Alberta Investment Management Corp Buys Shares of 10,700 Edison International (NYSE:EIX)

Key Points

• Alberta Investment Management Corp acquired a new stake in Edison International, buying 10,700 shares valued at approximately $630,000.
• Several hedge funds have recently changed their positions in Edison International, including Federated Hermes Inc., which increased its stake by 5,334.4% to 266,668 shares, reflecting significant institutional interest.
• Analysts have varied opinions on Edison International, with target prices spanning from $51.00 to $76.19, indicating a consensus rating of "Moderate Buy."

Alberta Investment Management Corp purchased a new stake in shares of Edison International (NYSE:EIX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 10,700 shares of the utilities provider's stock, valued at approximately $630,000.

A number of other institutional investors have also bought and sold shares of the business. Canada Pension Plan Investment Board boosted its holdings in Edison International by 364.1% in the 4th quarter. Canada Pension Plan Investment Board now owns 3,369,535 shares of the utilities provider's stock worth $269,024,000 after buying an additional 2,643,571 shares during the last quarter. Northern Trust Corp increased its stake in Edison International by 53.9% in the 4th quarter. Northern Trust Corp now owns 5,757,034 shares of the utilities provider's stock valued at $459,642,000 after purchasing an additional 2,016,017 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Edison International by 149.3% during the fourth quarter. Ameriprise Financial Inc. now owns 2,793,795 shares of the utilities provider's stock valued at $223,057,000 after buying an additional 1,673,204 shares during the period. Invesco Ltd. raised its holdings in shares of Edison International by 38.2% during the 4th quarter. Invesco Ltd. now owns 4,816,638 shares of the utilities provider's stock valued at $384,560,000 after buying an additional 1,331,941 shares during the period. Finally, Allianz Asset Management GmbH raised its holdings in Edison International by 1,946.0% in the first quarter. Allianz Asset Management GmbH now owns 1,255,449 shares of the utilities provider's stock valued at $73,971,000 after acquiring an additional 1,194,088 shares in the last quarter. Hedge funds and other institutional investors own 88.95% of the company's stock.

Edison International Stock Performance

NYSE:EIX traded down $1.90 during midday trading on Friday, reaching $53.04. The stock had a trading volume of 2,571,710 shares, compared to its average volume of 4,502,416. Edison International has a 1-year low of $47.73 and a 1-year high of $88.77. The stock has a market capitalization of $20.41 billion, a P/E ratio of 7.79, a PEG ratio of 1.29 and a beta of 0.75. The firm's fifty day simple moving average is $51.83 and its 200-day simple moving average is $54.34. The company has a debt-to-equity ratio of 2.03, a current ratio of 0.87 and a quick ratio of 0.81.

Edison International (NYSE:EIX - Get Free Report) last announced its earnings results on Thursday, July 31st. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.09. Edison International had a return on equity of 11.99% and a net margin of 16.00%. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.52 billion. During the same quarter last year, the firm earned $1.23 EPS. Edison International's revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities research analysts forecast that Edison International will post 4.95 EPS for the current fiscal year.

Edison International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, July 7th were given a dividend of $0.8275 per share. The ex-dividend date was Monday, July 7th. This represents a $3.31 dividend on an annualized basis and a yield of 6.2%. Edison International's dividend payout ratio (DPR) is presently 48.60%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on EIX. Barclays raised their target price on shares of Edison International from $64.00 to $65.00 and gave the stock an "overweight" rating in a report on Monday. Wolfe Research lowered Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. JPMorgan Chase & Co. cut their price target 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 reduced their price objective on shares of Edison International from $52.00 to $51.00 and set an "underweight" rating for the company in a research report on Wednesday, June 18th. Finally, Evercore ISI reissued 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, five have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $76.19.

Edison International Company 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.