Edison International (EIX) Sets New 1-Year Low After Analyst Downgrade
Shares of Edison International (NYSE:EIX) reached a new 52-week low during mid-day trading on Wednesday after Deutsche Bank lowered their price target on the stock to $78.00. Deutsche Bank currently has a hold rating on the stock. Edison International traded as low as $68.38 and last traded at $70.00, with a volume of 17108600 shares. The stock had previously closed at $80.26.
A number of other brokerages also recently weighed in on EIX. ValuEngine raised shares of Edison International from a “hold” rating to a “buy” rating in a report on Wednesday, November 15th. Royal Bank Of Canada reissued a “buy” rating and issued a $84.00 price target on shares of Edison International in a report on Sunday, September 17th. Morgan Stanley increased their price target on shares of Edison International from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Friday, September 8th. Mizuho reissued a “buy” rating and issued a $87.00 price target (up from $84.00) on shares of Edison International in a report on Wednesday, August 23rd. Finally, Bank of America reissued a “buy” rating and issued a $86.00 price target on shares of Edison International in a report on Tuesday, October 24th. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $84.85.
In other news, insider Ronald L. Litzinger sold 224,718 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $82.00, for a total value of $18,426,876.00. Following the completion of the transaction, the insider now owns 14,121 shares in the company, valued at approximately $1,157,922. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.41% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Amica Retiree Medical Trust acquired a new position in shares of Edison International in the 3rd quarter valued at $138,000. Sun Life Financial INC raised its stake in shares of Edison International by 16,935.7% in the 2nd quarter. Sun Life Financial INC now owns 2,385 shares of the utilities provider’s stock valued at $186,000 after buying an additional 2,371 shares in the last quarter. OxFORD Asset Management LLP acquired a new position in shares of Edison International in the 2nd quarter valued at $204,000. TCI Wealth Advisors Inc. increased its position in shares of Edison International by 139.7% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 2,630 shares of the utilities provider’s stock worth $203,000 after purchasing an additional 1,533 shares in the last quarter. Finally, Shelton Capital Management acquired a new stake in shares of Edison International during the 2nd quarter worth about $206,000. Institutional investors own 81.36% of the company’s stock.
The company has a market capitalization of $26,149.61, a PE ratio of 18.28, a PEG ratio of 2.91 and a beta of 0.23. The company has a quick ratio of 0.47, a current ratio of 0.51 and a debt-to-equity ratio of 0.80.
Edison International (NYSE:EIX) last announced its earnings results on Monday, October 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.10. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.53 billion. Edison International had a net margin of 13.18% and a return on equity of 10.84%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the company posted $1.29 EPS. sell-side analysts predict that Edison International will post 4.33 earnings per share for the current year.
About Edison International
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.
Receive News & Ratings for Edison International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Edison International and related companies with Analyst Ratings Network's FREE daily email newsletter.