Investors Buy Edison International (EIX) on Weakness Following Analyst Downgrade
Traders bought shares of Edison International (NYSE:EIX) on weakness during trading hours on Thursday after ValuEngine downgraded the stock from a sell rating to a strong sell rating. $129.93 million flowed into the stock on the tick-up and $111.03 million flowed out of the stock on the tick-down, for a money net flow of $18.90 million into the stock. Of all stocks tracked, Edison International had the 27th highest net in-flow for the day. Edison International traded down ($6.68) for the day and closed at $47.19
A number of other brokerages also recently weighed in on EIX. Bank of America raised their price objective on Edison International from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. SunTrust Banks cut their price objective on Edison International to $75.00 and set a “buy” rating on the stock in a research note on Thursday. Zacks Investment Research raised Edison International from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research note on Wednesday, October 10th. Edward Jones downgraded Edison International from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Wells Fargo & Co raised their price objective on Edison International from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, September 17th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $73.69.
Several hedge funds have recently modified their holdings of EIX. Reilly Financial Advisors LLC grew its holdings in Edison International by 18.6% in the 3rd quarter. Reilly Financial Advisors LLC now owns 4,567 shares of the utilities provider’s stock valued at $309,000 after buying an additional 717 shares during the last quarter. Strs Ohio grew its holdings in Edison International by 1.4% in the 3rd quarter. Strs Ohio now owns 59,183 shares of the utilities provider’s stock valued at $4,005,000 after buying an additional 832 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its holdings in Edison International by 3.6% in the 3rd quarter. Nissay Asset Management Corp Japan ADV now owns 24,087 shares of the utilities provider’s stock valued at $1,630,000 after buying an additional 834 shares during the last quarter. Murphy Capital Management Inc. grew its holdings in Edison International by 13.9% in the 2nd quarter. Murphy Capital Management Inc. now owns 7,366 shares of the utilities provider’s stock valued at $466,000 after buying an additional 900 shares during the last quarter. Finally, WEALTHFRONT Corp grew its holdings in Edison International by 6.0% in the 3rd quarter. WEALTHFRONT Corp now owns 16,506 shares of the utilities provider’s stock valued at $1,117,000 after buying an additional 927 shares during the last quarter. 81.24% of the stock is currently owned by institutional investors and hedge funds.
Edison International (NYSE:EIX) last released its earnings results on Tuesday, October 30th. The utilities provider reported $1.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.25. The firm had revenue of $4.27 billion for the quarter, compared to analyst estimates of $3.47 billion. Edison International had a return on equity of 10.61% and a net margin of 4.47%. The company’s revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.43 EPS. As a group, equities research analysts predict that Edison International will post 4.14 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 31st. Shareholders of record on Friday, September 28th were issued a $0.605 dividend. This represents a $2.42 dividend on an annualized basis and a yield of 5.13%. The ex-dividend date of this dividend was Thursday, September 27th. Edison International’s dividend payout ratio (DPR) is currently 53.78%.
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Edison International Company Profile (NYSE:EIX)
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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