Merit Financial Group LLC Takes $1.84 Million Position in Edison International (NYSE:EIX)

Merit Financial Group LLC bought a new position in shares of Edison International (NYSE:EIX - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 31,264 shares of the utilities provider's stock, valued at approximately $1,842,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Sierra Ocean LLC acquired a new position in Edison International in the fourth quarter valued at $33,000. Bellwether Advisors LLC acquired a new stake in shares of Edison International in the fourth quarter valued at about $34,000. OFI Invest Asset Management acquired a new stake in shares of Edison International in the fourth quarter valued at about $38,000. SBI Securities Co. Ltd. acquired a new stake in shares of Edison International in the fourth quarter valued at about $44,000. Finally, Mizuho Bank Ltd. acquired a new stake in shares of Edison International in the fourth quarter valued at about $50,000. 88.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

EIX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price objective on Edison International from $75.00 to $71.00 and set a "neutral" rating for the company in a research note on Monday, May 19th. Morgan Stanley set a $52.00 target price on Edison International and gave the stock an "underweight" rating in a report on Thursday, May 22nd. Wells Fargo & Company reduced their target price on Edison International from $94.00 to $75.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. UBS Group raised Edison International from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $69.00 to $65.00 in a report on Tuesday, February 18th. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Edison International in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $76.89.

Edison International Price Performance

Shares of NYSE EIX traded up $0.09 during midday trading on Friday, reaching $53.73. The company's stock had a trading volume of 2,778,541 shares, compared to its average volume of 3,083,479. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88. Edison International has a fifty-two week low of $49.06 and a fifty-two week high of $88.77. The business's 50 day moving average price is $56.22 and its two-hundred day moving average price is $62.55. The company has a market cap of $20.67 billion, a P/E ratio of 15.76, a P/E/G ratio of 1.07 and a beta of 0.78.

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

Edison International Profile

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.