Edison International $EIX Stock Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. reduced its stake in Edison International (NYSE:EIX) by 33.8% during the third quarter, Holdings Channel.com reports. The fund owned 1,436,486 shares of the utilities provider’s stock after selling 734,259 shares during the quarter. Russell Investments Group Ltd.’s holdings in Edison International were worth $77,106,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in EIX. BlackRock Inc. bought a new stake in shares of Edison International during the second quarter valued at approximately $3,340,412,000. Legal & General Group Plc purchased a new stake in shares of Edison International in the second quarter valued at approximately $329,766,000. Bank of New York Mellon Corp purchased a new stake in shares of Edison International in the second quarter valued at approximately $309,361,000. Amundi grew its stake in Edison International by 27.0% in the second quarter. Amundi now owns 3,570,726 shares of the utilities provider’s stock worth $265,843,000 after purchasing an additional 759,236 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new position in Edison International in the second quarter worth approximately $261,275,000. 88.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Truist Financial reduced their price objective on Edison International from $63.00 to $62.00 and set a “hold” rating on the stock in a report on Monday, October 12th. Jefferies Financial Group cut Edison International from a “hold” rating to an “underperform” rating and lowered their target price for the stock from $53.00 to $42.00 in a report on Friday, October 2nd. Mizuho set a $63.00 target price on Edison International in a report on Monday, November 2nd. Barclays increased their price target on Edison International from $53.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Friday, October 30th. Finally, HSBC began coverage on Edison International in a research note on Thursday, October 22nd. They set a “hold” rating and a $56.50 price target on the stock. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $60.58.

Edison International Stock Up 0.4%

EIX stock traded up $0.24 during trading on Friday, hitting $60.23. 1,872,958 shares of the company’s stock traded hands, compared to its average volume of 3,152,028. The firm has a market capitalization of $23.17 billion, a P/E ratio of 6.40, a PEG ratio of 2.54 and a beta of 0.56. The business has a fifty day simple moving average of $56.53 and a two-hundred day simple moving average of $67.67. The company has a quick ratio of 0.71, a current ratio of 0.77 and a debt-to-equity ratio of 2.01. Edison International has a 1 year low of $51.10 and a 1 year high of $81.62.

Edison International (NYSE:EIX) last issued its quarterly earnings data on Thursday, October 29th. The utilities provider reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.11. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.34 billion. Edison International had a net margin of 20.50% and a return on equity of 14.17%. Edison International’s revenue for the quarter was down 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.34 earnings per share. Sell-side analysts anticipate that Edison International will post 6.13 EPS for the current year.

Edison International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, October 31st. Stockholders of record on Wednesday, October 7th were given a $0.8775 dividend. This represents a $3.51 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Wednesday, October 7th. Edison International’s payout ratio is presently 37.30%.

Insider Activity at Edison International

In related news, Director Peter Taylor sold 500 shares of the company’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $55.56, for a total transaction of $27,780.00. Following the completion of the sale, the director directly owned 33,212 shares in the company, valued at $1,845,258.72. This represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.20% of the company’s stock.

Edison International Profile

Edison International is a holding company focused on electric power generation and delivery. Its principal subsidiary, Southern California Edison (SCE), is a regulated electric utility that serves homes and businesses across much of central and Southern California. SCE operates and maintains the electric grid, including transmission and distribution infrastructure, and works to support the region’s shift to cleaner energy. Edison International also provides energy advisory and management services through its Edison Energy business.