IBM Retirement Fund Has $680,000 Stake in Edison International (NYSE:EIX)
IBM Retirement Fund raised its stake in Edison International (NYSE:EIX) by 120.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,785 shares of the utilities provider’s stock after buying an additional 4,261 shares during the period. IBM Retirement Fund’s holdings in Edison International were worth $680,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. NGAM Advisors L.P. raised its position in shares of Edison International by 4.3% in the second quarter. NGAM Advisors L.P. now owns 35,633 shares of the utilities provider’s stock valued at $2,786,000 after buying an additional 1,457 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Edison International by 5.3% in the second quarter. Municipal Employees Retirement System of Michigan now owns 25,170 shares of the utilities provider’s stock valued at $1,968,000 after buying an additional 1,270 shares during the last quarter. Ferguson Wellman Capital Management Inc. raised its position in shares of Edison International by 0.8% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 291,583 shares of the utilities provider’s stock valued at $22,799,000 after buying an additional 2,335 shares during the last quarter. Strs Ohio raised its position in shares of Edison International by 5.0% in the second quarter. Strs Ohio now owns 104,474 shares of the utilities provider’s stock valued at $8,168,000 after buying an additional 4,951 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of Edison International during the second quarter valued at about $762,000. Institutional investors and hedge funds own 81.85% of the company’s stock.
Shares of Edison International (NYSE EIX) traded down 0.18% during trading on Friday, hitting $79.53. The stock had a trading volume of 1,239,638 shares. Edison International has a 1-year low of $67.44 and a 1-year high of $82.82. The stock’s 50-day moving average price is $78.39 and its 200 day moving average price is $78.66. The firm has a market capitalization of $25.91 billion, a P/E ratio of 18.81 and a beta of 0.22.
Edison International (NYSE:EIX) last announced its earnings results on Thursday, July 27th. The utilities provider reported $0.85 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.85. Edison International had a return on equity of 10.58% and a net margin of 12.64%. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same period last year, the firm earned $0.85 EPS. Edison International’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, analysts anticipate that Edison International will post $4.24 earnings per share for the current year.
Several brokerages have issued reports on EIX. Jefferies Group LLC upgraded Edison International from a “hold” rating to a “buy” rating and increased their price target for the stock from $85.00 to $90.00 in a report on Friday. Morgan Stanley raised their target price on Edison International from $86.00 to $90.00 and gave the company an “equal weight” rating in a report on Thursday. BidaskClub upgraded Edison International from a “strong sell” rating to a “sell” rating in a report on Friday, August 4th. Citigroup Inc. restated a “neutral” rating and issued a $84.00 target price (down previously from $85.00) on shares of Edison International in a report on Monday, July 24th. Finally, Zacks Investment Research lowered Edison International from a “buy” rating to a “hold” rating in a report on Friday, July 7th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $84.35.
In related news, Director W Brett White sold 2,500 shares of the firm’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $81.67, for a total value of $204,175.00. Following the transaction, the director now directly owns 2,500 shares of the company’s stock, valued at approximately $204,175. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Ronald L. Litzinger sold 26,035 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $78.85, for a total value of $2,052,859.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,035 shares of company stock worth $2,460,285. 0.41% of the stock is owned by insiders.
Edison International Company 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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