Edison International (NYSE:EIX) Reaches New 52-Week High on Analyst Upgrade

Edison International (NYSE:EIX) hit a new 52-week high during mid-day trading on Wednesday after Evercore ISI raised their price target on the stock from $82.00 to $88.00. Evercore ISI currently has an outperform rating on the stock. Edison International traded as high as $83.64 and last traded at $83.62, with a volume of 163410 shares changing hands. The stock had previously closed at $82.91.

Other research analysts have also recently issued reports about the company. Mizuho lifted their price target on Edison International from $75.00 to $85.00 and gave the company a “buy” rating in a report on Friday, May 17th. Morgan Stanley cut their price target on Edison International from $64.00 to $61.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Barclays lifted their price target on Edison International from $75.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Wells Fargo & Company boosted their price objective on Edison International from $86.00 to $87.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Argus boosted their price objective on Edison International from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $80.09.

Insider Transactions at Edison International

In other news, CEO J Andrew Murphy sold 32,505 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $80.12, for a total transaction of $2,604,300.60. Following the completion of the transaction, the chief executive officer now directly owns 19,660 shares in the company, valued at approximately $1,575,159.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO J Andrew Murphy sold 32,505 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $80.12, for a total transaction of $2,604,300.60. Following the completion of the transaction, the chief executive officer now directly owns 19,660 shares in the company, valued at approximately $1,575,159.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Caroline Choi sold 10,004 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total value of $758,003.08. Following the completion of the transaction, the senior vice president now owns 26,918 shares of the company’s stock, valued at $2,039,576.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,845 shares of company stock worth $5,823,662. 1.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edison International

Institutional investors and hedge funds have recently modified their holdings of the business. CreativeOne Wealth LLC acquired a new position in Edison International during the 1st quarter worth approximately $230,000. Kentucky Retirement Systems Insurance Trust Fund boosted its position in Edison International by 4.2% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 13,655 shares of the utilities provider’s stock worth $976,000 after acquiring an additional 551 shares during the last quarter. Jump Financial LLC acquired a new position in Edison International during the 4th quarter worth approximately $1,215,000. Avantax Advisory Services Inc. raised its stake in shares of Edison International by 73.2% during the 4th quarter. Avantax Advisory Services Inc. now owns 21,114 shares of the utilities provider’s stock worth $1,509,000 after purchasing an additional 8,922 shares in the last quarter. Finally, Principal Securities Inc. bought a new stake in shares of Edison International during the 4th quarter worth approximately $1,233,000. 88.95% of the stock is currently owned by institutional investors and hedge funds.

Edison International Trading Up 1.0 %

The company has a market cap of $32.33 billion, a P/E ratio of 36.36 and a beta of 0.91. The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 2.04. The business has a 50 day moving average price of $75.22 and a 200-day moving average price of $71.90.

Edison International (NYSE:EIX) last announced its quarterly earnings data on Thursday, July 25th. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18. Edison International had a return on equity of 13.01% and a net margin of 6.60%. The company had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The business’s revenue was up 9.4% compared to the same quarter last year. Analysts forecast that Edison International will post 4.92 earnings per share for the current fiscal year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Monday, July 8th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend was Monday, July 8th. Edison International’s dividend payout ratio (DPR) is presently 136.84%.

Edison International Company Profile

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.