Invesco Ltd. Boosts Stake in Edison International (NYSE:EIX)

Key Points

• Invesco Ltd. increased its stake in Edison International by 19.8%, owning approximately 1.50% of the company's stock, amounting to around $340 million as of the latest SEC filing.
• Several institutional investors, including Covestor Ltd. and JPMorgan Chase & Co., have significantly increased their holdings in Edison International, contributing to a total institutional ownership of 88.95%.
• Analysts have varied opinions on Edison International’s stock, with ratings ranging from sell to buy, and a consensus target price set at $76.19.

Invesco Ltd. lifted its position in shares of Edison International (NYSE:EIX - Free Report) by 19.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,770,535 shares of the utilities provider's stock after buying an additional 953,897 shares during the quarter. Invesco Ltd. owned about 1.50% of Edison International worth $340,000,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Edison International by 1.0% during the first quarter. Vanguard Group Inc. now owns 49,083,555 shares of the utilities provider's stock worth $2,892,003,000 after buying an additional 493,778 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Edison International by 53.9% during the fourth quarter. Northern Trust Corp now owns 5,757,034 shares of the utilities provider's stock worth $459,642,000 after buying an additional 2,016,017 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Edison International by 111.6% during the first quarter. JPMorgan Chase & Co. now owns 5,663,427 shares of the utilities provider's stock worth $333,689,000 after buying an additional 2,987,318 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Edison International by 7.7% during 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 buying an additional 371,043 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of 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. Institutional investors and hedge funds own 88.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EIX. Morgan Stanley decreased their price target 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 lifted their target price on Edison International from $64.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. Wolfe Research cut Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. JPMorgan Chase & Co. reduced their price target on Edison International from $75.00 to $71.00 and set a "neutral" rating on the stock in a report 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 issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $75.21.

Edison International Stock Performance

Shares of NYSE EIX traded down $0.51 during trading on Friday, reaching $55.51. 2,146,547 shares of the stock traded hands, compared to its average volume of 3,800,672. Edison International has a 52-week low of $47.73 and a 52-week high of $88.77. 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 50-day moving average of $51.91 and a 200-day moving average of $54.22. The stock has a market capitalization of $21.36 billion, a P/E ratio of 8.15, a price-to-earnings-growth ratio of 1.32 and a beta of 0.75.

Edison International (NYSE:EIX - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.97 earnings per share for the quarter, beating the consensus estimate 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 revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.23 EPS. Analysts forecast that Edison International will post 4.95 EPS for the current fiscal year.

Edison International Announces Dividend

The company 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. This represents a $3.31 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend was Monday, July 7th. Edison International's dividend payout ratio is presently 48.60%.

About Edison International

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.