3,378 Shares in Edison International (NYSE:EIX) Acquired by Pinnacle Associates Ltd.

Posted by on Apr 21st, 2023

Pinnacle Associates Ltd. bought a new position in shares of Edison International (NYSE:EIX – Get Rating) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 3,378 shares of the utilities provider’s stock, valued at approximately $215,000.

A number of other institutional investors have also made changes to their positions in EIX. International Assets Investment Management LLC bought a new stake in Edison International in the 4th quarter valued at $26,000. CI Investments Inc. boosted its stake in Edison International by 980.9% in the 3rd quarter. CI Investments Inc. now owns 508 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 461 shares during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new stake in Edison International in the 4th quarter valued at $32,000. Ancora Advisors LLC bought a new stake in Edison International in the 1st quarter valued at $41,000. Finally, Lazard Asset Management LLC boosted its stake in Edison International by 975.7% in the 3rd quarter. Lazard Asset Management LLC now owns 796 shares of the utilities provider’s stock valued at $44,000 after purchasing an additional 722 shares during the period. 87.19% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Edison International news, SVP J Andrew Murphy sold 22,471 shares of the company’s stock in a transaction dated Wednesday, April 5th. The stock was sold at an average price of $72.03, for a total value of $1,618,586.13. Following the completion of the transaction, the senior vice president now owns 12,989 shares of the company’s stock, valued at approximately $935,597.67. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.03% of the company’s stock.

Edison International Price Performance

Edison International stock opened at $73.00 on Friday. The company has a debt-to-equity ratio of 1.74, a quick ratio of 0.64 and a current ratio of 0.68. Edison International has a 52 week low of $54.45 and a 52 week high of $73.35. The stock has a market capitalization of $27.93 billion, a P/E ratio of 45.63, a price-to-earnings-growth ratio of 5.15 and a beta of 0.80. The stock has a fifty day moving average of $68.93 and a 200-day moving average of $65.23.

Edison International (NYSE:EIX – Get Rating) last posted its quarterly earnings results on Thursday, February 23rd. The utilities provider reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.07. Edison International had a return on equity of 12.05% and a net margin of 4.48%. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. On average, sell-side analysts expect that Edison International will post 4.74 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, April 30th. Shareholders of record on Friday, March 31st will be issued a $0.7375 dividend. The ex-dividend date is Thursday, March 30th. This represents a $2.95 dividend on an annualized basis and a yield of 4.04%. Edison International’s payout ratio is presently 184.38%.

Analysts Set New Price Targets

EIX has been the subject of several recent research reports. Morgan Stanley boosted their price target on Edison International from $50.00 to $57.00 and gave the company an “underweight” rating in a research note on Thursday. Mizuho boosted their price target on Edison International from $67.00 to $73.00 and gave the company a “neutral” rating in a research note on Monday, April 10th. Wells Fargo & Company upped their target price on Edison International from $73.00 to $77.00 and gave the company an “equal weight” rating in a research report on Monday, April 10th. Credit Suisse Group cut their target price on Edison International from $68.00 to $67.00 and set a “neutral” rating for the company in a research report on Friday, February 24th. Finally, JPMorgan Chase & Co. upped their target price on Edison International from $72.00 to $74.00 and gave the company a “neutral” rating in a research report on Thursday, February 2nd. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $71.17.

Edison International Profile

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Edison International is a renewable energy company, which through its subsidiaries, generates and distributes electric power, and invests in energy services and technologies. The company was founded on July 4, 1886, and is headquartered in Rosemead, CA.

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Institutional Ownership by Quarter for Edison International (NYSE:EIX)

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