Insider Selling: Edison International (EIX) Director Sells $216,472.44 in Stock
Edison International (NYSE:EIX) Director Ellen O. Tauscher sold 3,012 shares of the stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $71.87, for a total value of $216,472.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
Shares of Edison International (NYSE:EIX) opened at 73.36 on Wednesday. The firm has a market capitalization of $23.90 billion, a price-to-earnings ratio of 27.20 and a beta of 0.17. Edison International has a 52 week low of $57.51 and a 52 week high of $78.72. The stock’s 50 day moving average price is $73.85 and its 200-day moving average price is $73.01.
Edison International (NYSE:EIX) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by $0.12. The company had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Edison International had a return on equity of 9.13% and a net margin of 8.56%. The business’s revenue for the quarter was down 4.5% on a year-over-year basis. During the same period last year, the company posted $1.16 EPS. Equities analysts predict that Edison International will post $3.89 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be issued a dividend of $0.48 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.92 dividend on an annualized basis and a yield of 2.62%. Edison International’s dividend payout ratio (DPR) is 71.11%.
Several research firms have weighed in on EIX. Evercore ISI cut Edison International from a “buy” rating to a “hold” rating and increased their price objective for the stock from $70.00 to $79.00 in a research report on Wednesday, July 6th. Zacks Investment Research upgraded Edison International from a “sell” rating to a “hold” rating in a research report on Monday, July 11th. Jefferies Group reiterated a “hold” rating on shares of Edison International in a research report on Monday, July 11th. Argus reiterated a “buy” rating and set a $86.00 price objective (up previously from $83.00) on shares of Edison International in a research report on Tuesday, July 5th. Finally, Citigroup Inc. increased their price objective on Edison International from $70.00 to $79.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 20th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Edison International has a consensus rating of “Hold” and an average target price of $77.38.
A number of hedge funds have recently modified their holdings of EIX. State Street Corp boosted its stake in shares of Edison International by 2.0% in the first quarter. State Street Corp now owns 25,698,362 shares of the company’s stock worth $1,847,457,000 after buying an additional 493,300 shares during the period. Vanguard Group Inc. boosted its stake in shares of Edison International by 8.0% in the second quarter. Vanguard Group Inc. now owns 24,445,643 shares of the company’s stock worth $1,898,694,000 after buying an additional 1,811,159 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Edison International by 25.3% in the second quarter. JPMorgan Chase & Co. now owns 16,223,155 shares of the company’s stock worth $1,260,052,000 after buying an additional 3,277,814 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Edison International by 10.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 9,205,873 shares of the company’s stock worth $661,810,000 after buying an additional 874,519 shares during the period. Finally, BlackRock Fund Advisors boosted its stake in shares of Edison International by 5.3% in the second quarter. BlackRock Fund Advisors now owns 8,005,949 shares of the company’s stock worth $621,822,000 after buying an additional 400,367 shares during the period. 81.95% of the stock is currently owned by institutional investors and hedge funds.
About Edison International
Edison International is the parent holding company of Southern California Edison Company (SCE). SCE is engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. It is also the parent company of subsidiaries that are engaged in competitive businesses focused on providing energy services to commercial and industrial customers, including distributed resources, engaging in transmission opportunities, and exploring distributed water treatment and recycling.
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