Argus Cuts Edison International (EIX) Price Target to $81.00
Edison International (NYSE:EIX) had its price objective decreased by stock analysts at Argus from $86.00 to $81.00 in a research note issued on Tuesday. The firm currently has a “buy” rating on the stock. Argus’ price objective indicates a potential upside of 13.46% from the company’s current price.
A number of other equities research analysts also recently weighed in on the stock. BMO Capital Markets reaffirmed an “outperform” rating and issued a $82.00 target price (up from $79.00) on shares of Edison International in a research note on Monday, August 1st. Evercore ISI downgraded shares of Edison International from a “buy” rating to a “hold” rating and lifted their price target for the stock from $70.00 to $79.00 in a research note on Wednesday, July 6th. Citigroup Inc. lifted their price target on shares of Edison International from $70.00 to $79.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 20th. Zacks Investment Research raised shares of Edison International from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Tuesday, September 27th. Finally, Jefferies Group reissued a “hold” rating and set a $80.00 price target on shares of Edison International in a research note on Friday, September 2nd. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $77.38.
Shares of Edison International (NYSE:EIX) traded down 2.13% during mid-day trading on Tuesday, reaching $69.87. 1,319,565 shares of the company’s stock traded hands. The company has a market cap of $22.76 billion, a P/E ratio of 25.91 and a beta of 0.23. Edison International has a 12-month low of $57.51 and a 12-month high of $78.72. The firm has a 50-day moving average of $73.44 and a 200 day moving average of $73.27.
Edison International (NYSE:EIX) last announced its earnings results on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by $0.12. The company earned $2.78 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Edison International had a net margin of 8.56% and a return on equity of 9.13%. The company’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.16 earnings per share. Equities analysts forecast that Edison International will post $3.89 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend is Wednesday, September 28th. Edison International’s dividend payout ratio (DPR) is currently 71.11%.
In other news, Director Ellen O. Tauscher sold 3,012 shares of the business’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $71.87, for a total transaction of $216,472.44. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Ronald L. Litzinger sold 38,084 shares of the business’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $72.10, for a total transaction of $2,745,856.40. Following the sale, the insider now owns 12,053 shares in the company, valued at approximately $869,021.30. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Edison International during the second quarter worth approximately $1,022,000. Kentucky Retirement Systems acquired a new stake in shares of Edison International during the second quarter worth approximately $2,152,000. Mason Street Advisors LLC acquired a new stake in shares of Edison International during the second quarter worth approximately $3,409,000. Harbour Capital Advisors LLC acquired a new stake in shares of Edison International during the second quarter worth approximately $512,000. Finally, Tobam boosted its stake in shares of Edison International by 34.3% in the second quarter. Tobam now owns 705,619 shares of the company’s stock worth $54,805,000 after buying an additional 180,058 shares during the period. Hedge funds and other institutional investors own 81.95% of the company’s stock.
Edison International Company Profile
Edison International is the parent holding company of Southern California Edison Company (SCE). SCE is engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. It is also the parent company of subsidiaries that are engaged in competitive businesses focused on providing energy services to commercial and industrial customers, including distributed resources, engaging in transmission opportunities, and exploring distributed water treatment and recycling.
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