Sound Income Strategies LLC lifted its stake in Edison International (NYSE:EIX – Get Rating) by 95.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,622 shares of the utilities provider’s stock after purchasing an additional 790 shares during the quarter. Sound Income Strategies LLC’s holdings in Edison International were worth $103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in EIX. HighTower Advisors LLC lifted its position in shares of Edison International by 19.6% in the fourth quarter. HighTower Advisors LLC now owns 35,279 shares of the utilities provider’s stock worth $2,404,000 after purchasing an additional 5,772 shares in the last quarter. Private Advisor Group LLC increased its holdings in Edison International by 6.9% in the fourth quarter. Private Advisor Group LLC now owns 14,137 shares of the utilities provider’s stock worth $965,000 after buying an additional 918 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Edison International by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,944,389 shares of the utilities provider’s stock worth $132,705,000 after buying an additional 69,960 shares during the last quarter. Geode Capital Management LLC increased its holdings in Edison International by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 6,850,574 shares of the utilities provider’s stock worth $466,276,000 after buying an additional 203,745 shares during the last quarter. Finally, Hoylecohen LLC acquired a new position in Edison International in the fourth quarter worth approximately $639,000. 87.21% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
EIX has been the topic of a number of research reports. Evercore ISI dropped their price objective on Edison International to $71.00 in a report on Tuesday, August 9th. Barclays lowered their price target on Edison International from $73.00 to $67.00 and set an “equal weight” rating on the stock in a report on Monday, July 18th. Mizuho lowered their price target on Edison International from $72.00 to $71.00 and set a “neutral” rating on the stock in a report on Wednesday, August 24th. Bank of America reiterated an “underperform” rating on shares of Edison International in a report on Thursday, July 14th. Finally, UBS Group lowered their price target on Edison International from $73.00 to $68.00 and set a “neutral” rating on the stock in a report on Thursday, June 30th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $72.44.
Edison International Trading Down 1.1 %
Edison International (NYSE:EIX – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The utilities provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.04. The business had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $3.57 billion. Edison International had a net margin of 3.63% and a return on equity of 12.42%. Edison International’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter last year, the company posted $0.94 earnings per share. As a group, sell-side analysts expect that Edison International will post 4.43 EPS for the current year.
Edison International Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be given a $0.70 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $2.80 annualized dividend and a yield of 4.15%. Edison International’s dividend payout ratio (DPR) is currently 212.12%.
About Edison International
Edison International, through its subsidiaries, generates and distributes electric power. It delivers electricity to 15 million residential, commercial, industrial, public authorities, agricultural, and other customers across Southern, Central, and Coastal California. The company also provides energy solutions to commercial and industrial users.
- Get a free copy of the StockNews.com research report on Edison International (EIX)
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