Edison International (EIX) Stake Decreased by Magellan Asset Management Ltd
Magellan Asset Management Ltd decreased its stake in Edison International (NYSE:EIX) by 7.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 237,695 shares of the company’s stock after selling 19,765 shares during the period. Magellan Asset Management Ltd owned about 0.07% of Edison International worth $18,462,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in EIX. Vanguard Group Inc. boosted its stake in Edison International by 8.0% in the second quarter. Vanguard Group Inc. now owns 24,445,643 shares of the company’s stock valued at $1,898,694,000 after buying an additional 1,811,159 shares during the period. JPMorgan Chase & Co. boosted its stake in Edison International by 25.3% in the second quarter. JPMorgan Chase & Co. now owns 16,223,155 shares of the company’s stock valued at $1,260,052,000 after buying an additional 3,277,814 shares during the period. BlackRock Fund Advisors boosted its stake in Edison International by 5.3% in the second quarter. BlackRock Fund Advisors now owns 8,005,949 shares of the company’s stock valued at $621,822,000 after buying an additional 400,367 shares during the period. Alliancebernstein L.P. raised its stake in shares of Edison International by 18.2% in the second quarter. Alliancebernstein L.P. now owns 4,735,708 shares of the company’s stock valued at $367,822,000 after buying an additional 728,925 shares in the last quarter. Finally, Boston Partners raised its stake in shares of Edison International by 11.9% in the second quarter. Boston Partners now owns 3,562,021 shares of the company’s stock valued at $276,662,000 after buying an additional 379,708 shares in the last quarter. 82.05% of the stock is owned by institutional investors and hedge funds.
Shares of Edison International (NYSE:EIX) opened at 68.85 on Friday. The stock has a market cap of $22.43 billion, a P/E ratio of 25.53 and a beta of 0.17. The company’s 50-day moving average is $71.44 and its 200-day moving average is $73.25. Edison International has a 12-month low of $57.85 and a 12-month high of $78.72.
Edison International (NYSE:EIX) last posted its quarterly earnings data on Tuesday, November 1st. The company reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.06. Edison International had a net margin of 8.80% and a return on equity of 9.59%. The firm had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the prior year, the firm posted $1.16 EPS. The firm’s revenue was up .1% compared to the same quarter last year. On average, analysts expect that Edison International will post $3.91 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 31st. Shareholders of record on Friday, September 30th were paid a dividend of $0.48 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $1.92 dividend on an annualized basis and a yield of 2.79%. Edison International’s dividend payout ratio (DPR) is 71.38%.
Several equities research analysts recently commented on the stock. Zacks Investment Research lowered shares of Edison International from a “buy” rating to a “hold” rating in a research note on Friday, October 14th. Citigroup Inc. cut their price target on shares of Edison International from $79.00 to $76.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 4th. Argus cut their price target on shares of Edison International from $86.00 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, October 4th. SunTrust Banks Inc. lifted their price target on shares of Edison International from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, September 26th. Finally, Deutsche Bank AG set a $78.00 price target on shares of Edison International and gave the stock a “hold” rating in a research note on Sunday, September 4th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Edison International currently has a consensus rating of “Hold” and a consensus price target of $76.79.
In other news, Director Jagjeet S. Bindra sold 3,995 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $73.80, for a total value of $294,831.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Ronald L. Litzinger sold 38,084 shares of the firm’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $72.10, for a total transaction of $2,745,856.40. Following the completion of the transaction, the insider now owns 12,053 shares in the company, valued at $869,021.30. The disclosure for this sale can be found here. Company insiders own 1.51% 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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