Edison International (EIX) Stake Increased by HighTower Advisors LLC
HighTower Advisors LLC lifted its position in Edison International (NYSE:EIX) by 8.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,714 shares of the utilities provider’s stock after acquiring an additional 2,001 shares during the quarter. HighTower Advisors LLC’s holdings in Edison International were worth $1,932,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Balyasny Asset Management LLC grew its stake in shares of Edison International by 79.6% in the 2nd quarter. Balyasny Asset Management LLC now owns 24,664 shares of the utilities provider’s stock worth $1,928,000 after acquiring an additional 10,929 shares in the last quarter. HighVista Strategies LLC bought a new stake in shares of Edison International in the 2nd quarter worth $422,000. Legg Mason Asset Management Japan Co. Ltd. bought a new stake in shares of Edison International in the 2nd quarter worth $954,000. Numeric Investors LLC grew its stake in shares of Edison International by 17.8% in the 2nd quarter. Numeric Investors LLC now owns 728,668 shares of the utilities provider’s stock worth $56,975,000 after acquiring an additional 110,000 shares in the last quarter. Finally, Brandywine Global Investment Management LLC grew its stake in shares of Edison International by 6.3% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 296,399 shares of the utilities provider’s stock worth $23,176,000 after acquiring an additional 17,600 shares in the last quarter. Hedge funds and other institutional investors own 81.53% of the company’s stock.
Edison International (NYSE EIX) opened at 77.62 on Monday. The stock has a market capitalization of $25.29 billion, a P/E ratio of 18.35 and a beta of 0.22. Edison International has a one year low of $67.44 and a one year high of $82.82. The company has a 50 day moving average of $79.51 and a 200-day moving average of $79.57.
Edison International (NYSE:EIX) last released its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.85 EPS for the quarter, hitting the 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 company earned $0.85 EPS. Edison International’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts predict that Edison International will post $4.23 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be issued a $0.5425 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.17 annualized dividend and a yield of 2.80%. Edison International’s payout ratio is 50.82%.
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Several analysts have recently issued reports on EIX shares. Zacks Investment Research upgraded shares of Edison International from a “hold” rating to a “buy” rating and set a $86.00 target price for the company in a research note on Thursday, July 6th. Jefferies Group LLC upgraded shares of Edison International from a “hold” rating to a “buy” rating and upped their target price for the stock from $85.00 to $90.00 in a research note on Friday, August 11th. Morgan Stanley upped their target price on shares of Edison International from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Friday, September 8th. Royal Bank Of Canada reiterated a “buy” rating and issued a $84.00 target price on shares of Edison International in a research note on Sunday, September 17th. Finally, Mizuho reiterated a “buy” rating and issued a $87.00 target price (up previously from $84.00) on shares of Edison International in a research note on Wednesday, August 23rd. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Edison International has a consensus rating of “Hold” and an average price target of $84.75.
In related news, insider Ronald L. Litzinger sold 224,715 shares of Edison International stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $80.54, for a total value of $18,098,546.10. Following the completion of the sale, the insider now directly owns 14,121 shares in the company, valued at approximately $1,137,305.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by company insiders.
Edison International 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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