BNP Paribas Financial Markets Lowers Stake in Edison International (NYSE:EIX)

BNP Paribas Financial Markets lowered its stake in shares of Edison International (NYSE:EIX) by 23.8% in the third quarter, Holdings Channel reports. The institutional investor owned 778,906 shares of the utilities provider’s stock after selling 243,660 shares during the period. BNP Paribas Financial Markets’ holdings in Edison International were worth $67,835,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Edison International during the 3rd quarter worth about $1,387,000. Swedbank AB raised its stake in shares of Edison International by 76.3% during the 2nd quarter. Swedbank AB now owns 446,637 shares of the utilities provider’s stock valued at $32,073,000 after buying an additional 193,307 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Edison International by 150.6% during the 1st quarter. Janus Henderson Group PLC now owns 169,742 shares of the utilities provider’s stock valued at $12,004,000 after buying an additional 102,000 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Edison International by 955.8% during the 1st quarter. Cetera Investment Advisers now owns 104,805 shares of the utilities provider’s stock valued at $7,413,000 after buying an additional 94,878 shares during the last quarter. Finally, Baker Avenue Asset Management LP purchased a new position in shares of Edison International during the 3rd quarter valued at about $2,291,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on EIX. Morgan Stanley reduced their price objective on Edison International from $74.00 to $72.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Bank of America began coverage on Edison International in a research note on Thursday, September 12th. They set a “buy” rating and a $95.00 price objective for the company. Barclays lifted their price objective on Edison International from $89.00 to $91.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Royal Bank of Canada lifted their price objective on Edison International from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Finally, Jefferies Financial Group initiated coverage on Edison International in a research note on Thursday, November 7th. They set a “buy” rating and a $93.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.75.

Insiders Place Their Bets

In other news, VP Adam S. Umanoff sold 25,619 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total transaction of $2,127,657.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.20% of the stock is owned by company insiders.

Edison International Price Performance

Shares of Edison International stock opened at $88.39 on Thursday. Edison International has a twelve month low of $63.15 and a twelve month high of $88.77. The business has a 50-day moving average price of $84.76 and a 200 day moving average price of $80.41. The company has a quick ratio of 0.81, a current ratio of 0.88 and a debt-to-equity ratio of 1.96. The firm has a market cap of $34.22 billion, a PE ratio of 25.92, a P/E/G ratio of 2.09 and a beta of 0.92.

Edison International (NYSE:EIX) last posted its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, topping the consensus estimate of $1.38 by $0.13. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.01 billion. During the same period in the previous year, the business earned $1.38 EPS. Edison International’s quarterly revenue was up 10.6% on a year-over-year basis. Sell-side analysts predict that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, October 7th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, October 7th. This represents a $3.12 annualized dividend and a yield of 3.53%. Edison International’s dividend payout ratio (DPR) is currently 91.50%.

About Edison International

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.