Zacks Investment Research cut shares of Edison International (NYSE:EIX) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Edison International’s share price has outperformed the Zacks categorized Utility–Electric power industry price in the last one year backed by its focus on its transmission and distribution infrastructural development programs, and expansion of operations. SCE targets average annual rate base and earnings growth of 7% through 2017 driven by infrastructural investments. Also, the company presents a lower risk profile compared to its utility-only peers, with a strong portfolio of regulated utility assets and well-managed merchant energy operations. However, any change in the environmental rules, adverse decision of regulatory bodies, and power and coal price volatility are causes of concern.”
Several other brokerages also recently weighed in on EIX. RBC Capital Markets set a $81.00 price target on shares of Edison International and gave the company a buy rating in a research report on Wednesday, January 4th. Citigroup Inc. reduced their price target on shares of Edison International from $79.00 to $76.00 and set a neutral rating for the company in a research report on Tuesday, October 4th. Barclays PLC raised their price target on shares of Edison International from $73.00 to $77.00 and gave the company an equal weight rating in a research report on Friday, January 20th. SunTrust Banks, Inc. lifted their target price on shares of Edison International from $82.00 to $84.00 and gave the stock a buy rating in a research report on Monday, September 26th. Finally, Argus cut their target price on shares of Edison International from $86.00 to $81.00 and set a buy rating for the company in a research report on Tuesday, October 4th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $77.81.
Edison International (NYSE:EIX) traded down 0.257% during midday trading on Tuesday, hitting $71.815. The company’s stock had a trading volume of 295,592 shares. The company’s 50 day moving average price is $71.42 and its 200 day moving average price is $72.53. Edison International has a 12 month low of $60.01 and a 12 month high of $78.72. The firm has a market cap of $23.40 billion, a P/E ratio of 26.628 and a beta of 0.13.
Edison International (NYSE:EIX) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $1.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.06. The company earned $3.77 billion during the quarter, compared to the consensus estimate of $2.91 billion. Edison International had a net margin of 8.80% and a return on equity of 9.59%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.16 earnings per share. Analysts expect that Edison International will post $3.92 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Investors of record on Friday, December 30th will be paid a dividend of $0.5425 per share. This is a boost from Edison International’s previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, December 28th. This represents a $2.17 dividend on an annualized basis and a dividend yield of 3.01%. Edison International’s payout ratio is 80.67%.
In related news, insider Ronald L. Litzinger sold 38,086 shares of Edison International stock in a transaction on 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 transaction, the insider now owns 12,054 shares in the company, valued at approximately $836,547.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.51% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. bought a new stake in shares of Edison International during the fourth quarter valued at approximately $87,078,000. ETRADE Capital Management LLC boosted its stake in shares of Edison International by 2.9% in the third quarter. ETRADE Capital Management LLC now owns 32,992 shares of the company’s stock valued at $2,384,000 after buying an additional 928 shares during the last quarter. Efficient Market Advisors LLC bought a new stake in shares of Edison International during the third quarter valued at approximately $230,000. Brinker Capital Inc. bought a new stake in shares of Edison International during the third quarter valued at approximately $440,000. Finally, Colony Group LLC boosted its stake in shares of Edison International by 10.8% in the third quarter. Colony Group LLC now owns 55,373 shares of the company’s stock valued at $4,001,000 after buying an additional 5,407 shares during the last quarter. Institutional investors and hedge funds own 81.35% of the company’s stock.
Edison International Company Profile
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.
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