Mirae Asset Global Investments Co. Ltd. Increases Stock Holdings in Edison International (NYSE:EIX)

Mirae Asset Global Investments Co. Ltd. raised its position in shares of Edison International (NYSE:EIXFree Report) by 19.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 74,868 shares of the utilities provider’s stock after purchasing an additional 11,967 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Edison International were worth $5,206,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Ausbil Investment Management Ltd grew its stake in Edison International by 54.7% during the 4th quarter. Ausbil Investment Management Ltd now owns 135,099 shares of the utilities provider’s stock valued at $9,658,000 after purchasing an additional 47,784 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund grew its stake in Edison International by 4.2% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 13,655 shares of the utilities provider’s stock valued at $976,000 after purchasing an additional 551 shares during the last quarter. Jump Financial LLC purchased a new stake in Edison International during the 4th quarter valued at about $1,215,000. Avantax Advisory Services Inc. grew its stake in Edison International by 73.2% during the 4th quarter. Avantax Advisory Services Inc. now owns 21,114 shares of the utilities provider’s stock valued at $1,509,000 after purchasing an additional 8,922 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in Edison International during the 4th quarter valued at about $1,233,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EIX. Wells Fargo & Company raised Edison International from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $72.00 to $86.00 in a report on Tuesday, May 14th. The Goldman Sachs Group began coverage on Edison International in a report on Wednesday, April 10th. They issued a “neutral” rating and a $78.00 price objective for the company. Barclays boosted their price objective on Edison International from $72.00 to $75.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. Argus boosted their price objective on Edison International from $78.00 to $82.00 and gave the company a “buy” rating in a report on Wednesday, June 12th. Finally, Morgan Stanley decreased their price objective on Edison International from $64.00 to $61.00 and set an “underweight” rating for the company in a report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Edison International presently has a consensus rating of “Hold” and an average target price of $77.40.

Check Out Our Latest Analysis on Edison International

Edison International Stock Performance

NYSE EIX opened at $72.39 on Thursday. The stock has a market capitalization of $27.85 billion, a price-to-earnings ratio of 31.75 and a beta of 0.91. Edison International has a twelve month low of $58.82 and a twelve month high of $77.04. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.04. The stock has a 50-day moving average of $73.60 and a 200 day moving average of $70.58.

Edison International (NYSE:EIXGet Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.01. The company had revenue of $4.08 billion during the quarter, compared to analyst estimates of $4.16 billion. Edison International had a return on equity of 12.48% and a net margin of 6.14%. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.09 earnings per share. Sell-side analysts anticipate that Edison International will post 4.92 EPS for the current fiscal year.

Edison International Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Monday, July 8th will be given a $0.78 dividend. The ex-dividend date is Monday, July 8th. This represents a $3.12 annualized dividend and a yield of 4.31%. Edison International’s payout ratio is 136.84%.

Insider Transactions at Edison International

In other news, SVP Caroline Choi sold 10,004 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $75.77, for a total transaction of $758,003.08. Following the completion of the transaction, the senior vice president now directly owns 26,918 shares in the company, valued at $2,039,576.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, SVP Caroline Choi sold 10,004 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $75.77, for a total value of $758,003.08. Following the sale, the senior vice president now directly owns 26,918 shares in the company, valued at $2,039,576.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO J Andrew Murphy sold 58,099 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $75.01, for a total value of $4,358,005.99. Following the completion of the sale, the chief executive officer now owns 19,660 shares in the company, valued at $1,474,696.60. The disclosure for this sale can be found here. Insiders sold a total of 77,897 shares of company stock worth $5,851,245 over the last ninety days. Company insiders own 1.20% of the company’s stock.

Edison International Company Profile

(Free Report)

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.

Further Reading

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Institutional Ownership by Quarter for Edison International (NYSE:EIX)

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