set an “underweight” rating for the company in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $72.91.
Edison International Stock Performance
EIX traded up $0.53 during trading on Wednesday, hitting $70.82. The company’s stock had a trading volume of 881,515 shares, compared to its average volume of 1,678,847. The firm has a market cap of $27.14 billion, a PE ratio of 28.34, a P/E/G ratio of 3.94 and a beta of 0.81. The business’s 50 day simple moving average is $70.02 and its 200-day simple moving average is $69.75. Edison International has a one year low of $54.45 and a one year high of $74.92. The company has a quick ratio of 0.78, a current ratio of 0.84 and a debt-to-equity ratio of 1.87.
Edison International (NYSE:EIX – Get Free Report) last posted its earnings results on Thursday, July 27th. The utilities provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.06. The company had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $4.28 billion. Edison International had a net margin of 6.81% and a return on equity of 12.69%. Edison International’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the company posted $0.94 earnings per share. As a group, sell-side analysts predict that Edison International will post 4.73 EPS for the current fiscal year.
Edison International Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a dividend of $0.7375 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.95 annualized dividend and a yield of 4.17%. Edison International’s payout ratio is 118.95%.
Edison International Profile
Edison International, through its subsidiaries, generates and distributes electric power. The company supplies electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors. It also provides decarbonization and energy solutions to commercial, institutional, and industrial customers in North America and Europe.
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