First Trust Direct Indexing L.P. Acquires 402 Shares of Edison International (NYSE:EIX)

Posted by on Jul 16th, 2023

First Trust Direct Indexing L.P. boosted its holdings in Edison International (NYSE:EIX – Free Report) by 6.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,250 shares of the utilities provider’s stock after acquiring an additional 402 shares during the period. First Trust Direct Indexing L.P.’s holdings in Edison International were worth $441,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D raised its stake in Edison International by 1.4% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 220,632 shares of the utilities provider’s stock valued at $15,574,000 after acquiring an additional 2,992 shares during the period. Caprock Group LLC raised its stake in Edison International by 11.1% in the 1st quarter. Caprock Group LLC now owns 9,412 shares of the utilities provider’s stock valued at $671,000 after acquiring an additional 943 shares during the period. Harbor Capital Advisors Inc. bought a new stake in Edison International in the 1st quarter valued at $555,000. IRON Financial LLC bought a new stake in Edison International in the 1st quarter valued at $203,000. Finally, Parallel Advisors LLC raised its stake in Edison International by 8.7% in the 1st quarter. Parallel Advisors LLC now owns 3,150 shares of the utilities provider’s stock valued at $222,000 after acquiring an additional 252 shares during the period. Institutional investors own 88.83% of the company’s stock.

Edison International Price Performance

Shares of EIX stock opened at $70.47 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.86 and a debt-to-equity ratio of 1.89. Edison International has a twelve month low of $54.45 and a twelve month high of $74.92. The company has a market cap of $26.99 billion, a P/E ratio of 32.18, a P/E/G ratio of 3.93 and a beta of 0.80. The business has a fifty day simple moving average of $69.00 and a 200 day simple moving average of $68.86.

Edison International (NYSE:EIX – Get Free Report) last posted its earnings results on Tuesday, May 2nd. The utilities provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.04 by $0.05. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4 billion. Edison International had a return on equity of 12.48% and a net margin of 6.12%. The business’s quarterly revenue was down .1% on a year-over-year basis. During the same period last year, the company earned $1.07 earnings per share. On average, sell-side analysts forecast that Edison International will post 4.72 EPS for the current fiscal year.

Edison International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Wednesday, July 5th will be given a $0.738 dividend. The ex-dividend date of this dividend is Monday, July 3rd. This is an increase from Edison International’s previous quarterly dividend of $0.74. This represents a $2.95 annualized dividend and a yield of 4.19%. Edison International’s dividend payout ratio (DPR) is currently 134.70%.

Wall Street Analyst Weigh In

A number of research analysts have commented on EIX shares. Mizuho upped their price objective on Edison International from $67.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, April 10th. Morgan Stanley upped their price objective on Edison International from $50.00 to $57.00 and gave the company an “underweight” rating in a report on Thursday, April 20th. LADENBURG THALM/SH SH upped their price objective on Edison International from $66.00 to $67.00 in a report on Wednesday, May 17th. StockNews.com assumed coverage on Edison International in a report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Citigroup increased their target price on Edison International from $79.00 to $86.00 in a report on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $73.08.

Edison International Profile

(Free Report)

Edison International, through its subsidiaries, generates and distributes electric power. The company supplies electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors. It also provides decarbonization and energy solutions to commercial, institutional, and industrial customers in North America and Europe.

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

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