LPL Financial LLC Grows Stock Position in Edison International (NYSE:EIX)

Key Points

• LPL Financial LLC increased its stake in Edison International by 73.0% during Q1, owning over 404,000 shares worth nearly $24 million.
• Edison International reported Q2 earnings of $0.97 per share, surpassing estimates, with revenue of $4.54 billion, marking a year-over-year revenue increase of 4.8%.
• The company declared a quarterly dividend of $0.8275, yielding 6.2%, with a payout ratio of 48.60%.

LPL Financial LLC increased its position in shares of Edison International (NYSE:EIX - Free Report) by 73.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 404,557 shares of the utilities provider's stock after acquiring an additional 170,771 shares during the period. LPL Financial LLC owned about 0.11% of Edison International worth $23,837,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. grew its position in shares of Edison International by 4,633.3% in the 1st quarter. Rakuten Securities Inc. now owns 426 shares of the utilities provider's stock valued at $25,000 after buying an additional 417 shares during the last quarter. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Edison International during the 1st quarter valued at about $25,000. Investment Management Corp VA ADV boosted its position in shares of Edison International by 159.6% during the 1st quarter. Investment Management Corp VA ADV now owns 431 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 265 shares in the last quarter. Bellwether Advisors LLC bought a new stake in shares of Edison International during the 4th quarter valued at about $34,000. Finally, Versant Capital Management Inc boosted its position in shares of Edison International by 96.7% during the 1st quarter. Versant Capital Management Inc now owns 881 shares of the utilities provider's stock valued at $52,000 after purchasing an additional 433 shares in the last quarter. Institutional investors own 88.95% of the company's stock.

Edison International Stock Performance

Shares of EIX traded down $0.17 on Thursday, reaching $54.75. 2,604,958 shares of the company's stock traded hands, compared to its average volume of 4,504,123. The company has a current ratio of 0.87, a quick ratio of 0.81 and a debt-to-equity ratio of 2.03. The stock has a market cap of $21.07 billion, a PE ratio of 8.05, a PEG ratio of 1.30 and a beta of 0.75. The stock's 50 day simple moving average is $51.85 and its two-hundred day simple moving average is $54.39. Edison International has a 52-week low of $47.73 and a 52-week high of $88.77.

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

Edison International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, July 7th were given a $0.8275 dividend. This represents a $3.31 dividend on an annualized basis and a yield of 6.0%. The ex-dividend date of this dividend was Monday, July 7th. Edison International's dividend payout ratio (DPR) is currently 48.60%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on EIX. 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. Barclays upped their price target on Edison International from $64.00 to $65.00 and gave the stock an "overweight" rating in a research note on Monday. Wolfe Research downgraded Edison International from an "outperform" rating to a "peer perform" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. dropped their price target on Edison International from $75.00 to $71.00 and set a "neutral" rating on the stock in a research note on Monday, May 19th. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Edison International in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Edison International currently has a consensus rating of "Moderate Buy" and an average target price of $76.19.

Edison International 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.