Bull Harbor Capital LLC Acquires New Holdings in Edison International $EIX

Bull Harbor Capital LLC bought a new position in Edison International (NYSE:EIX) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 46,321 shares of the utilities provider’s stock, valued at approximately $3,390,000. Edison International makes up approximately 0.9% of Bull Harbor Capital LLC’s investment portfolio, making the stock its 11th biggest position.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Edison International by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 52,220,399 shares of the utilities provider’s stock valued at $3,134,268,000 after acquiring an additional 480,726 shares during the last quarter. State Street Corp grew its holdings in Edison International by 3.0% in the fourth quarter. State Street Corp now owns 33,141,204 shares of the utilities provider’s stock worth $1,989,135,000 after purchasing an additional 953,800 shares during the last quarter. AQR Capital Management LLC grew its holdings in Edison International by 69.9% in the fourth quarter. AQR Capital Management LLC now owns 18,285,152 shares of the utilities provider’s stock worth $1,097,475,000 after purchasing an additional 7,521,168 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Edison International by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 13,018,379 shares of the utilities provider’s stock worth $803,407,000 after purchasing an additional 386,905 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Edison International by 12.3% during the fourth quarter. Northern Trust Corp now owns 6,070,324 shares of the utilities provider’s stock worth $364,341,000 after purchasing an additional 662,477 shares in the last quarter. 88.95% of the stock is owned by hedge funds and other institutional investors.

Edison International Stock Performance

Shares of EIX opened at $78.68 on Thursday. The stock has a 50-day moving average of $74.13 and a two-hundred day moving average of $70.87. Edison International has a one year low of $51.01 and a one year high of $81.62. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.68 and a current ratio of 0.74. The stock has a market cap of $30.28 billion, a P/E ratio of 8.54, a P/E/G ratio of 6.20 and a beta of 0.66.

Edison International (NYSE:EIX) last posted its quarterly earnings results on Tuesday, April 28th. The utilities provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.10. The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.15 billion. Edison International had a return on equity of 14.56% and a net margin of 19.27%.The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.37 EPS. As a group, research analysts predict that Edison International will post 6.13 EPS for the current year.

Edison International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, July 7th will be issued a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, July 7th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 4.5%. Edison International’s payout ratio is 38.11%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Barclays raised their price objective on Edison International from $77.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. increased their price target on Edison International from $75.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, May 15th. Morgan Stanley restated an “underweight” rating and set a $69.00 price target on shares of Edison International in a research note on Wednesday, July 22nd. Wells Fargo & Company restated an “underweight” rating and set a $62.00 price objective on shares of Edison International in a report on Tuesday, April 21st. Finally, Seaport Research Partners lowered shares of Edison International from a “buy” rating to a “neutral” rating in a research report on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Edison International presently has a consensus rating of “Hold” and an average target price of $72.64.

About Edison International

Edison International is a publicly traded utility holding company based in Rosemead, California, whose principal subsidiary is Southern California Edison (SCE). As an electric utility holding company, Edison International oversees the delivery of electricity through SCE’s integrated network of generation procurement, transmission and distribution infrastructure, serving millions of customers across central, coastal and southern California. The company’s operations focus on reliable energy delivery, customer service, regulatory compliance and long-term infrastructure planning for a complex and high-demand service territory.

The company’s activities include procuring and managing a diverse resource mix, maintaining and upgrading transmission and distribution systems, and implementing grid modernization projects.