AGF Management Ltd. Increases Stock Position in Edison International (NYSE:EIX)

AGF Management Ltd. increased its position in Edison International (NYSE:EIX) by 20.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 44,924 shares of the utilities provider’s stock after acquiring an additional 7,763 shares during the period. AGF Management Ltd.’s holdings in Edison International were worth $3,120,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC raised its stake in Edison International by 3.5% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 26,560 shares of the utilities provider’s stock valued at $1,845,000 after buying an additional 890 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Edison International by 2.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 17,057 shares of the utilities provider’s stock valued at $1,204,000 after buying an additional 344 shares during the last quarter. Rhumbline Advisers raised its stake in Edison International by 1.5% during the 1st quarter. Rhumbline Advisers now owns 718,066 shares of the utilities provider’s stock valued at $50,688,000 after buying an additional 10,310 shares during the last quarter. Flagship Harbor Advisors LLC grew its position in shares of Edison International by 33.9% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 7,785 shares of the utilities provider’s stock valued at $541,000 after acquiring an additional 1,973 shares during the period. Finally, Simplicity Solutions LLC grew its position in shares of Edison International by 68.4% during the 1st quarter. Simplicity Solutions LLC now owns 6,894 shares of the utilities provider’s stock valued at $487,000 after acquiring an additional 2,801 shares during the period. 88.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Evercore ISI raised shares of Edison International from an “in-line” rating to an “outperform” rating and cut their price objective for the company from $74.00 to $68.00 in a research report on Monday, October 23rd. StockNews.com assumed coverage on shares of Edison International in a research report on Thursday, October 5th. They set a “hold” rating for the company. LADENBURG THALM/SH SH raised shares of Edison International from a “sell” rating to a “neutral” rating in a research report on Tuesday, August 15th. JPMorgan Chase & Co. cut their price objective on shares of Edison International from $79.00 to $75.00 and set a “neutral” rating for the company in a research report on Tuesday, October 17th. Finally, Guggenheim boosted their price objective on shares of Edison International from $63.00 to $66.00 and gave the company a “neutral” rating in a research report on Friday, November 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $71.33.

Insider Transactions at Edison International

In other news, SVP Caroline Choi sold 11,222 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $71.64, for a total transaction of $803,944.08. Following the transaction, the senior vice president now directly owns 20,881 shares of the company’s stock, valued at $1,495,914.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.03% of the company’s stock.

Edison International Stock Up 1.1 %

EIX opened at $65.99 on Friday. The firm has a 50-day simple moving average of $65.17 and a two-hundred day simple moving average of $68.10. Edison International has a 52 week low of $58.82 and a 52 week high of $74.92. The company has a market capitalization of $25.31 billion, a PE ratio of 20.56, a price-to-earnings-growth ratio of 3.75 and a beta of 0.86. The company has a quick ratio of 0.75, a current ratio of 0.80 and a debt-to-equity ratio of 1.89.

Edison International (NYSE:EIX) last released its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $1.38 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.08). Edison International had a net margin of 8.75% and a return on equity of 12.79%. The company had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period last year, the company earned $1.48 EPS. The firm’s revenue for the quarter was down 10.1% on a year-over-year basis. Analysts forecast that Edison International will post 4.71 earnings per share for the current fiscal year.

Edison International Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Friday, September 29th were given a $0.7375 dividend. This represents a $2.95 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date was Thursday, September 28th. Edison International’s dividend payout ratio (DPR) is currently 91.90%.

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.