Allspring Global Investments Holdings LLC Decreases Stock Position in Edison International (NYSE:EIX)

Allspring Global Investments Holdings LLC lowered its stake in shares of Edison International (NYSE:EIX - Free Report) by 87.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,402 shares of the utilities provider's stock after selling 121,072 shares during the period. Allspring Global Investments Holdings LLC's holdings in Edison International were worth $1,022,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rakuten Securities Inc. increased its stake in Edison International by 4,633.3% in the 1st quarter. Rakuten Securities Inc. now owns 426 shares of the utilities provider's stock worth $25,000 after acquiring an additional 417 shares during the last quarter. Bellwether Advisors LLC bought a new stake in Edison International in the 4th quarter worth approximately $34,000. OFI Invest Asset Management bought a new stake in Edison International in the 4th quarter worth approximately $38,000. SBI Securities Co. Ltd. bought a new stake in Edison International in the 4th quarter worth approximately $44,000. Finally, Mizuho Bank Ltd. bought a new stake in Edison International in the 4th quarter worth approximately $50,000. Institutional investors own 88.95% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on EIX. Evercore ISI reissued an "outperform" rating on shares of Edison International in a research report on Thursday, May 15th. Morgan Stanley cut their target price on Edison International from $52.00 to $51.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 18th. Wolfe Research downgraded Edison International from an "outperform" rating to a "peer perform" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. cut their price objective on Edison International from $75.00 to $71.00 and set a "neutral" rating on the stock in a research report on Monday, May 19th. Finally, Barclays upped their price objective on Edison International from $64.00 to $67.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $76.82.

Edison International Stock Performance

Shares of EIX stock traded up $0.19 during mid-day trading on Thursday, reaching $50.82. The stock had a trading volume of 964,011 shares, compared to its average volume of 3,347,862. The business's fifty day moving average is $53.52 and its 200-day moving average is $57.26. The company has a current ratio of 0.96, a quick ratio of 0.89 and a debt-to-equity ratio of 2.06. The firm has a market cap of $19.55 billion, a price-to-earnings ratio of 7.21, a PEG ratio of 1.19 and a beta of 0.75. Edison International has a 1-year low of $47.73 and a 1-year high of $88.77.

Edison International (NYSE:EIX - Get Free Report) last posted its earnings results on Tuesday, April 29th. The utilities provider reported $1.37 EPS for the quarter, topping the consensus estimate of $1.21 by $0.16. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.29 billion. Edison International had a return on equity of 13.21% and a net margin of 16.84%. Edison International's revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period last year, the company earned $1.13 earnings per share. On average, research analysts forecast that Edison International will post 4.95 earnings per share for the current year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, July 7th will be given a dividend of $0.8275 per share. The ex-dividend date of this dividend is Monday, July 7th. This represents a $3.31 dividend on an annualized basis and a yield of 6.51%. Edison International's dividend payout ratio is currently 46.95%.

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.