Edison International (NYSE:EIX) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its holdings in shares of Edison International (NYSE:EIX) by 120.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,512 shares of the utilities provider’s stock after purchasing an additional 34,653 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Edison International were worth $4,411,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of EIX. Fiduciary Alliance LLC bought a new position in Edison International during the 2nd quarter worth approximately $25,000. Capital Analysts LLC lifted its holdings in Edison International by 64.0% during the 1st quarter. Capital Analysts LLC now owns 438 shares of the utilities provider’s stock worth $31,000 after buying an additional 171 shares during the last quarter. Armstrong Advisory Group Inc. bought a new position in Edison International during the 2nd quarter worth approximately $36,000. Ancora Advisors LLC bought a new position in Edison International during the 1st quarter worth approximately $41,000. Finally, First Horizon Advisors Inc. lifted its holdings in Edison International by 61.4% during the 1st quarter. First Horizon Advisors Inc. now owns 615 shares of the utilities provider’s stock worth $43,000 after buying an additional 234 shares during the last quarter. Institutional investors and hedge funds own 88.17% of the company’s stock.

Edison International Stock Up 0.7 %

Shares of Edison International stock opened at $64.05 on Friday. The business’s fifty day moving average price is $66.14 and its two-hundred day moving average price is $68.73. The company has a debt-to-equity ratio of 1.87, a current ratio of 0.84 and a quick ratio of 0.78. The company has a market capitalization of $24.55 billion, a P/E ratio of 19.95, a PEG ratio of 3.68 and a beta of 0.86. Edison International has a 1-year low of $56.67 and a 1-year high of $74.92.

Edison International (NYSE:EIX) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $1.38 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.08). Edison International had a net margin of 8.75% and a return on equity of 12.79%. The business had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the firm earned $1.48 EPS. The firm’s revenue was down 10.1% on a year-over-year basis. As a group, research analysts forecast that Edison International will post 4.71 EPS for the current year.

Edison International Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th were given a dividend of $0.7375 per share. This represents a $2.95 annualized dividend and a dividend yield of 4.61%. The ex-dividend date of this dividend was Thursday, September 28th. Edison International’s dividend payout ratio (DPR) is presently 91.90%.

Analyst Upgrades and Downgrades

EIX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on Edison International from $79.00 to $75.00 and set a “neutral” rating on the stock in a report on Tuesday, October 17th. StockNews.com started coverage on Edison International in a report on Thursday, October 5th. They set a “hold” rating on the stock. Morgan Stanley cut their price target on Edison International from $53.00 to $52.00 and set an “underweight” rating on the stock in a report on Wednesday, October 25th. Mizuho raised Edison International from a “neutral” rating to a “buy” rating and raised their price target for the stock from $73.00 to $75.00 in a report on Tuesday, August 22nd. Finally, Guggenheim raised their price target on Edison International from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $71.33.

Insider Activity

In other news, SVP Caroline Choi sold 11,222 shares of Edison International stock in a transaction on Friday, September 15th. The stock was sold at an average price of $71.64, for a total transaction of $803,944.08. Following the transaction, the senior vice president now directly owns 20,881 shares in the company, valued at approximately $1,495,914.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.03% of the stock is owned by insiders.

Edison International Profile

Edison International, through its subsidiaries, generates and distributes electric power. The company supplies electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors. It also provides decarbonization and energy solutions to commercial, institutional, and industrial customers in North America and Europe.