First Commonwealth Financial Corp PA Trims Holdings in Edison International (NYSE:EIX)

First Commonwealth Financial Corp PA reduced its holdings in shares of Edison International (NYSE:EIX) by 7.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,128 shares of the utilities provider’s stock after selling 1,122 shares during the quarter. First Commonwealth Financial Corp PA’s holdings in Edison International were worth $912,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in EIX. Parallel Advisors LLC lifted its stake in Edison International by 5.0% during the second quarter. Parallel Advisors LLC now owns 3,306 shares of the utilities provider’s stock worth $230,000 after purchasing an additional 156 shares during the last quarter. Cohen Capital Management Inc. lifted its stake in Edison International by 0.5% in the first quarter. Cohen Capital Management Inc. now owns 35,583 shares of the utilities provider’s stock valued at $2,512,000 after buying an additional 161 shares during the last quarter. Independent Advisor Alliance lifted its stake in Edison International by 4.0% in the second quarter. Independent Advisor Alliance now owns 4,446 shares of the utilities provider’s stock valued at $309,000 after buying an additional 169 shares during the last quarter. Capital Analysts LLC lifted its stake in Edison International by 64.0% in the first quarter. Capital Analysts LLC now owns 438 shares of the utilities provider’s stock valued at $31,000 after buying an additional 171 shares during the last quarter. Finally, Pinnacle Associates Ltd. lifted its stake in Edison International by 5.2% in the first quarter. Pinnacle Associates Ltd. now owns 3,554 shares of the utilities provider’s stock valued at $251,000 after buying an additional 176 shares during the last quarter. 88.17% of the stock is currently owned by hedge funds and other institutional investors.

Edison International Trading Down 0.1 %

EIX traded down $0.06 during trading on Friday, reaching $65.93. The company had a trading volume of 1,463,694 shares, compared to its average volume of 2,280,119. The firm’s 50-day simple moving average is $65.09 and its 200 day simple moving average is $68.05. The company has a market cap of $25.29 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 3.80 and a beta of 0.86. Edison International has a 12-month low of $58.82 and a 12-month high of $74.92. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.75 and a current ratio of 0.80.

Edison International (NYSE:EIX) last announced its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $1.38 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.08). Edison International had a return on equity of 12.79% and a net margin of 8.75%. The business had revenue of $4.70 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the previous year, the business posted $1.48 earnings per share. The company’s revenue was down 10.1% compared to the same quarter last year. Equities research analysts anticipate that Edison International will post 4.71 earnings per share for the current year.

Edison International Cuts Dividend

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

Wall Street Analysts Forecast Growth

EIX has been the topic of a number of recent research reports. LADENBURG THALM/SH SH upgraded Edison International from a “sell” rating to a “neutral” rating in a research note on Tuesday, August 15th. StockNews.com initiated coverage on Edison International in a report on Thursday, October 5th. They set a “hold” rating on the stock. Guggenheim raised their price target on Edison International from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, November 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $81.00 price target on shares of Edison International in a report on Tuesday, September 12th. Finally, Mizuho raised Edison International from a “neutral” rating to a “buy” rating and raised their price target for the company from $73.00 to $75.00 in a report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Edison International currently has a consensus rating of “Hold” and a consensus target price of $71.33.

Insider Activity at Edison International

In related news, SVP Caroline Choi sold 11,222 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $71.64, for a total value of $803,944.08. Following the transaction, the senior vice president now directly owns 20,881 shares of the company’s stock, valued at approximately $1,495,914.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.03% of the stock is owned by company insiders.

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.