LSV Asset Management Sells 1,004,400 Shares of Edison International (EIX)
LSV Asset Management reduced its stake in Edison International (NYSE:EIX) by 47.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,110,500 shares of the company’s stock after selling 1,004,400 shares during the period. LSV Asset Management owned 0.34% of Edison International worth $80,233,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EIX. JPMorgan Chase & Co. raised its position 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 in the last quarter. Vanguard Group Inc. raised its position 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 in the last quarter. Lord Abbett & CO. LLC raised its position in Edison International by 81.7% in the second quarter. Lord Abbett & CO. LLC now owns 2,460,224 shares of the company’s stock valued at $191,086,000 after buying an additional 1,106,314 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in Edison International during the second quarter valued at approximately $80,013,000. Finally, Alliancebernstein L.P. raised its position in 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. Institutional investors own 80.42% of the company’s stock.
Edison International (NYSE:EIX) opened at 71.15 on Wednesday. Edison International has a 52 week low of $57.85 and a 52 week high of $78.72. The company has a 50-day moving average of $70.57 and a 200-day moving average of $73.14. The company has a market cap of $23.18 billion, a P/E ratio of 26.38 and a beta of 0.17.
Edison International (NYSE:EIX) last posted its quarterly earnings results on Tuesday, November 1st. The company reported $1.29 earnings per share for the quarter, beating the 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 business earned $3.77 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the prior year, the company posted $1.16 EPS. The business’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts predict that Edison International will post $3.91 EPS for the current year.
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Several analysts have issued reports on the stock. Zacks Investment Research raised shares of Edison International from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Tuesday, September 27th. Argus decreased their price objective on shares of Edison International from $86.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, October 4th. Jefferies Group reissued a “hold” rating and issued a $80.00 price objective on shares of Edison International in a research note on Friday, September 2nd. SunTrust Banks Inc. raised their price objective 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, Citigroup Inc. decreased their price objective on shares of Edison International from $79.00 to $76.00 and set a “neutral” rating for the company in a research note on Tuesday, October 4th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Edison International presently has an average rating of “Hold” and a consensus target price of $76.79.
In related news, Director Ellen O. Tauscher sold 3,012 shares of the stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $71.87, for a total transaction of $216,472.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ronald L. Litzinger sold 38,084 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly owns 12,053 shares of the company’s stock, valued at approximately $869,021.30. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by insiders.
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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