Edison International (EIX) Given New $82.00 Price Target at Morgan Stanley
Edison International (NYSE:EIX) had its price target lowered by Morgan Stanley from $96.00 to $82.00 in a research report sent to investors on Wednesday. The firm currently has an equal weight rating on the utilities provider’s stock.
EIX has been the subject of a number of other reports. ValuEngine raised shares of Edison International from a hold rating to a buy rating in a research note on Wednesday, November 15th. Royal Bank of Canada reissued a buy rating and issued a $84.00 price target on shares of Edison International in a research note on Sunday, September 17th. Mizuho reissued a buy rating and issued a $87.00 price target (up from $84.00) on shares of Edison International in a research note on Wednesday, August 23rd. Bank of America reissued a buy rating and issued a $86.00 price target on shares of Edison International in a research note on Tuesday, October 24th. Finally, BidaskClub raised shares of Edison International from a sell rating to a hold rating in a research note on Tuesday, August 22nd. Twelve investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $82.79.
Shares of Edison International (NYSE EIX) opened at $69.71 on Wednesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.47 and a current ratio of 0.51. The firm has a market cap of $22,712.29, a PE ratio of 15.88, a PEG ratio of 2.53 and a beta of 0.23. Edison International has a 1-year low of $67.28 and a 1-year high of $83.38.
Edison International (NYSE:EIX) last posted its earnings results on Monday, October 30th. The utilities provider reported $1.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.10. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.53 billion. Edison International had a net margin of 13.18% and a return on equity of 10.84%. Edison International’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.29 earnings per share. research analysts predict that Edison International will post 4.33 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be issued a dividend of $0.605 per share. This is a boost from Edison International’s previous quarterly dividend of $0.54. The ex-dividend date is Thursday, December 28th. This represents a $2.42 dividend on an annualized basis and a dividend yield of 3.47%. Edison International’s dividend payout ratio is presently 48.98%.
In other news, insider Ronald L. Litzinger sold 224,718 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $82.00, for a total transaction of $18,426,876.00. Following the sale, the insider now owns 14,121 shares in the company, valued at $1,157,922. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.41% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Amica Retiree Medical Trust purchased a new stake in Edison International in the third quarter worth approximately $138,000. Sun Life Financial INC boosted its holdings in Edison International by 16,935.7% in the second quarter. Sun Life Financial INC now owns 2,385 shares of the utilities provider’s stock worth $186,000 after purchasing an additional 2,371 shares during the last quarter. TCI Wealth Advisors Inc. boosted its holdings in Edison International by 139.7% in the third quarter. TCI Wealth Advisors Inc. now owns 2,630 shares of the utilities provider’s stock worth $203,000 after purchasing an additional 1,533 shares during the last quarter. OxFORD Asset Management LLP purchased a new stake in Edison International in the second quarter worth approximately $204,000. Finally, Shelton Capital Management purchased a new stake in Edison International in the second quarter worth approximately $206,000. Institutional investors own 81.36% of the company’s stock.
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About Edison International
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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