Empirical Finance LLC Raises Stock Position in Edison International (NYSE:EIX)

Empirical Finance LLC grew its stake in shares of Edison International (NYSE:EIX) by 2.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,095 shares of the utilities provider’s stock after acquiring an additional 277 shares during the period. Empirical Finance LLC’s holdings in Edison International were worth $1,140,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of EIX. abrdn plc raised its position in Edison International by 166.4% during the 3rd quarter. abrdn plc now owns 1,418,526 shares of the utilities provider’s stock valued at $123,149,000 after purchasing an additional 885,955 shares in the last quarter. Capital International Investors increased its stake in shares of Edison International by 6.4% during the first quarter. Capital International Investors now owns 13,297,917 shares of the utilities provider’s stock valued at $940,562,000 after buying an additional 795,950 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in shares of Edison International by 117.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 781,736 shares of the utilities provider’s stock valued at $68,081,000 after buying an additional 422,752 shares during the period. Capital Research Global Investors raised its holdings in shares of Edison International by 1.7% in the first quarter. Capital Research Global Investors now owns 20,344,752 shares of the utilities provider’s stock valued at $1,438,984,000 after acquiring an additional 345,189 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Edison International by 595.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 318,672 shares of the utilities provider’s stock worth $22,884,000 after acquiring an additional 272,876 shares during the period. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Edison International Stock Performance

EIX opened at $83.68 on Friday. The company has a market cap of $32.40 billion, a P/E ratio of 24.54, a price-to-earnings-growth ratio of 2.00 and a beta of 0.92. The company has a quick ratio of 0.81, a current ratio of 0.88 and a debt-to-equity ratio of 1.96. The firm’s 50-day moving average price is $84.55 and its 200-day moving average price is $79.66. Edison International has a 52-week low of $63.15 and a 52-week high of $88.77.

Edison International (NYSE:EIX) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.13. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.01 billion. During the same quarter in the prior year, the business posted $1.38 EPS. Edison International’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts anticipate 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, October 31st. Shareholders of record on Monday, October 7th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $3.12 dividend on an annualized basis and a yield of 3.73%. Edison International’s dividend payout ratio is currently 91.50%.

Insider Buying and Selling at Edison International

In related news, CEO J Andrew Murphy sold 23,896 shares of Edison International stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $85.45, for a total transaction of $2,041,913.20. Following the completion of the sale, the chief executive officer now owns 19,850 shares of the company’s stock, valued at $1,696,182.50. The trade was a 54.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Adam S. Umanoff sold 25,619 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total transaction of $2,127,657.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,878 shares of company stock worth $4,285,422. 1.03% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

EIX has been the subject of several recent research reports. Argus boosted their price target on shares of Edison International from $82.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Evercore ISI boosted their price objective on shares of Edison International from $82.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 14th. Jefferies Financial Group began coverage on Edison International in a research report on Thursday, November 7th. They set a “buy” rating and a $93.00 target price on the stock. Guggenheim boosted their price target on Edison International from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Bank of America assumed coverage on Edison International in a research note on Thursday, September 12th. They set a “buy” rating and a $95.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Edison International has a consensus rating of “Moderate Buy” and an average price target of $88.75.

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.