Russell Investments Group Ltd. Buys 54,230 Shares of Edison International (NYSE:EIX)

Russell Investments Group Ltd. increased its stake in Edison International (NYSE:EIX) by 6.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 886,888 shares of the utilities provider’s stock after purchasing an additional 54,230 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.23% of Edison International worth $61,558,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of EIX. Fiduciary Alliance LLC bought a new stake in Edison International during the second quarter valued at about $25,000. Capital Analysts LLC raised its holdings in Edison International by 64.0% during the first quarter. Capital Analysts LLC now owns 438 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 171 shares during the period. Armstrong Advisory Group Inc. bought a new stake in Edison International during the second quarter valued at about $36,000. First Horizon Advisors Inc. raised its holdings in Edison International by 61.4% during the first quarter. First Horizon Advisors Inc. now owns 615 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 234 shares during the period. Finally, Ancora Advisors LLC bought a new stake in Edison International during the first quarter valued at about $41,000. 88.17% of the stock is owned by institutional investors.

Edison International Stock Down 0.1 %

Shares of NYSE:EIX opened at $65.93 on Friday. Edison International has a 1 year low of $58.82 and a 1 year high of $74.92. The business has a 50 day simple moving average of $65.09 and a two-hundred day simple moving average of $68.05. The firm has a market capitalization of $25.29 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 3.80 and a beta of 0.86. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.80 and a quick ratio of 0.75.

Edison International (NYSE:EIX) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $1.38 earnings per share (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 business had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter last year, the firm earned $1.48 EPS. The firm’s quarterly revenue was down 10.1% on a year-over-year basis. On average, equities analysts predict that Edison International will post 4.71 EPS for the current year.

Edison International Cuts Dividend

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

Insider Activity

In other news, SVP Caroline Choi sold 11,222 shares of Edison International 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 completion of the sale, the senior vice president now 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. Insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

EIX has been the topic of a number of recent analyst reports. 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. Morgan Stanley reduced their target price on Edison International from $53.00 to $52.00 and set an “underweight” rating on the stock in a report on Wednesday, October 25th. StockNews.com assumed coverage on Edison International in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $81.00 target price on shares of Edison International in a report on Tuesday, September 12th. Finally, Guggenheim lifted their target price on Edison International from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.