CIBC Asset Management Inc Acquires 1,283 Shares of Edison International (EIX)
CIBC Asset Management Inc raised its holdings in shares of Edison International (NYSE:EIX) by 4.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,240 shares of the utilities provider’s stock after buying an additional 1,283 shares during the period. CIBC Asset Management Inc’s holdings in Edison International were worth $2,040,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in EIX. Boston Partners lifted its position in Edison International by 361.8% during the first quarter. Boston Partners now owns 4,929,511 shares of the utilities provider’s stock valued at $313,813,000 after buying an additional 3,862,042 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in shares of Edison International by 206.3% during the 1st quarter. Pzena Investment Management LLC now owns 5,475,064 shares of the utilities provider’s stock valued at $348,543,000 after acquiring an additional 3,687,476 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Edison International by 3.5% during the 1st quarter. BlackRock Inc. now owns 27,694,117 shares of the utilities provider’s stock valued at $1,763,006,000 after acquiring an additional 947,981 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Edison International by 4,900.5% during the 1st quarter. Thrivent Financial for Lutherans now owns 705,316 shares of the utilities provider’s stock valued at $44,900,000 after acquiring an additional 691,211 shares in the last quarter. Finally, Natixis lifted its holdings in shares of Edison International by 241.3% during the 1st quarter. Natixis now owns 905,286 shares of the utilities provider’s stock valued at $57,631,000 after acquiring an additional 640,031 shares in the last quarter. 81.83% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have commented on EIX shares. Zacks Investment Research upgraded Edison International from a “sell” rating to a “hold” rating in a research note on Thursday, May 31st. JPMorgan Chase & Co. boosted their price objective on Edison International from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, June 1st. ValuEngine cut Edison International from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 2nd. Wells Fargo & Co reduced their price objective on Edison International from $74.00 to $72.00 and set a “hold” rating on the stock in a research note on Monday, June 11th. Finally, Morgan Stanley reduced their price target on Edison International from $70.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 13th. One research analyst has rated the stock with a sell rating, ten have assigned 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 $73.29.
Edison International (NYSE:EIX) last released its quarterly earnings results on Thursday, July 26th. The utilities provider reported $0.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.01. Edison International had a return on equity of 10.27% and a net margin of 4.34%. The business had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter in the previous year, the firm posted $0.85 earnings per share. The company’s revenue was down 5.1% compared to the same quarter last year. sell-side analysts forecast that Edison International will post 4.07 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Friday, September 28th will be paid a $0.605 dividend. This represents a $2.42 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Thursday, September 27th. Edison International’s dividend payout ratio (DPR) is 53.78%.
Edison International Profile
Edison International, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the United States. It generates electricity through hydroelectric, diesel/liquid petroleum gas, natural gas, nuclear, and photovoltaic sources. The company supplies electricity primarily to residential, commercial, industrial, agricultural, and other customers, as well as public authorities through transmission and distribution networks.
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