Korea Investment CORP lifted its position in Edison International (NYSE:EIX) by 31.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 220,821 shares of the utilities provider’s stock after buying an additional 53,380 shares during the period. Korea Investment CORP owned approximately 0.07% of Edison International worth $14,945,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Edison International by 3.2% in the 3rd quarter. BlackRock Inc. now owns 28,543,129 shares of the utilities provider’s stock worth $1,931,800,000 after buying an additional 881,794 shares during the last quarter. Macquarie Group Ltd. boosted its stake in shares of Edison International by 15.3% in the 2nd quarter. Macquarie Group Ltd. now owns 11,095,751 shares of the utilities provider’s stock worth $702,028,000 after buying an additional 1,475,620 shares during the last quarter. Pzena Investment Management LLC boosted its stake in shares of Edison International by 14.2% in the 3rd quarter. Pzena Investment Management LLC now owns 8,949,790 shares of the utilities provider’s stock worth $605,722,000 after buying an additional 1,113,386 shares during the last quarter. Boston Partners boosted its stake in shares of Edison International by 3.0% in the 2nd quarter. Boston Partners now owns 5,075,296 shares of the utilities provider’s stock worth $321,114,000 after buying an additional 145,785 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Edison International by 13.2% in the 2nd quarter. American Century Companies Inc. now owns 4,626,243 shares of the utilities provider’s stock worth $292,702,000 after buying an additional 539,897 shares during the last quarter. Hedge funds and other institutional investors own 81.93% of the company’s stock.
A number of equities analysts have recently issued reports on EIX shares. Goldman Sachs Group set a $69.00 price target on Edison International and gave the stock a “hold” rating in a research note on Friday, September 14th. ValuEngine upgraded Edison International from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Wells Fargo & Co raised their target price on Edison International from $76.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, September 17th. Morgan Stanley raised their target price on Edison International from $72.00 to $75.00 and gave the stock a “hold” rating in a report on Tuesday, September 11th. Finally, Argus raised their target price on Edison International to $80.00 and gave the stock a “buy” rating in a report on Thursday, October 11th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $70.54.
Shares of Edison International stock opened at $54.72 on Friday. Edison International has a one year low of $45.50 and a one year high of $81.96. The firm has a market capitalization of $17.84 billion, a P/E ratio of 12.16, a P/E/G ratio of 2.23 and a beta of 0.01. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.02.
Edison International (NYSE:EIX) last announced its earnings results on Tuesday, October 30th. The utilities provider reported $1.56 EPS for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.25. Edison International had a return on equity of 10.61% and a net margin of 4.47%. The company had revenue of $4.27 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same period last year, the firm earned $1.43 EPS. Edison International’s revenue for the quarter was up 16.3% compared to the same quarter last year. As a group, analysts forecast that Edison International will post 4.14 earnings per share for the current year.
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Edison International Company Profile
Edison International, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the United States. It generates electricity through hydroelectric, diesel/liquid petroleum gas, natural gas, nuclear, and photovoltaic sources. The company supplies electricity primarily to residential, commercial, industrial, agricultural, and other customers, as well as public authorities through transmission and distribution networks.
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