Edison International (EIX) Position Held by Chemical Bank
Chemical Bank continued to hold its stake in shares of Edison International (NYSE:EIX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,855 shares of the utilities provider’s stock at the close of the second quarter. Chemical Bank’s holdings in Edison International were worth $380,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in EIX. BlackRock Inc. raised its stake in Edison International by 2,416.6% in the 1st quarter. BlackRock Inc. now owns 24,389,198 shares of the utilities provider’s stock valued at $1,941,622,000 after purchasing an additional 23,420,049 shares during the last quarter. Vanguard Group Inc. grew its holdings in Edison International by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 26,875,989 shares of the utilities provider’s stock valued at $2,139,597,000 after buying an additional 1,239,752 shares during the period. Brookfield Asset Management Inc. grew its holdings in Edison International by 127.9% in the 1st quarter. Brookfield Asset Management Inc. now owns 1,989,977 shares of the utilities provider’s stock valued at $158,422,000 after buying an additional 1,116,880 shares during the period. Renaissance Technologies LLC grew its holdings in Edison International by 27.9% in the 1st quarter. Renaissance Technologies LLC now owns 2,991,000 shares of the utilities provider’s stock valued at $238,114,000 after buying an additional 653,100 shares during the period. Finally, Morgan Stanley grew its holdings in Edison International by 50.3% in the 1st quarter. Morgan Stanley now owns 1,803,598 shares of the utilities provider’s stock valued at $143,586,000 after buying an additional 603,880 shares during the period. 81.56% of the stock is owned by hedge funds and other institutional investors.
EIX has been the subject of several recent analyst reports. BidaskClub cut Edison International from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Zacks Investment Research upgraded Edison International from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a report on Thursday, July 6th. Morgan Stanley restated an “equal weight” rating on shares of Edison International in a report on Tuesday, July 11th. Jefferies Group LLC restated a “hold” rating on shares of Edison International in a report on Friday, July 14th. Finally, Citigroup Inc. restated a “neutral” rating and issued a $84.00 price target (down previously from $85.00) on shares of Edison International in a report on Monday, July 24th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Edison International presently has a consensus rating of “Hold” and an average target price of $84.15.
Shares of Edison International (NYSE EIX) opened at 81.20 on Friday. The stock has a market cap of $26.46 billion, a PE ratio of 19.20 and a beta of 0.24. The stock’s 50 day moving average price is $79.95 and its 200-day moving average price is $79.65. Edison International has a one year low of $67.44 and a one year high of $82.82.
Edison International (NYSE:EIX) last posted its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.85 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.85. Edison International had a return on equity of 10.58% and a net margin of 12.64%. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same period last year, the business earned $0.85 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. On average, equities analysts predict that Edison International will post $4.23 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be paid a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, September 28th. Edison International’s dividend payout ratio (DPR) is presently 50.82%.
In other news, insider Ronald L. Litzinger sold 224,715 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $80.54, for a total transaction of $18,098,546.10. Following the completion of the sale, the insider now directly owns 14,121 shares of the company’s stock, valued at approximately $1,137,305.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is owned by company insiders.
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Edison International Company Profile
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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