Edison International (NYSE:EIX) Sees Large Decline in Short Interest

Edison International (NYSE:EIX - Get Free Report) was the target of a large decline in short interest in May. As of May 15th, there was short interest totalling 7,320,000 shares, a decline of 15.0% from the April 30th total of 8,610,000 shares. Based on an average daily trading volume, of 3,720,000 shares, the days-to-cover ratio is presently 2.0 days. Approximately 1.9% of the shares of the stock are sold short.

Hedge Funds Weigh In On Edison International

Hedge funds have recently made changes to their positions in the business. Sierra Ocean LLC purchased a new position in shares of Edison International during the fourth quarter valued at approximately $33,000. Bellwether Advisors LLC purchased a new position in shares of Edison International during the fourth quarter valued at approximately $34,000. Rakuten Securities Inc. grew its stake in Edison International by 4,633.3% in the first quarter. Rakuten Securities Inc. now owns 426 shares of the utilities provider's stock worth $25,000 after purchasing an additional 417 shares during the period. Barnes Dennig Private Wealth Management LLC purchased a new stake in Edison International in the first quarter worth $25,000. Finally, Investment Management Corp VA ADV grew its stake in Edison International by 159.6% in the first quarter. Investment Management Corp VA ADV now owns 431 shares of the utilities provider's stock worth $25,000 after purchasing an additional 265 shares during the period. 88.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on EIX. The Goldman Sachs Group dropped their price target on Edison International from $88.00 to $68.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. JPMorgan Chase & Co. dropped their price target on Edison International from $75.00 to $71.00 and set a "neutral" rating for the company in a research report on Monday, May 19th. Morgan Stanley set a $52.00 target price on Edison International and gave the stock an "underweight" rating in a research report on Thursday, May 22nd. UBS Group upgraded Edison International from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $69.00 to $65.00 in a research report on Tuesday, February 18th. Finally, Mizuho dropped their target price on Edison International from $75.00 to $66.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $76.89.

Edison International Trading Down 1.4%

EIX stock traded down $0.79 during midday trading on Thursday, hitting $53.58. The company had a trading volume of 3,289,129 shares, compared to its average volume of 3,070,425. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. Edison International has a 52 week low of $49.06 and a 52 week high of $88.77. The stock has a market cap of $20.61 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 1.07 and a beta of 0.77. The stock's 50 day moving average price is $56.43 and its 200 day moving average price is $62.98.

Edison International (NYSE:EIX - Get Free Report) last posted its earnings results on Tuesday, April 29th. The utilities provider reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.16. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The firm had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same period in the previous year, the firm earned $1.13 earnings per share. The business's revenue was down 6.5% compared to the same quarter last year. As a group, equities research analysts expect that Edison International will post 4.95 earnings per share for the current fiscal year.

About Edison International

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.