Edison International (NYSE:EIX) Downgraded by Zacks Investment Research to Hold
Edison International (NYSE:EIX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Edison International’s share price outperformed the Zacks categorized Utility–Electric power industry price in the last one year backed by its focus on transmission and distribution infrastructural development programs, and expansion of operations. Its SCE unit targets an average annual rate base and earnings growth of 7% through 2017 driven by infrastructural investment. However, its performance is subject to approvals from regulatory bodies like California Public Utilities Commission and Federal Energy Regulatory Commission. Any adverse decision on a General Rate Case might greatly affect the utility's earnings growth, moving forward.”
EIX has been the subject of a number of other reports. Deutsche Bank AG increased their target price on Edison International from $79.00 to $81.00 and gave the stock a “hold” rating in a report on Tuesday, April 11th. Mizuho restated a “buy” rating and set a $91.50 price target on shares of Edison International in a research report on Wednesday, April 19th. Barclays PLC restated an “equal weight” rating and set a $84.00 price target (up from $78.00) on shares of Edison International in a research report on Sunday, April 23rd. Jefferies Group LLC restated a “hold” rating and set a $83.00 price target (up from $80.00) on shares of Edison International in a research report on Tuesday, May 2nd. Finally, BMO Capital Markets restated an “outperform” rating and set a $85.00 price target (up from $82.00) on shares of Edison International in a research report on Wednesday, May 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $82.86.
Shares of Edison International (NYSE:EIX) traded up 0.21% during midday trading on Friday, hitting $76.83. The company had a trading volume of 953,618 shares. The firm has a market cap of $25.03 billion, a price-to-earnings ratio of 18.20 and a beta of 0.22. Edison International has a one year low of $67.44 and a one year high of $82.82. The company’s 50 day moving average is $80.18 and its 200 day moving average is $77.33.
Edison International (NYSE:EIX) last posted its quarterly earnings results on Monday, May 1st. The utilities provider reported $1.10 EPS for the quarter, beating the consensus estimate of $0.89 by $0.21. The firm had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Edison International had a return on equity of 10.78% and a net margin of 12.82%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.82 EPS. Equities analysts forecast that Edison International will post $4.21 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Friday, June 30th will be paid a $0.5425 dividend. This represents a $2.17 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Wednesday, June 28th. Edison International’s dividend payout ratio is 50.94%.
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In related news, Director W Brett White sold 2,500 shares of Edison International stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $81.67, for a total value of $204,175.00. Following the sale, the director now owns 2,500 shares of the company’s stock, valued at $204,175. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ronald L. Litzinger sold 26,035 shares of Edison International stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $78.85, for a total value of $2,052,859.75. The disclosure for this sale can be found here. Insiders sold a total of 31,035 shares of company stock worth $2,460,285 in the last three months. Company insiders own 0.41% of the company’s stock.
A number of institutional investors have recently bought and sold shares of EIX. BlackRock Inc. increased its stake in Edison International by 2,416.6% in the first quarter. BlackRock Inc. now owns 24,389,198 shares of the utilities provider’s stock worth $1,941,622,000 after buying an additional 23,420,049 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Edison International by 4.8% in the first quarter. Vanguard Group Inc. now owns 26,875,989 shares of the utilities provider’s stock valued at $2,139,597,000 after buying an additional 1,239,752 shares in the last quarter. Brookfield Asset Management Inc. boosted its stake in shares of Edison International by 127.9% in the first quarter. Brookfield Asset Management Inc. now owns 1,989,977 shares of the utilities provider’s stock valued at $158,422,000 after buying an additional 1,116,880 shares in the last quarter. Macquarie Group Ltd. boosted its stake in shares of Edison International by 8.6% in the fourth quarter. Macquarie Group Ltd. now owns 11,222,827 shares of the utilities provider’s stock valued at $807,931,000 after buying an additional 885,507 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Edison International by 27.9% in the first quarter. Renaissance Technologies LLC now owns 2,991,000 shares of the utilities provider’s stock valued at $238,114,000 after buying an additional 653,100 shares in the last quarter. Institutional investors and hedge funds own 82.45% of the company’s stock.
Edison International Company Profile
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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