Rafferty Asset Management LLC Reduces Position in Edison International $EIX

Key Points

• Rafferty Asset Management LLC reduced its stake in Edison International by 19.9%, now holding 34,840 shares worth approximately $2.05 million.
• Multiple institutional investors increased their positions in Edison International, with notable increases including a 4,633.3% increase by Rakuten Securities.
• Edison International reported earnings of $0.97 per share for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend yielding 5.9%.

Rafferty Asset Management LLC reduced its position in shares of Edison International (NYSE:EIX - Free Report) by 19.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,840 shares of the utilities provider's stock after selling 8,632 shares during the period. Rafferty Asset Management LLC's holdings in Edison International were worth $2,053,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rakuten Securities Inc. lifted its position in shares of Edison International by 4,633.3% during the 1st quarter. Rakuten Securities Inc. now owns 426 shares of the utilities provider's stock worth $25,000 after buying an additional 417 shares during the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Edison International during the first quarter worth about $25,000. Investment Management Corp VA ADV increased its position in shares of Edison International by 159.6% during the first quarter. Investment Management Corp VA ADV now owns 431 shares of the utilities provider's stock worth $25,000 after purchasing an additional 265 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Edison International in the 1st quarter valued at about $35,000. Finally, Versant Capital Management Inc boosted its position in shares of Edison International by 96.7% in 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 during the period. 88.95% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on EIX. JPMorgan Chase & Co. reduced their price objective on Edison International from $75.00 to $71.00 and set a "neutral" rating for the company in a research note on Monday, May 19th. Barclays upped their price target on shares of Edison International from $64.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. Evercore ISI reissued an "outperform" rating on shares of Edison International in a research report on Thursday, May 15th. Wolfe Research cut shares of Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. Finally, Morgan Stanley restated an "overweight" rating on shares of Edison International in a research report on Thursday, August 21st. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Edison International has a consensus rating of "Moderate Buy" and an average target price of $75.21.

Edison International Price Performance

Shares of EIX traded down $1.01 during trading hours on Thursday, reaching $54.34. The company had a trading volume of 2,233,844 shares, compared to its average volume of 4,311,769. The company has a market capitalization of $20.91 billion, a price-to-earnings ratio of 7.98, a PEG ratio of 1.32 and a beta of 0.80. Edison International has a 12-month low of $47.73 and a 12-month high of $88.68. The firm has a 50 day simple moving average of $53.36 and a 200-day simple moving average of $54.52. The company has a current ratio of 0.87, a quick ratio of 0.81 and a debt-to-equity ratio of 2.03.

Edison International (NYSE:EIX - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.97 earnings per share (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 net margin of 16.00% and a return on equity of 11.99%. The company's revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the firm earned $1.23 EPS. Edison International has set its FY 2025 guidance at 5.940-6.340 EPS. Research analysts expect that Edison International will post 4.95 earnings per share for the current year.

Edison International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, July 7th were given a $0.8275 dividend. The ex-dividend date was Monday, July 7th. This represents a $3.31 annualized dividend and a dividend yield of 6.1%. Edison International's payout ratio 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.