Retirement Systems of Alabama Has $7.97 Million Stake in Edison International (NYSE:EIX)

Posted by Defense World Staff on Jul 24th, 2023

Edison International logo Retirement Systems of Alabama decreased its position in shares of Edison International (NYSE:EIX – Free Report) by 7.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,872 shares of the utilities provider’s stock after selling 9,465 shares during the period. Retirement Systems of Alabama’s holdings in Edison International were worth $7,968,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of EIX. 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 worth $86,534,000 after buying an additional 137,840 shares in the last quarter. Aviva PLC increased its holdings in shares of Edison International by 21.5% during the first quarter. Aviva PLC now owns 151,158 shares of the utilities provider’s stock worth $10,596,000 after buying an additional 26,797 shares in the last quarter. Prudential PLC acquired a new stake in shares of Edison International during the first quarter worth approximately $688,000. Cetera Investment Advisers increased its holdings in shares of Edison International by 30.5% during the first quarter. Cetera Investment Advisers now owns 6,916 shares of the utilities provider’s stock worth $485,000 after buying an additional 1,617 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Edison International by 1.7% during the first quarter. Vanguard Group Inc. now owns 44,530,226 shares of the utilities provider’s stock valued at $3,121,569,000 after purchasing an additional 731,841 shares during the last quarter. Institutional investors and hedge funds own 88.83% of the company’s stock.

Edison International Trading Up 0.3 %

EIX opened at $72.40 on Monday. The firm’s fifty day moving average is $68.73 and its two-hundred day moving average is $69.11. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.80 and a current ratio of 0.86. The firm has a market cap of $27.73 billion, a PE ratio of 33.06, a price-to-earnings-growth ratio of 4.01 and a beta of 0.81. Edison International has a twelve month low of $54.45 and a twelve month high of $74.92.

Edison International (NYSE:EIX – Get Free Report) last posted its earnings results on Tuesday, May 2nd. The utilities provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.05. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4 billion. Edison International had a net margin of 6.12% and a return on equity of 12.48%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the business posted $1.07 earnings per share. Equities research analysts anticipate that Edison International will post 4.72 EPS for the current 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 issued a $0.738 dividend. The ex-dividend date of this dividend is Monday, July 3rd. This is a positive change from Edison International’s previous quarterly dividend of $0.74. This represents a $2.95 annualized dividend and a yield of 4.08%. Edison International’s dividend payout ratio (DPR) is 134.70%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Guggenheim cut shares of Edison International from a “buy” rating to a “neutral” rating in a research note on Friday, July 7th. Morgan Stanley increased their price target on shares of Edison International from $55.00 to $56.00 and gave the company an “underweight” rating in a research note on Friday. StockNews.com assumed coverage on shares of Edison International in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Citigroup increased their price target on shares of Edison International from $79.00 to $86.00 in a research note on Thursday, May 4th. Finally, Wells Fargo & Company increased their price target on shares of Edison International from $73.00 to $77.00 and gave the company an “equal weight” rating in a research note on Monday, April 10th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Edison International has an average rating of “Hold” and a consensus target price of $73.55.

Edison International Company 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.