Edison International (EIX) Receives Buy Rating from BMO Capital Markets
Edison International (NYSE:EIX)‘s stock had its “buy” rating restated by research analysts at BMO Capital Markets in a research note issued on Thursday. They currently have a $85.00 price target on the utilities provider’s stock. BMO Capital Markets’ target price suggests a potential upside of 6.56% from the stock’s previous close.
Other equities research analysts have also recently issued research reports about the company. Citigroup Inc. reiterated a “neutral” rating and set a $84.00 price objective (down previously from $85.00) on shares of Edison International in a research note on Monday, July 24th. BidaskClub upgraded Edison International from a “sell” rating to a “hold” rating in a research note on Monday, June 19th. UBS AG cut Edison International from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $82.00 to $80.00 in a research note on Wednesday, May 17th. Jefferies Group LLC reiterated a “buy” rating on shares of Edison International in a research note on Thursday. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of Edison International in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. Edison International presently has an average rating of “Hold” and an average price target of $84.35.
Shares of Edison International (NYSE:EIX) traded down 0.95% during trading on Thursday, reaching $79.01. 2,522,742 shares of the company traded hands. The stock has a market cap of $25.74 billion, a P/E ratio of 18.68 and a beta of 0.22. The stock’s 50 day moving average price is $78.40 and its 200-day moving average price is $78.88. Edison International has a 12 month low of $67.44 and a 12 month high of $82.82.
Edison International (NYSE:EIX) last released its earnings results on Thursday, July 27th. The utilities provider reported $0.85 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.85. The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Edison International had a return on equity of 10.58% and a net margin of 12.64%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.85 EPS. On average, equities research analysts expect that Edison International will post $4.24 EPS for the current fiscal year.
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In other Edison International news, insider Ronald L. Litzinger sold 224,715 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $80.54, for a total value of $18,098,546.10. Following the transaction, the insider now directly owns 14,121 shares of the company’s stock, valued at approximately $1,137,305.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director W Brett White sold 2,500 shares of the company’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $81.67, for a total value of $204,175.00. Following the completion of the transaction, the director now directly owns 2,500 shares in the company, valued at $204,175. The disclosure for this sale can be found here. In the last 90 days, insiders sold 229,715 shares of company stock worth $18,505,971. 0.41% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Guardian Life Insurance Co. of America raised its position in shares of Edison International by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 1,256 shares of the utilities provider’s stock worth $100,000 after buying an additional 8 shares in the last quarter. Jones Collombin Investment Counsel Inc raised its position in shares of Edison International by 69.4% in the first quarter. Jones Collombin Investment Counsel Inc now owns 1,745 shares of the utilities provider’s stock worth $139,000 after buying an additional 715 shares in the last quarter. Sun Life Financial INC raised its position in shares of Edison International by 16,935.7% in the second quarter. Sun Life Financial INC now owns 2,385 shares of the utilities provider’s stock worth $186,000 after buying an additional 2,371 shares in the last quarter. Wayne Hummer Investments L.L.C. purchased a new position in shares of Edison International during the first quarter worth approximately $200,000. Finally, Parallel Advisors LLC raised its position in shares of Edison International by 41.7% in the first quarter. Parallel Advisors LLC now owns 2,517 shares of the utilities provider’s stock worth $198,000 after buying an additional 741 shares in the last quarter. 81.73% of the stock is currently owned by hedge funds and other institutional investors.
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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