Contravisory Investment Management Inc. grew its stake in Edison International (NYSE:EIX – Free Report) by 2.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,830 shares of the utilities provider’s stock after purchasing an additional 1,940 shares during the period. Edison International comprises approximately 1.9% of Contravisory Investment Management Inc.’s investment portfolio, making the stock its 22nd largest position. Contravisory Investment Management Inc.’s holdings in Edison International were worth $7,003,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in EIX. Nordea Investment Management AB boosted its stake in shares of Edison International by 480.2% in the 1st quarter. Nordea Investment Management AB now owns 4,697,110 shares of the utilities provider’s stock valued at $330,677,000 after purchasing an additional 3,887,557 shares in the last quarter. Norges Bank acquired a new stake in shares of Edison International in the 4th quarter valued at approximately $222,895,000. FMR LLC boosted its stake in shares of Edison International by 30.3% in the 1st quarter. FMR LLC now owns 14,924,771 shares of the utilities provider’s stock valued at $1,053,540,000 after purchasing an additional 3,468,195 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Edison International by 40.6% in the 1st quarter. Wellington Management Group LLP now owns 9,575,555 shares of the utilities provider’s stock valued at $675,938,000 after purchasing an additional 2,763,270 shares in the last quarter. Finally, ATLAS Infrastructure Partners UK Ltd. boosted its stake in shares of Edison International by 120.2% in the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 4,944,938 shares of the utilities provider’s stock valued at $349,063,000 after purchasing an additional 2,699,449 shares in the last quarter. 88.17% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on EIX. 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 on the stock. LADENBURG THALM/SH SH upgraded shares of Edison International from a “sell” rating to a “neutral” rating in a research report on Tuesday, August 15th. Mizuho upgraded shares of Edison International from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $73.00 to $75.00 in a research report on Tuesday, August 22nd. Morgan Stanley cut their target price on shares of Edison International from $56.00 to $51.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 23rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $81.00 target price on shares of Edison International in a research report on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $72.91.
Edison International Trading Down 0.5 %
Edison International stock traded down $0.39 during mid-day trading on Monday, hitting $71.17. 468,238 shares of the stock were exchanged, compared to its average volume of 1,685,509. 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 has a 12 month low of $54.45 and a 12 month high of $74.92. The firm’s fifty day simple moving average is $70.13 and its two-hundred day simple moving average is $69.86. The stock has a market capitalization of $27.28 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 4.11 and a beta of 0.81.
Edison International (NYSE:EIX – Get Free Report) last released its quarterly earnings data 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 analyst estimates of $4.28 billion. Edison International had a net margin of 6.81% and a return on equity of 12.69%. Edison International’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 EPS. Analysts forecast that Edison International will post 4.72 EPS for the current year.
Edison International Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be paid a $0.7375 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.95 annualized dividend and a dividend yield of 4.15%. Edison International’s dividend payout ratio is currently 118.95%.
About Edison International
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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