Retirement Systems of Alabama Increases Stake in Edison International (NYSE:EIX)

Retirement Systems of Alabama raised its stake in shares of Edison International (NYSE:EIX) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,873 shares of the utilities provider’s stock after purchasing an additional 214 shares during the quarter. Retirement Systems of Alabama’s holdings in Edison International were worth $6,095,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. CreativeOne Wealth LLC acquired a new position in Edison International in the 1st quarter worth approximately $230,000. Kentucky Retirement Systems Insurance Trust Fund raised its stake in shares of Edison International by 4.2% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 13,655 shares of the utilities provider’s stock valued at $976,000 after buying an additional 551 shares during the last quarter. Jump Financial LLC acquired a new position in shares of Edison International in the 4th quarter valued at about $1,215,000. Avantax Advisory Services Inc. boosted its stake in shares of Edison International by 73.2% in the fourth quarter. Avantax Advisory Services Inc. now owns 21,114 shares of the utilities provider’s stock worth $1,509,000 after buying an additional 8,922 shares during the last quarter. Finally, Swedbank AB grew its holdings in Edison International by 76.3% during the second quarter. Swedbank AB now owns 446,637 shares of the utilities provider’s stock worth $32,073,000 after acquiring an additional 193,307 shares during the period. 88.95% of the stock is owned by institutional investors and hedge funds.

Edison International Trading Up 0.5 %

Shares of Edison International stock opened at $84.76 on Monday. Edison International has a twelve month low of $58.82 and a twelve month high of $85.00. The firm’s 50-day moving average price is $76.80 and its 200 day moving average price is $72.87. The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 2.04. The firm has a market capitalization of $32.61 billion, a PE ratio of 37.18 and a beta of 0.91.

Edison International (NYSE:EIX) last issued its quarterly earnings results on Thursday, July 25th. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18. Edison International had a return on equity of 13.01% and a net margin of 6.60%. The firm had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.12 billion. During the same period in the previous year, the company posted $1.01 earnings per share. The business’s revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts predict that Edison International will post 4.94 EPS for the current fiscal year.

Edison International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Monday, July 8th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date was Monday, July 8th. Edison International’s payout ratio is 136.84%.

Insider Activity

In related news, SVP Caroline Choi sold 10,004 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total transaction of $758,003.08. Following the transaction, the senior vice president now directly owns 26,918 shares in the company, valued at $2,039,576.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Caroline Choi sold 10,004 shares of Edison International stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $75.77, for a total transaction of $758,003.08. Following the transaction, the senior vice president now owns 26,918 shares in the company, valued at $2,039,576.86. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO J Andrew Murphy sold 32,505 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $80.12, for a total value of $2,604,300.60. Following the completion of the sale, the chief executive officer now owns 19,660 shares of the company’s stock, valued at $1,575,159.20. The disclosure for this sale can be found here. Insiders sold 73,845 shares of company stock worth $5,823,662 over the last three months. Insiders own 1.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on EIX. Wells Fargo & Company boosted their price target on Edison International from $86.00 to $87.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Morgan Stanley boosted their target price on shares of Edison International from $62.00 to $68.00 and gave the company an “underweight” rating in a research note on Friday. Argus raised their price target on shares of Edison International from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Wednesday, June 12th. Guggenheim upped their price objective on shares of Edison International from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Barclays raised their target price on Edison International from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $80.73.

About Edison International

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.