Highbridge Capital Management LLC Invests $2.40 Million in Edison International (EIX)
Highbridge Capital Management LLC bought a new position in shares of Edison International (NYSE:EIX) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 31,020 shares of the utilities provider’s stock, valued at approximately $2,395,000.
Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Edison International by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 27,363,702 shares of the utilities provider’s stock worth $2,139,568,000 after buying an additional 487,713 shares during the period. BlackRock Inc. raised its stake in shares of Edison International by 1.1% during the 2nd quarter. BlackRock Inc. now owns 24,659,823 shares of the utilities provider’s stock worth $1,928,152,000 after buying an additional 270,625 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Edison International by 3.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock worth $1,197,430,000 after buying an additional 526,261 shares during the period. FIL Ltd raised its stake in shares of Edison International by 12.1% during the 2nd quarter. FIL Ltd now owns 2,789,016 shares of the utilities provider’s stock worth $218,073,000 after buying an additional 301,131 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of Edison International by 5.8% during the 3rd quarter. Legal & General Group Plc now owns 2,750,911 shares of the utilities provider’s stock worth $212,288,000 after buying an additional 149,780 shares during the period. 81.36% of the stock is owned by institutional investors and hedge funds.
Edison International (NYSE EIX) opened at $69.80 on Thursday. Edison International has a 12 month low of $67.28 and a 12 month high of $83.38. The company has a current ratio of 0.51, a quick ratio of 0.47 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $22,305.03, a PE ratio of 15.60, a P/E/G ratio of 2.48 and a beta of 0.23.
Edison International (NYSE:EIX) last posted its earnings results on Monday, October 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.10. Edison International had a return on equity of 10.84% and a net margin of 13.18%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the prior year, the company earned $1.29 EPS. Edison International’s revenue was down 2.5% on a year-over-year basis. analysts forecast that Edison International will post 4.33 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, December 29th will be given a $0.605 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.42 dividend on an annualized basis and a yield of 3.47%. This is a positive change from Edison International’s previous quarterly dividend of $0.54. Edison International’s dividend payout ratio (DPR) is currently 48.98%.
In other Edison International news, insider Ronald L. Litzinger sold 224,718 shares of the stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $82.00, for a total value of $18,426,876.00. Following the sale, the insider now owns 14,121 shares of the company’s stock, valued at approximately $1,157,922. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is owned by company insiders.
Several research analysts recently commented on EIX shares. ValuEngine raised Edison International from a “hold” rating to a “buy” rating in a research note on Wednesday, November 15th. Bank of America reissued a “buy” rating and issued a $86.00 price objective on shares of Edison International in a research note on Tuesday, October 24th. Morgan Stanley increased their price objective on Edison International from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Friday, September 8th. BidaskClub upgraded Edison International from a “sell” rating to a “hold” rating in a report on Tuesday, August 22nd. Finally, SunTrust Banks restated a “buy” rating and issued a $89.00 target price on shares of Edison International in a report on Monday, October 30th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $83.77.
Edison International Profile
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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