Edison International (EIX) Position Cut by Riverhead Capital Management LLC
Riverhead Capital Management LLC trimmed its position in Edison International (NYSE:EIX) by 32.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,565 shares of the utilities provider’s stock after selling 26,783 shares during the quarter. Riverhead Capital Management LLC’s holdings in Edison International were worth $4,266,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Guardian Life Insurance Co. of America increased its stake in Edison International by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 1,256 shares of the utilities provider’s stock valued at $100,000 after acquiring an additional 8 shares during the last quarter. Wayne Hummer Investments L.L.C. bought a new position in Edison International in the first quarter valued at approximately $200,000. Parallel Advisors LLC increased its stake in Edison International by 41.7% in the first quarter. Parallel Advisors LLC now owns 2,517 shares of the utilities provider’s stock valued at $198,000 after acquiring an additional 741 shares during the last quarter. Gofen & Glossberg LLC IL bought a new position in Edison International in the first quarter valued at approximately $201,000. Finally, Bailard Inc. bought a new position in Edison International in the first quarter valued at approximately $201,000. 81.56% of the stock is currently owned by institutional investors and hedge funds.
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A number of research analysts recently issued reports on the stock. UBS AG cut shares of Edison International from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $82.00 to $80.00 in a research note on Wednesday, May 17th. Jefferies Group LLC raised shares of Edison International from a “hold” rating to a “buy” rating and lifted their price objective for the company from $85.00 to $90.00 in a research note on Friday, August 11th. Morgan Stanley lifted their price objective on shares of Edison International from $86.00 to $90.00 and gave the company an “equal weight” rating in a research note on Thursday, August 10th. Mizuho reissued a “buy” rating and issued a $87.00 price objective (up from $84.00) on shares of Edison International in a research note on Wednesday, August 23rd. Finally, BMO Capital Markets reissued a “buy” rating and issued a $85.00 price objective on shares of Edison International in a research note on Thursday, August 17th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $84.15.
In other Edison International news, insider Ronald L. Litzinger sold 224,715 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $80.54, for a total value of $18,098,546.10. Following the sale, the insider now owns 14,121 shares of the company’s stock, valued at approximately $1,137,305.34. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by company insiders.
Shares of Edison International (NYSE:EIX) traded up 0.05% during mid-day trading on Tuesday, hitting $81.53. 156,425 shares of the company traded hands. Edison International has a 1-year low of $67.44 and a 1-year high of $82.82. The stock has a market capitalization of $26.56 billion, a PE ratio of 19.28 and a beta of 0.24. The firm’s 50 day moving average price is $79.65 and its 200-day moving average price is $79.59.
Edison International (NYSE:EIX) last released its earnings results on Thursday, July 27th. The utilities provider reported $0.85 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.85. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.92 billion. Edison International had a net margin of 12.64% and a return on equity of 10.58%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.85 EPS. On average, equities research analysts forecast that Edison International will post $4.23 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a $0.5425 dividend. This represents a $2.17 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Thursday, September 28th. Edison International’s dividend payout ratio (DPR) is presently 50.82%.
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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