Allianz SE Reduces Position in Edison International (NYSE:EIX)

Key Points

• Allianz SE reduced its stake in Edison International by 45.6% during the first quarter, lowering its holdings to 5,660 shares, valued at approximately $333,000.
• Several large investors have adjusted their positions, with Wells Fargo increasing its stake by 3.5%, while Aviva PLC grew its holdings by 131.8%.
• Edison International recently reported earnings of $0.97 per share for the quarter, surpassing estimates, and declared a quarterly dividend of $0.8275 per share, yielding 6.2%.

Allianz SE cut its holdings in Edison International (NYSE:EIX - Free Report) by 45.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,660 shares of the utilities provider's stock after selling 4,740 shares during the quarter. Allianz SE's holdings in Edison International were worth $333,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in EIX. Oppenheimer & Co. Inc. boosted its stake in Edison International by 98.7% in the first quarter. Oppenheimer & Co. Inc. now owns 10,982 shares of the utilities provider's stock valued at $647,000 after acquiring an additional 5,454 shares in the last quarter. Tounjian Advisory Partners LLC purchased a new stake in shares of Edison International during the 1st quarter valued at $1,151,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Edison International by 135.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 123,851 shares of the utilities provider's stock worth $7,297,000 after purchasing an additional 71,159 shares in the last quarter. GAMMA Investing LLC grew its stake in Edison International by 4,157.4% during the 1st quarter. GAMMA Investing LLC now owns 145,179 shares of the utilities provider's stock worth $8,554,000 after buying an additional 141,769 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in Edison International by 17.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 107,332 shares of the utilities provider's stock worth $6,324,000 after buying an additional 15,718 shares during the last quarter. 88.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on EIX. Evercore ISI reiterated an "outperform" rating on shares of Edison International in a research note on Thursday, May 15th. Barclays increased their price objective on shares of Edison International from $64.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday. JPMorgan Chase & Co. dropped their target price on shares of Edison International from $75.00 to $71.00 and set a "neutral" rating on the stock in a research report on Monday, May 19th. Wolfe Research lowered shares of Edison International from an "outperform" rating to a "peer perform" rating in a research note on Monday, June 9th. Finally, Morgan Stanley lowered their price objective on shares of Edison International from $52.00 to $51.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $76.19.

Edison International Stock Performance

NYSE EIX traded down $0.45 during mid-day trading on Wednesday, reaching $54.84. 4,279,223 shares of the stock were exchanged, compared to its average volume of 3,932,302. Edison International has a 1 year low of $47.73 and a 1 year high of $88.77. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.81 and a current ratio of 0.87. The business's 50 day moving average is $51.85 and its 200-day moving average is $54.39. The company has a market capitalization of $21.10 billion, a P/E ratio of 8.05, a P/E/G ratio of 1.30 and a beta of 0.75.

Edison International (NYSE:EIX - Get Free Report) last posted its 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 firm had revenue of $4.54 billion for the quarter, compared to analysts' expectations of $4.52 billion. Edison International had a return on equity of 11.99% and a net margin of 16.00%. The company's quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the firm earned $1.23 EPS. On average, equities research analysts forecast that Edison International will post 4.95 EPS for the current fiscal year.

Edison International Announces Dividend

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

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.