734,259 Edison International $EIX Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments cut its Edison International stake by 33.8%, selling 734,259 shares in the third quarter and ending with 1,436,486 shares valued at about $77.1 million.
• Analyst sentiment was cautious: the consensus rating was “Reduce”, with a $60.58 average price target; 10 analysts rated the stock Hold and four rated it Sell.
• Edison International beat quarterly EPS estimates, reporting $1.92 versus $1.81 expected, but revenue fell 15% year over year to $4.89 billion. Its annualized dividend was $3.51 per share, a reported 5.8% yield.

Russell Investments Group Ltd. lowered its holdings in shares of Edison International (NYSE:EIX - Free Report) by 33.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,436,486 shares of the utilities provider's stock after selling 734,259 shares during the quarter. Russell Investments Group Ltd. owned 0.37% of Edison International worth $77,106,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in EIX. Alps Advisors Inc. grew its position in Edison International by 34.7% in the third quarter. Alps Advisors Inc. now owns 578,571 shares of the utilities provider's stock worth $31,087,000 after acquiring an additional 149,187 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in Edison International during the second quarter worth approximately $4,750,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Edison International during the second quarter valued at approximately $33,328,000. Jupiter Topco LLC purchased a new stake in Edison International during the second quarter valued at approximately $3,577,000. Finally, Corient Private Wealth LP raised its position in Edison International by 49.7% during the second quarter. Corient Private Wealth LP now owns 136,621 shares of the utilities provider's stock valued at $10,171,000 after purchasing an additional 45,336 shares during the period. 88.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Mizuho set a $63.00 price objective on Edison International in a research note on Monday, November 2nd. Jefferies Financial Group downgraded Edison International from a "hold" rating to an "underperform" rating and cut their target price for the company from $53.00 to $42.00 in a research report on Friday, October 2nd. Wells Fargo & Company decreased their price target on Edison International from $62.00 to $59.00 and set an "underweight" rating on the stock in a report on Friday, October 30th. UBS Group raised their price target on Edison International from $57.00 to $62.00 and gave the stock a "neutral" rating in a research report on Friday, October 30th. Finally, JPMorgan Chase & Co. lowered their price target on Edison International from $61.00 to $59.00 and set a "neutral" rating for the company in a research report on Monday, October 12th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $60.58.

Insider Transactions at Edison International

In other Edison International news, Director Peter Taylor sold 500 shares of the company's stock in a transaction on Monday, October 12th. The stock was sold at an average price of $55.56, for a total value of $27,780.00. Following the transaction, the director owned 33,212 shares of the company's stock, valued at $1,845,258.72. This represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is currently owned by insiders.

Edison International Trading Up 0.4%

Edison International stock traded up $0.24 during midday trading on Friday, reaching $60.23. The stock had a trading volume of 1,872,958 shares, compared to its average volume of 3,152,028. The company has a quick ratio of 0.71, a current ratio of 0.77 and a debt-to-equity ratio of 2.01. Edison International has a 52-week low of $51.10 and a 52-week high of $81.62. The firm has a market cap of $23.17 billion, a price-to-earnings ratio of 6.40, a price-to-earnings-growth ratio of 2.54 and a beta of 0.56. The company has a fifty day moving average of $56.53 and a 200 day moving average of $67.67.

Edison International (NYSE:EIX - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The utilities provider reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.11. Edison International had a net margin of 20.50% and a return on equity of 14.17%. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.34 billion. During the same quarter last year, the firm earned $2.34 earnings per share. The firm's quarterly revenue was down 15.0% compared to the same quarter last year. On average, analysts anticipate that Edison International will post 6.13 earnings per share for the current fiscal year.

Edison International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, October 31st. Investors of record on Wednesday, October 7th were issued a dividend of $0.8775 per share. The ex-dividend date was Wednesday, October 7th. This represents a $3.51 dividend on an annualized basis and a yield of 5.8%. Edison International's payout ratio is presently 37.30%.

About Edison International

Edison International is a holding company focused on electric power generation and delivery. Its principal subsidiary, Southern California Edison (SCE), is a regulated electric utility that serves homes and businesses across much of central and Southern California. SCE operates and maintains the electric grid, including transmission and distribution infrastructure, and works to support the region's shift to cleaner energy. Edison International also provides energy advisory and management services through its Edison Energy business.

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