Simplicity Solutions LLC Lowers Position in Edison International (NYSE:EIX)

Posted by Defense World Staff on Apr 24th, 2023

Edison International logo Simplicity Solutions LLC cut its holdings in Edison International (NYSE:EIX – Get Rating) by 29.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,093 shares of the utilities provider’s stock after selling 1,730 shares during the quarter. Simplicity Solutions LLC’s holdings in Edison International were worth $260,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of Edison International by 12.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,234,491 shares of the utilities provider’s stock valued at $86,534,000 after acquiring an additional 137,840 shares in the last quarter. Aviva PLC boosted its position in Edison International by 21.5% in the 1st quarter. Aviva PLC now owns 151,158 shares of the utilities provider’s stock worth $10,596,000 after purchasing an additional 26,797 shares in the last quarter. Prudential PLC purchased a new stake in Edison International in the 1st quarter worth approximately $688,000. Cetera Investment Advisers boosted its position in Edison International by 30.5% in the 1st quarter. Cetera Investment Advisers now owns 6,916 shares of the utilities provider’s stock worth $485,000 after purchasing an additional 1,617 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Edison International by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 44,530,226 shares of the utilities provider’s stock worth $3,121,569,000 after purchasing an additional 731,841 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors.

Edison International Stock Performance

Shares of Edison International stock opened at $72.93 on Monday. The business has a 50-day moving average of $69.04 and a 200 day moving average of $65.40. Edison International has a 12 month low of $54.45 and a 12 month high of $73.61. The stock has a market capitalization of $27.91 billion, a price-to-earnings ratio of 45.58, a price-to-earnings-growth ratio of 5.27 and a beta of 0.80. The company has a debt-to-equity ratio of 1.74, a current ratio of 0.68 and a quick ratio of 0.64.

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

Edison International Dividend Announcement

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

Insider Activity

In other news, SVP J Andrew Murphy sold 22,471 shares of the firm’s stock in a transaction dated Wednesday, April 5th. The stock was sold at an average price of $72.03, for a total transaction of $1,618,586.13. Following the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on EIX shares. Credit Suisse Group lowered their price objective on Edison International from $68.00 to $67.00 and set a “neutral” rating on the stock in a research report on Friday, February 24th. JPMorgan Chase & Co. raised their target price on Edison International from $72.00 to $74.00 and gave the stock a “neutral” rating in a research note on Thursday, February 2nd. StockNews.com assumed coverage on Edison International in a research note on Thursday, March 16th. They issued a “hold” rating for the company. UBS Group raised Edison International from a “neutral” rating to a “buy” rating and raised their target price for the stock from $69.00 to $75.00 in a research note on Tuesday, January 3rd. Finally, Mizuho raised their target price on Edison International from $67.00 to $73.00 and gave the stock a “neutral” rating in a research note on Monday, April 10th. Three equities 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 company. According to data from MarketBeat, Edison International currently has an average rating of “Hold” and an average price target of $71.17.

About Edison International

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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.