Russell Investments Group Ltd. Trims Holdings in Edison International $EIX

Key Points

• Russell Investments Group Ltd. has sold 217,691 shares of Edison International, reducing its holdings by 18.0% to 993,196 shares, valued at approximately $58.34 million.
• Several institutional investors increased their positions in Edison International, with JPMorgan Chase & Co. boosting its holdings by 111.6% to 5,663,427 shares, valued at $333.69 million.
• Edison International announced a quarterly dividend of $0.8275 per share, representing an annualized yield of 5.9%, with a current payout ratio of 48.60%.

Russell Investments Group Ltd. decreased its holdings in Edison International (NYSE:EIX - Free Report) by 18.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 993,196 shares of the utilities provider's stock after selling 217,691 shares during the quarter. Russell Investments Group Ltd. owned about 0.26% of Edison International worth $58,344,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Rakuten Securities Inc. lifted its holdings 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 worth $25,000 after purchasing 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 worth about $25,000. Investment Management Corp VA ADV lifted its stake in shares of Edison International by 159.6% in the 1st quarter. Investment Management Corp VA ADV now owns 431 shares of the utilities provider's stock worth $25,000 after acquiring an additional 265 shares during the period. Bellwether Advisors LLC acquired a new position in shares of Edison International during the fourth quarter valued at approximately $34,000. Finally, Zions Bancorporation National Association UT acquired a new stake in Edison International in the first quarter worth approximately $35,000. Institutional investors and hedge funds own 88.95% of the company's stock.

Edison International Price Performance

Shares of NYSE:EIX traded up $0.35 on Monday, hitting $55.85. The company's stock had a trading volume of 956,911 shares, compared to its average volume of 4,435,859. 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 market capitalization of $21.49 billion, a PE ratio of 8.20, a PEG ratio of 1.31 and a beta of 0.75. The company has a 50-day simple moving average of $51.91 and a 200 day simple moving average of $54.21. Edison International has a 1 year low of $47.73 and a 1 year high of $88.77.

Edison International (NYSE:EIX - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.09. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates 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 was up 4.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.23 EPS. Sell-side analysts forecast that Edison International will post 4.95 EPS for the current fiscal year.

Edison International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, July 7th were issued a $0.8275 dividend. This represents a $3.31 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date was Monday, July 7th. Edison International's dividend payout ratio is 48.60%.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Morgan Stanley cut their price objective on Edison International from $52.00 to $51.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. Wolfe Research downgraded shares of Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. JPMorgan Chase & Co. reduced their target price on shares of Edison International from $75.00 to $71.00 and set a "neutral" rating for the company in a report on Monday, May 19th. Barclays increased their price objective on Edison International from $64.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. Finally, Evercore ISI restated an "outperform" rating on shares of Edison International in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $75.21.

Edison International Company 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.