Edison International $EIX Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in Edison International (NYSE:EIX) by 9.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 862,819 shares of the utilities provider’s stock after selling 86,426 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Edison International were worth $46,359,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rakuten Investment Management Inc. acquired a new stake in shares of Edison International in the second quarter valued at approximately $4,750,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Edison International during the second quarter worth about $33,328,000. Jupiter Topco LLC purchased a new position in Edison International in the second quarter valued at about $3,577,000. Corient Private Wealth LP boosted its position in Edison International by 49.7% in the 2nd quarter. Corient Private Wealth LP now owns 136,621 shares of the utilities provider’s stock valued at $10,171,000 after buying an additional 45,336 shares during the last quarter. Finally, Allworth Financial LP acquired a new stake in shares of Edison International during the second quarter worth approximately $2,586,000. Institutional investors and hedge funds own 88.95% of the company’s stock.

Insider Transactions at Edison International

In other Edison International news, Director Peter Taylor sold 500 shares of Edison International stock in a transaction on Monday, October 12th. The stock was sold at an average price of $55.56, for a total transaction of $27,780.00. Following the completion of the transaction, the director owned 33,212 shares in the company, valued at approximately $1,845,258.72. The trade was a 1.48% decrease in their ownership of the stock. The sale 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. Company insiders own 1.20% of the company’s stock.

Edison International Stock Up 3.1%

EIX stock opened at $61.46 on Thursday. The company has a debt-to-equity ratio of 2.01, a current ratio of 0.77 and a quick ratio of 0.71. The business has a 50-day moving average of $56.98 and a 200-day moving average of $67.71. The stock has a market capitalization of $23.65 billion, a P/E ratio of 6.53, a P/E/G ratio of 2.52 and a beta of 0.56. Edison International has a fifty-two week low of $51.10 and a fifty-two week high of $81.62.

Edison International (NYSE:EIX) last posted its quarterly earnings data on Thursday, October 29th. The utilities provider reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.11. Edison International had a net margin of 20.50% and a return on equity of 14.17%. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.34 billion. During the same quarter in the prior year, the business posted $2.34 earnings per share. Edison International’s revenue was down 15.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Edison International will post 6.13 earnings per share for the current fiscal year.

Edison International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, October 31st. Stockholders of record on Wednesday, October 7th were paid a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Wednesday, October 7th. Edison International’s dividend payout ratio is 37.30%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EIX. Mizuho set a $63.00 target price on Edison International in a report on Monday. UBS Group boosted their target price on shares of Edison International from $57.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, October 30th. Morgan Stanley boosted their price target on shares of Edison International from $60.00 to $62.00 and gave the company an “underweight” rating in a report on Wednesday, October 21st. Bank of America cut Edison International from a “buy” rating to a “neutral” rating and lowered their target price for the company from $81.00 to $51.00 in a research note on Tuesday, September 1st. Finally, The Goldman Sachs Group set a $67.00 price objective on Edison International in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus 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.