Edison International (NYSE:EIX) Shares Sold by Great West Life Assurance Co. Can

Great West Life Assurance Co. Can trimmed its stake in shares of Edison International (NYSE:EIX) by 2.8% in the second quarter, Holdings Channel reports. The fund owned 603,706 shares of the utilities provider’s stock after selling 17,267 shares during the period. Great West Life Assurance Co. Can’s holdings in Edison International were worth $42,169,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fiduciary Alliance LLC acquired a new stake in shares of Edison International during the second quarter worth $25,000. Capital Analysts LLC raised its position in 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 buying an additional 171 shares during the last quarter. Armstrong Advisory Group Inc. acquired a new stake in shares of Edison International in the 2nd quarter worth $36,000. Ancora Advisors LLC purchased a new stake in shares of Edison International in the first quarter valued at about $41,000. Finally, First Horizon Advisors Inc. increased its stake in shares of Edison International by 61.4% during the first quarter. First Horizon Advisors Inc. now owns 615 shares of the utilities provider’s stock worth $43,000 after acquiring an additional 234 shares during the period. 88.17% of the stock is currently owned by hedge funds and other institutional investors.

Edison International Stock Performance

Shares of EIX opened at $65.69 on Tuesday. Edison International has a 12-month low of $58.82 and a 12-month high of $74.92. The stock has a market cap of $25.20 billion, a P/E ratio of 20.46, a PEG ratio of 3.80 and a beta of 0.86. The company has a current ratio of 0.80, a quick ratio of 0.75 and a debt-to-equity ratio of 1.89. The company has a 50-day moving average of $65.01 and a two-hundred day moving average of $67.94.

Edison International (NYSE:EIX) last issued its quarterly earnings data 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 return on equity of 12.79% and a net margin of 8.75%. The company had revenue of $4.70 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the firm earned $1.48 earnings per share. The company’s revenue for the quarter was down 10.1% on a year-over-year basis. As a group, research analysts predict that Edison International will post 4.71 EPS for the current fiscal year.

Edison International Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th were given a $0.7375 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $2.95 annualized dividend and a dividend yield of 4.49%. Edison International’s dividend payout ratio is currently 91.90%.

Wall Street Analysts Forecast Growth

EIX has been the subject of a number of recent analyst reports. Barclays reduced their price objective on shares of Edison International from $70.00 to $67.00 and set an “equal weight” rating for the company in a research report on Thursday, November 2nd. LADENBURG THALM/SH SH upgraded Edison International from a “sell” rating to a “neutral” rating in a research note on Tuesday, August 15th. Evercore ISI upgraded Edison International from an “in-line” rating to an “outperform” rating and cut their price objective for the stock from $74.00 to $68.00 in a research report on Monday, October 23rd. Royal Bank of Canada reissued an “outperform” rating and issued a $81.00 target price on shares of Edison International in a report on Tuesday, September 12th. Finally, 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock 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 business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $71.64, for a total value of $803,944.08. Following the completion of the transaction, the senior vice president now owns 20,881 shares of the company’s stock, valued at approximately $1,495,914.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.03% of the company’s stock.

Edison International Company 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.