Gateway Wealth Partners LLC Takes Position in Edison International $EIX

Gateway Wealth Partners LLC acquired a new position in shares of Edison International (NYSE:EIX) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 9,564 shares of the utilities provider’s stock, valued at approximately $700,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Edison International by 0.9% during the 4th 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 in the last quarter. State Street Corp grew its stake in shares of 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 in the last quarter. AQR Capital Management LLC grew its stake in shares of 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 in the last quarter. Geode Capital Management LLC increased its holdings 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 valued at $803,407,000 after purchasing an additional 386,905 shares during the period. Finally, Northern Trust Corp increased its holdings 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 valued at $364,341,000 after purchasing an additional 662,477 shares during the period. 88.95% of the stock is owned by institutional investors.

Edison International Trading Down 1.4%

Shares of NYSE EIX opened at $78.68 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.68 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $30.28 billion, a PE ratio of 8.54, a PEG ratio of 6.20 and a beta of 0.66. The business has a 50-day moving average price of $74.13 and a two-hundred day moving average price of $70.87. Edison International has a one year low of $51.01 and a one year high of $81.62.

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

Edison International Announces Dividend

The company also recently disclosed 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. This represents a $3.51 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Tuesday, July 7th. Edison International’s dividend payout ratio (DPR) is currently 38.11%.

Wall Street Analysts Forecast Growth

EIX has been the topic of several recent analyst reports. Bank of America dropped their target price on Edison International from $80.00 to $78.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Barclays raised their target price on shares of Edison International from $77.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Edison International in a report on Monday, July 13th. Truist Financial reduced their price target on shares of Edison International from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Monday, May 18th. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and issued a $62.00 price objective on shares of Edison International in a research note on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Edison International currently has an average rating of “Hold” and an average price target 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.