Edison International $EIX Stock Position Decreased by Brighton Jones LLC

Key Points

• Brighton Jones cut its Edison International stake by 48.5% in the third quarter, selling 44,110 shares and retaining 46,766 shares valued at about $2.51 million. Institutional investors collectively own nearly 89% of the stock.
• Edison reported quarterly EPS of $1.92, beating the $1.81 consensus, but revenue of $4.89 billion fell short of estimates and was down 15% year over year.
• Analyst sentiment is cautious: the consensus rating is “Reduce,” with a $60.58 average price target. The company’s annualized dividend is $3.51 per share, a yield of about 5.8%.

Brighton Jones LLC cut its holdings in Edison International (NYSE:EIX - Free Report) by 48.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 46,766 shares of the utilities provider's stock after selling 44,110 shares during the quarter. Brighton Jones LLC's holdings in Edison International were worth $2,513,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Candriam S.C.A. lifted its stake in Edison International by 12.1% in the third quarter. Candriam S.C.A. now owns 87,699 shares of the utilities provider's stock valued at $4,729,000 after buying an additional 9,450 shares in the last quarter. J. Derek Lewis & Associates Inc. increased its position in shares of Edison International by 17.1% during the third quarter. J. Derek Lewis & Associates Inc. now owns 11,569 shares of the utilities provider's stock worth $622,000 after acquiring an additional 1,690 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Edison International by 47.0% during the third quarter. Pictet Asset Management Holding SA now owns 537,384 shares of the utilities provider's stock worth $28,874,000 after acquiring an additional 171,866 shares in the last quarter. Alps Advisors Inc. raised its holdings in shares of Edison International by 34.7% during 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 during the period. Finally, CenterBook Partners LP acquired a new stake in shares of Edison International during the third quarter worth $614,000. 88.95% of the stock is owned by institutional investors.

Insider Activity at Edison International

In other news, Director Peter Taylor sold 500 shares of the firm's stock in a transaction dated Monday, October 12th. The stock was 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 trade represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is currently owned by corporate insiders.

Edison International Stock Performance

Shares of EIX opened at $60.20 on Tuesday. Edison International has a 12 month low of $51.10 and a 12 month high of $81.62. The firm has a fifty day simple moving average of $56.22 and a 200 day simple moving average of $67.70. The stock has a market capitalization of $23.16 billion, a price-to-earnings ratio of 6.40, a PEG ratio of 2.60 and a beta of 0.56. The company has a current ratio of 0.77, a quick ratio of 0.71 and a debt-to-equity ratio of 2.01.

Edison International (NYSE:EIX - Get Free Report) last released its earnings results on Thursday, October 29th. The utilities provider reported $1.92 earnings per share for the quarter, beating analysts' consensus estimates 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 revenue for the quarter was down 15.0% compared to the same quarter last year. Research analysts forecast that Edison International will post 6.13 EPS for the current fiscal year.

Edison International Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Truist Financial reduced their target price on shares of Edison International from $63.00 to $62.00 and set a "hold" rating for the company in a research note on Monday, October 12th. JPMorgan Chase & Co. lowered their target price on Edison International from $61.00 to $59.00 and set a "neutral" rating for the company in a report on Monday, October 12th. Weiss Ratings lowered Edison International from a "buy (b-)" rating to a "hold (c)" rating in a report on Thursday, September 10th. The Goldman Sachs Group set a $67.00 price objective on Edison International in a report on Thursday, October 15th. Finally, Morgan Stanley lifted their target price on Edison International from $60.00 to $62.00 and gave the company an "underweight" rating in a research report on Wednesday, October 21st. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $60.58.

Edison International Company Profile

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.

The company traces its roots to the late 19th century and has a long history of serving California's electricity needs.

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