Edison International $EIX Position Boosted by Alps Advisors Inc.

Key Points

• Alps Advisors increased its Edison International stake by 34.7% in the third quarter, adding 149,187 shares to hold 578,571 shares valued at about $31.1 million. Institutional investors collectively own 88.95% of the company.
• Edison reported quarterly EPS of $1.92, beating the $1.81 consensus, while revenue of $4.89 billion fell short of estimates and declined 15% year over year.
• Analysts’ consensus rating is “Reduce,” with an average price target of $60.58. Edison’s quarterly dividend is $0.8775 per share, equivalent to an annualized yield of about 5.9%.

Alps Advisors Inc. lifted its stake in Edison International (NYSE:EIX - Free Report) by 34.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 578,571 shares of the utilities provider's stock after purchasing an additional 149,187 shares during the period. Alps Advisors Inc. owned about 0.15% of Edison International worth $31,087,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of EIX. BlackRock Inc. bought a new position in Edison International in the second quarter worth about $3,340,412,000. Legal & General Group Plc purchased a new stake in shares of Edison International in the second quarter worth about $329,766,000. Bank of New York Mellon Corp bought a new stake in Edison International during the second quarter worth about $309,361,000. Amundi lifted its position in shares of Edison International by 27.0% in the second quarter. Amundi now owns 3,570,726 shares of the utilities provider's stock worth $265,843,000 after buying an additional 759,236 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Edison International during the second quarter worth about $261,275,000. Hedge funds and other institutional investors own 88.95% of the company's stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group set a $67.00 price objective on shares of Edison International in a research note on Thursday, October 15th. Barclays upped their price target on shares of Edison International from $53.00 to $58.00 and gave the company an "equal weight" rating in a research report on Friday, October 30th. Jefferies Financial Group cut Edison International from a "hold" rating to an "underperform" rating and cut their price objective for the stock from $53.00 to $42.00 in a report on Friday, October 2nd. UBS Group increased their price objective on shares of Edison International from $57.00 to $62.00 and gave the company a "neutral" rating in a research report on Friday, October 30th. Finally, Wells Fargo & Company lowered their price target on shares of Edison International from $62.00 to $59.00 and set an "underweight" rating on the stock in a research report on Friday, October 30th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $60.58.

Edison International Trading Down 2.6%

Shares of EIX opened at $59.27 on Friday. The company has a debt-to-equity ratio of 2.01, a quick ratio of 0.71 and a current ratio of 0.77. Edison International has a 52-week low of $51.10 and a 52-week high of $81.62. The business's fifty day moving average is $56.41 and its 200-day moving average is $67.70. The firm has a market cap of $22.81 billion, a price-to-earnings ratio of 8.85, a PEG ratio of 2.53 and a beta of 0.56.

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

Edison International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, October 31st. Investors of record on Wednesday, October 7th were issued a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date was Wednesday, October 7th. Edison International's payout ratio is presently 37.30%.

Edison International Company Profile

Edison International NYSE: EIX is an electric power holding company based in California. Its principal subsidiary, Southern California Edison (SCE), is one of the largest electric utilities in the United States and delivers electricity across central, coastal and Southern California. SCE serves millions of residential, commercial and industrial customers through an extensive transmission and distribution network.

Edison International's operations are focused on the generation, transmission and distribution of electricity, as well as supporting the transition to cleaner energy.

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