Edison International (NYSE:EIX) Reaches New 12-Month High – Here’s What Happened

Edison International (NYSE:EIX) shares reached a new 52-week high on Tuesday . The company traded as high as $62.69 and last traded at $62.6730, with a volume of 1981370 shares trading hands. The stock had previously closed at $61.64.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Edison International in a research report on Monday, December 29th. JPMorgan Chase & Co. dropped their price target on shares of Edison International from $67.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, December 12th. Wall Street Zen upgraded shares of Edison International from a “hold” rating to a “buy” rating in a research note on Thursday, January 15th. Zacks Research lowered Edison International from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 15th. Finally, LADENBURG THALM/SH SH lifted their target price on Edison International from $52.50 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Five investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $63.70.

Edison International Stock Up 1.7%

The firm has a 50-day moving average of $59.47 and a two-hundred day moving average of $56.57. The stock has a market capitalization of $24.12 billion, a price-to-earnings ratio of 8.19, a price-to-earnings-growth ratio of 0.89 and a beta of 0.83. The company has a quick ratio of 0.76, a current ratio of 0.82 and a debt-to-equity ratio of 1.95.

Edison International (NYSE:EIX) last released its quarterly earnings data on Tuesday, October 28th. The utilities provider reported $2.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.16 by $0.18. Edison International had a return on equity of 13.62% and a net margin of 17.24%.The firm had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.31 billion. During the same quarter last year, the firm earned $1.51 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Edison International will post 4.95 earnings per share for the current year.

Edison International Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, January 31st. Shareholders of record on Wednesday, January 7th will be paid a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 5.6%. This is a boost from Edison International’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, January 7th. Edison International’s dividend payout ratio is presently 45.88%.

Insider Activity at Edison International

In other news, Director Peter J. Taylor sold 1,800 shares of the stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $55.27, for a total transaction of $99,486.00. Following the transaction, the director owned 35,212 shares in the company, valued at $1,946,167.24. This represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edison International

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nordea Investment Management AB boosted its position in Edison International by 1.7% during the 3rd quarter. Nordea Investment Management AB now owns 1,695,550 shares of the utilities provider’s stock worth $92,984,000 after acquiring an additional 28,586 shares during the last quarter. Maryland State Retirement & Pension System boosted its holdings in Edison International by 5.3% during the second quarter. Maryland State Retirement & Pension System now owns 364,525 shares of the utilities provider’s stock worth $18,809,000 after purchasing an additional 18,412 shares during the last quarter. Chicago Partners Investment Group LLC bought a new position in Edison International in the second quarter valued at $456,000. iA Global Asset Management Inc. increased its stake in Edison International by 86.8% in the 3rd quarter. iA Global Asset Management Inc. now owns 44,515 shares of the utilities provider’s stock valued at $2,461,000 after buying an additional 20,691 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in Edison International by 237.2% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,904,568 shares of the utilities provider’s stock worth $98,276,000 after buying an additional 1,339,806 shares in the last quarter. 88.95% of the stock is owned by institutional investors.

Edison International Company Profile

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.