Q3 2018 EPS Estimates for Edison International (EIX) Lowered by SunTrust Banks
Edison International (NYSE:EIX) – Equities research analysts at SunTrust Banks cut their Q3 2018 earnings estimates for shares of Edison International in a note issued to investors on Tuesday. SunTrust Banks analyst A. Agha now expects that the utilities provider will earn $1.32 per share for the quarter, down from their previous forecast of $1.33. SunTrust Banks also issued estimates for Edison International’s FY2018 earnings at $4.32 EPS and FY2019 earnings at $4.67 EPS.
Several other equities analysts have also commented on EIX. BidaskClub lowered Edison International from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Zacks Investment Research raised Edison International from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a research report on Thursday, July 6th. Morgan Stanley reissued an “equal weight” rating on shares of Edison International in a research report on Tuesday, July 11th. Jefferies Group LLC reissued a “hold” rating on shares of Edison International in a research report on Friday, July 14th. Finally, Citigroup Inc. reissued a “neutral” rating and set a $84.00 price objective (down previously from $85.00) on shares of Edison International in a research report on Monday, July 24th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Edison International presently has an average rating of “Hold” and an average target price of $84.15.
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Shares of Edison International (NYSE:EIX) traded down 0.03% during mid-day trading on Wednesday, reaching $79.69. 139,607 shares of the company’s stock were exchanged. Edison International has a one year low of $67.44 and a one year high of $82.82. The stock has a 50-day moving average of $80.05 and a 200 day moving average of $79.66. The firm has a market capitalization of $25.96 billion, a P/E ratio of 18.84 and a beta of 0.24.
Edison International (NYSE:EIX) last announced its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.85 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.85. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.92 billion. Edison International had a net margin of 12.64% and a return on equity of 10.58%. Edison International’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.85 EPS.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EIX. Guardian Life Insurance Co. of America increased its holdings in Edison International by 0.6% in the 1st 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. Sun Life Financial INC increased its holdings in Edison International by 16,935.7% in the 2nd 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. Parallel Advisors LLC increased its holdings in Edison International by 41.7% in the 1st 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. Wayne Hummer Investments L.L.C. bought a new stake in Edison International in the 1st quarter worth about $200,000. Finally, Gofen & Glossberg LLC IL bought a new stake in Edison International in the 1st quarter worth about $201,000. Institutional investors own 81.53% of the company’s stock.
In related news, insider Ronald L. Litzinger sold 224,715 shares of Edison International stock in a transaction dated 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 completion of the sale, the insider now directly owns 14,121 shares in the company, valued at approximately $1,137,305.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by company insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be issued a $0.5425 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.17 annualized dividend and a yield of 2.72%. Edison International’s payout ratio is 50.82%.
About Edison International
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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