Icon Advisers Inc. Co. boosted its stake in Edison International (NYSE:EIX) by 24.0% during the third quarter, Holdings Channel reports. The firm owned 50,200 shares of the company’s stock after buying an additional 9,700 shares during the period. Icon Advisers Inc. Co.’s holdings in Edison International were worth $3,627,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Pacad Investment Ltd. purchased a new stake in Edison International during the second quarter valued at about $109,000. Pinkerton Retirement Specialists LLC purchased a new stake in Edison International during the second quarter valued at about $130,000. Cornerstone Advisors Inc. raised its stake in Edison International by 24.5% in the third quarter. Cornerstone Advisors Inc. now owns 1,900 shares of the company’s stock valued at $137,000 after buying an additional 374 shares during the period. Integrated Investment Consultants LLC raised its stake in Edison International by 9.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,001 shares of the company’s stock valued at $155,000 after buying an additional 170 shares during the period. Finally, Washington Trust Bank raised its stake in Edison International by 0.9% in the third quarter. Washington Trust Bank now owns 2,777 shares of the company’s stock valued at $201,000 after buying an additional 25 shares during the period. Hedge funds and other institutional investors own 82.03% of the company’s stock.
Shares of Edison International (NYSE:EIX) traded up 1.26% on Friday, hitting $69.86. 275,632 shares of the stock were exchanged. The stock has a market cap of $22.76 billion, a PE ratio of 25.90 and a beta of 0.17. Edison International has a 52-week low of $57.85 and a 52-week high of $78.72. The company’s 50 day moving average is $70.51 and its 200-day moving average is $73.15.
Edison International (NYSE:EIX) last announced its earnings results on Tuesday, November 1st. The company reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.06. The company earned $3.77 billion during the quarter, compared to analyst estimates of $2.91 billion. Edison International had a net margin of 8.80% and a return on equity of 9.59%. Edison International’s revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 earnings per share. Analysts predict that Edison International will post $3.91 EPS for the current fiscal year.
A number of brokerages recently weighed in on EIX. BMO Capital Markets reiterated an “outperform” rating and set a $82.00 price objective (up previously from $79.00) on shares of Edison International in a report on Monday, August 1st. Jefferies Group lifted their price objective on shares of Edison International from $72.00 to $80.00 and gave the company a “hold” rating in a report on Friday, July 29th. Deutsche Bank AG set a $78.00 price objective on shares of Edison International and gave the company a “hold” rating in a report on Sunday, September 4th. Zacks Investment Research upgraded shares of Edison International from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Tuesday, September 27th. Finally, Argus decreased their price objective on shares of Edison International from $86.00 to $81.00 and set a “buy” rating for the company in a report on Tuesday, October 4th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $76.79.
In other Edison International news, insider Ronald L. Litzinger sold 38,086 shares of the stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $69.40, for a total transaction of $2,643,168.40. Following the completion of the transaction, the insider now owns 12,054 shares of the company’s stock, valued at $836,547.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jagjeet S. Bindra sold 3,995 shares of the stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $73.80, for a total transaction of $294,831.00. The disclosure for this sale can be found here. Company insiders own 1.51% of the company’s stock.
About Edison International
Edison International is the parent holding company of Southern California Edison Company (SCE). SCE is engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. It is also the parent company of subsidiaries that are engaged in competitive businesses focused on providing energy services to commercial and industrial customers, including distributed resources, engaging in transmission opportunities, and exploring distributed water treatment and recycling.