First Mercantile Trust Co. bought a new position in shares of Edison International (NYSE:EIX) during the third quarter, HoldingsChannel.com reports. The firm bought 3,977 shares of the utilities provider’s stock, valued at approximately $300,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Coastal Investment Advisors Inc. bought a new position in Edison International during the second quarter worth about $32,000. Trust Co. of Vermont boosted its holdings in Edison International by 101.2% during the second quarter. Trust Co. of Vermont now owns 497 shares of the utilities provider’s stock worth $34,000 after buying an additional 250 shares during the last quarter. River & Mercantile Asset Management LLP bought a new position in Edison International during the second quarter worth about $34,000. Sandy Spring Bank boosted its holdings in Edison International by 220.9% during the second quarter. Sandy Spring Bank now owns 552 shares of the utilities provider’s stock worth $37,000 after buying an additional 380 shares during the last quarter. Finally, North Star Investment Management Corp. bought a new position in Edison International during the third quarter worth about $47,000. Hedge funds and other institutional investors own 78.18% of the company’s stock.
Several equities analysts have recently weighed in on EIX shares. TheStreet upgraded Edison International from a “c+” rating to a “b-” rating in a report on Friday, July 26th. Royal Bank of Canada lifted their price objective on Edison International to $79.00 and gave the company an “outperform” rating in a report on Monday, September 30th. They noted that the move was a valuation call. SunTrust Banks set a $83.00 price objective on Edison International and gave the company a “buy” rating in a report on Friday, October 25th. Barclays lifted their price objective on Edison International from $72.00 to $73.00 and gave the company an “equal weight” rating in a report on Wednesday, September 4th. Finally, Mizuho cut their price objective on Edison International from $86.00 to $84.00 and set a “buy” rating on the stock in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $75.00.
NYSE:EIX opened at $66.30 on Friday. Edison International has a fifty-two week low of $45.50 and a fifty-two week high of $76.45. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.78 and a quick ratio of 0.72. The stock has a market capitalization of $23.72 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 2.65 and a beta of 0.05. The business’s 50-day simple moving average is $70.77 and its 200-day simple moving average is $67.89.
Edison International (NYSE:EIX) last announced its earnings results on Tuesday, October 29th. The utilities provider reported $1.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.53 by ($0.03). Edison International had a negative net margin of 1.60% and a positive return on equity of 11.98%. The firm had revenue of $3.74 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period in the prior year, the business posted $1.57 EPS. On average, research analysts expect that Edison International will post 4.74 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were given a $0.613 dividend. This represents a $2.45 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend was Friday, September 27th. This is a positive change from Edison International’s previous quarterly dividend of $0.61. Edison International’s dividend payout ratio (DPR) is currently 59.04%.
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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