Edison International $EIX Shares Newly Purchased by Welch Group LLC

Welch Group LLC bought a new stake in shares of Edison International (NYSE:EIX) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 9,323 shares of the utilities provider’s stock, valued at approximately $501,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Edison International in the 2nd quarter worth approximately $3,340,412,000. Legal & General Group Plc purchased a new stake in shares of Edison International in the 2nd quarter worth approximately $329,766,000. Bank of New York Mellon Corp bought a new position in Edison International during the 2nd quarter valued at approximately $309,361,000. Amundi increased its position in Edison International by 27.0% during the 2nd quarter. Amundi now owns 3,570,726 shares of the utilities provider’s stock valued at $265,843,000 after buying an additional 759,236 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new position in Edison International during the 2nd quarter valued at approximately $261,275,000. Institutional investors own 88.95% of the company’s stock.

Insiders Place Their Bets

In other news, Director Peter Taylor sold 500 shares of the business’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $55.56, for a total value of $27,780.00. Following the transaction, the director owned 33,212 shares of the company’s stock, valued at approximately $1,845,258.72. The trade was a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is owned by insiders.

Edison International Stock Performance

EIX opened at $59.78 on Tuesday. The company’s 50 day moving average is $57.53 and its 200 day moving average is $67.72. The company has a current ratio of 0.66, a quick ratio of 0.61 and a debt-to-equity ratio of 1.95. The company has a market cap of $23.01 billion, a price-to-earnings ratio of 8.20, a PEG ratio of 2.49 and a beta of 0.62. Edison International has a 12-month low of $51.10 and a 12-month high of $81.62.

Edison International (NYSE:EIX) last posted its quarterly earnings data on Thursday, October 29th. The utilities provider reported $1.92 EPS for the quarter, topping the consensus estimate of $1.81 by $0.11. Edison International had a return on equity of 15.53% and a net margin of 20.30%. The firm had revenue of $4.89 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same period in the prior year, the business posted $2.34 EPS. Edison International’s revenue was down 15.0% on a year-over-year basis. On average, equities research analysts predict that Edison International will post 6.13 EPS for the current year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Saturday, October 31st. Shareholders of record on Wednesday, October 7th were paid a $0.8775 dividend. This represents a $3.51 annualized dividend and a yield of 5.9%. The ex-dividend date was Wednesday, October 7th. Edison International’s dividend payout ratio is presently 37.30%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EIX. Mizuho set a $63.00 target price on Edison International in a research note on Monday. HSBC initiated coverage on Edison International in a research report on Thursday, October 22nd. They issued a “hold” rating and a $56.50 price target for the company. Jefferies Financial Group cut shares of Edison International from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $53.00 to $42.00 in a research note on Friday, October 2nd. The Goldman Sachs Group set a $67.00 price objective on shares of Edison International in a research report on Thursday, October 15th. Finally, Morgan Stanley raised their price objective on shares of Edison International from $60.00 to $62.00 and gave the company an “underweight” rating in a research note on Wednesday, October 21st. One analyst has rated the stock with a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $60.58.

About Edison International

Edison International (NYSE: EIX) is an electric power holding company based in California. Its principal subsidiary, Southern California Edison (SCE), is one of the largest electric utilities in the United States and delivers electricity across central, coastal and Southern California. SCE serves millions of residential, commercial and industrial customers through an extensive transmission and distribution network.

Edison International’s operations are focused on the generation, transmission and distribution of electricity, as well as supporting the transition to cleaner energy.