Edison International (NYSE:EIX) Stake Raised by Citigroup Inc.

Key Points

• Citigroup Inc. has increased its stake in Edison International by 41.2% in the first quarter, owning approximately 566,133 shares valued at around $33.4 million.
• Several large investors, including Oppenheimer & Co. and GAMMA Investing LLC, have significantly increased their positions in Edison International, indicating growing institutional interest.
• Analysts have mixed opinions on Edison International with price targets ranging from $51.00 to $76.19, and a current consensus rating of "Moderate Buy."

Citigroup Inc. boosted its holdings in Edison International (NYSE:EIX - Free Report) by 41.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 566,133 shares of the utilities provider's stock after purchasing an additional 165,124 shares during the quarter. Citigroup Inc. owned approximately 0.15% of Edison International worth $33,357,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Edison International by 1.0% in the first quarter. Vanguard Group Inc. now owns 49,083,555 shares of the utilities provider's stock worth $2,892,003,000 after purchasing an additional 493,778 shares during the period. Northern Trust Corp boosted its holdings in Edison International by 53.9% in the fourth quarter. Northern Trust Corp now owns 5,757,034 shares of the utilities provider's stock worth $459,642,000 after purchasing an additional 2,016,017 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Edison International by 7.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,163,408 shares of the utilities provider's stock worth $412,246,000 after purchasing an additional 371,043 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Edison International by 364.1% in the fourth quarter. Canada Pension Plan Investment Board now owns 3,369,535 shares of the utilities provider's stock worth $269,024,000 after purchasing an additional 2,643,571 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in Edison International by 149.3% in the fourth quarter. Ameriprise Financial Inc. now owns 2,793,795 shares of the utilities provider's stock worth $223,057,000 after purchasing an additional 1,673,204 shares during the period. Institutional investors and hedge funds own 88.95% of the company's stock.

Edison International Stock Performance

Shares of NYSE EIX traded down $0.18 during midday trading on Thursday, reaching $56.10. 1,879,429 shares of the company traded hands, compared to its average volume of 4,473,688. Edison International has a 52 week low of $47.73 and a 52 week high of $88.77. The stock has a 50-day moving average price of $51.82 and a 200 day moving average price of $54.24. The company has a debt-to-equity ratio of 2.03, a current ratio of 0.87 and a quick ratio of 0.81. The company has a market cap of $21.59 billion, a price-to-earnings ratio of 8.24, a PEG ratio of 1.32 and a beta of 0.75.

Edison International (NYSE:EIX - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.09. Edison International had a net margin of 16.00% and a return on equity of 11.99%. The business had revenue of $4.54 billion for the quarter, compared to analysts' expectations of $4.52 billion. During the same period in the previous year, the business earned $1.23 earnings per share. The company's revenue was up 4.8% on a year-over-year basis. Sell-side analysts anticipate that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, July 7th were given a $0.8275 dividend. The ex-dividend date was Monday, July 7th. This represents a $3.31 annualized dividend and a yield of 5.9%. Edison International's payout ratio is 48.60%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Edison International from $75.00 to $71.00 and set a "neutral" rating for the company in a report on Monday, May 19th. Morgan Stanley reduced their price target on shares of Edison International from $52.00 to $51.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. Evercore ISI reissued an "outperform" rating on shares of Edison International in a report on Thursday, May 15th. Wolfe Research downgraded shares of Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. Finally, Barclays boosted their price target on shares of Edison International from $64.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, August 4th. One 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.com, Edison International currently has a consensus rating of "Moderate Buy" and an average 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.