Edison International (NYSE:EIX) Sees Significant Decrease in Short Interest

Edison International (NYSE:EIX) saw a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 7,320,000 shares, a drop of 15.0% from the April 30th total of 8,610,000 shares. Approximately 1.9% of the company’s shares are sold short. Based on an average daily volume of 3,720,000 shares, the short-interest ratio is presently 2.0 days.

Analysts Set New Price Targets

Several equities research analysts have weighed in on EIX shares. Mizuho cut their target price on shares of Edison International from $75.00 to $66.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. The Goldman Sachs Group dropped their price objective on shares of Edison International from $88.00 to $68.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Barclays raised their price objective on shares of Edison International from $64.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Morgan Stanley set a $52.00 price objective on shares of Edison International and gave the stock an “underweight” rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Edison International from $75.00 to $71.00 and set a “neutral” rating on the stock in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $76.89.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of EIX. Rakuten Securities Inc. grew its position in shares of Edison International by 4,633.3% in the 1st quarter. Rakuten Securities Inc. now owns 426 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 417 shares during the period. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Edison International in the 1st quarter valued at about $25,000. Investment Management Corp VA ADV grew its position in shares of Edison International by 159.6% in the 1st quarter. Investment Management Corp VA ADV now owns 431 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 265 shares during the period. Sierra Ocean LLC bought a new position in shares of Edison International in the 4th quarter valued at about $33,000. Finally, Bellwether Advisors LLC bought a new position in shares of Edison International in the 4th quarter valued at about $34,000. Institutional investors own 88.95% of the company’s stock.

Edison International Stock Up 1.0%

Shares of EIX stock opened at $55.99 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. Edison International has a 1 year low of $49.06 and a 1 year high of $88.77. The firm’s fifty day moving average price is $56.51 and its two-hundred day moving average price is $63.04. The firm has a market capitalization of $21.54 billion, a P/E ratio of 16.42, a PEG ratio of 1.07 and a beta of 0.77.

Edison International (NYSE:EIX) last issued its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.16. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the business earned $1.13 EPS. The company’s revenue was down 6.5% compared to the same quarter last year. On average, equities analysts predict that Edison International will post 4.95 EPS for the current fiscal year.

Edison International Company Profile

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.