Legacy Capital Group California Inc. Buys 353 Shares of Edison International (NYSE:EIX)

Legacy Capital Group California Inc. lifted its holdings in shares of Edison International (NYSE:EIX) by 5.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 7,110 shares of the utilities provider’s stock after acquiring an additional 353 shares during the period. Legacy Capital Group California Inc.’s holdings in Edison International were worth $494,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EIX. Fiduciary Alliance LLC bought a new position in shares of Edison International during the 2nd quarter worth about $25,000. Capital Analysts LLC lifted its holdings in shares of Edison International by 64.0% during the 1st quarter. Capital Analysts LLC now owns 438 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 171 shares during the period. Armstrong Advisory Group Inc. bought a new position in shares of Edison International during the 2nd quarter worth about $36,000. Ancora Advisors LLC bought a new position in Edison International during the 1st quarter valued at about $41,000. Finally, First Horizon Advisors Inc. lifted its holdings in Edison International by 61.4% during the 1st quarter. First Horizon Advisors Inc. now owns 615 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 234 shares during the last quarter. 88.17% of the stock is owned by institutional investors.

Edison International Trading Down 0.1 %

Edison International stock traded down $0.06 during midday trading on Friday, hitting $65.93. 1,463,694 shares of the stock were exchanged, compared to its average volume of 2,280,119. The company has a fifty day simple moving average of $65.09 and a two-hundred day simple moving average of $68.05. Edison International has a 52 week low of $58.82 and a 52 week high of $74.92. The stock has a market capitalization of $25.29 billion, a PE ratio of 20.54, a P/E/G ratio of 3.80 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 announced its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $1.38 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the firm posted $1.48 EPS. The business’s quarterly revenue was down 10.1% compared to the same quarter last year. Equities research analysts anticipate that Edison International will post 4.71 EPS for the current fiscal year.

Edison International Cuts Dividend

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

Insider Buying and Selling

In other Edison International news, SVP Caroline Choi sold 11,222 shares of the company’s stock in a transaction 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 sale, the senior vice president now directly owns 20,881 shares of the company’s stock, valued at $1,495,914.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.03% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on EIX. Guggenheim lifted their price target on shares of Edison International from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, November 3rd. Morgan Stanley cut their price target on shares of Edison International from $53.00 to $52.00 and set an “underweight” rating for the company in a report on Wednesday, October 25th. JPMorgan Chase & Co. cut their price target on shares of Edison International from $79.00 to $75.00 and set a “neutral” rating for the company in a report on Tuesday, October 17th. 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, 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Edison International has a consensus rating of “Hold” and a consensus target price of $71.33.

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.