Investment Management Corp of Ontario Acquires 4,100 Shares of Edison International (NYSE:EIX)

Investment Management Corp of Ontario grew its holdings in Edison International (NYSE:EIX) by 8.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,781 shares of the utilities provider’s stock after buying an additional 4,100 shares during the period. Investment Management Corp of Ontario’s holdings in Edison International were worth $4,510,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Lake Street Advisors Group LLC lifted its holdings in Edison International by 4.3% during the 3rd quarter. Lake Street Advisors Group LLC now owns 3,015 shares of the utilities provider’s stock valued at $263,000 after purchasing an additional 124 shares during the last quarter. Baker Tilly Wealth Management LLC raised its position in shares of Edison International by 2.8% in the third quarter. Baker Tilly Wealth Management LLC now owns 4,779 shares of the utilities provider’s stock valued at $416,000 after purchasing an additional 129 shares during the period. SFE Investment Counsel lifted its stake in shares of Edison International by 0.3% during the 3rd quarter. SFE Investment Counsel now owns 42,730 shares of the utilities provider’s stock worth $3,721,000 after buying an additional 130 shares during the last quarter. Equitable Trust Co. lifted its stake in shares of Edison International by 0.9% during the 2nd quarter. Equitable Trust Co. now owns 15,424 shares of the utilities provider’s stock worth $1,108,000 after buying an additional 132 shares during the last quarter. Finally, TIAA Trust National Association boosted its holdings in shares of Edison International by 2.0% during the 2nd quarter. TIAA Trust National Association now owns 6,723 shares of the utilities provider’s stock worth $483,000 after buying an additional 134 shares during the period. 88.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on EIX shares. Evercore ISI increased their price target on shares of Edison International from $82.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, August 14th. Barclays increased their target price on Edison International from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Jefferies Financial Group assumed coverage on Edison International in a research note on Thursday, November 7th. They issued a “buy” rating and a $93.00 price target for the company. Wells Fargo & Company increased their price objective on Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, UBS Group lifted their target price on Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Edison International presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.75.

Edison International Trading Down 1.2 %

EIX opened at $84.74 on Wednesday. The stock has a market capitalization of $32.81 billion, a price-to-earnings ratio of 24.85, a P/E/G ratio of 2.05 and a beta of 0.92. The company has a quick ratio of 0.81, a current ratio of 0.88 and a debt-to-equity ratio of 1.96. Edison International has a twelve month low of $63.15 and a twelve month high of $88.77. The company has a 50-day simple moving average of $84.86 and a 200 day simple moving average of $80.76.

Edison International (NYSE:EIX) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.13. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.01 billion. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.38 EPS. Analysts predict that Edison International will post 4.94 EPS for the current fiscal year.

Edison International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, October 7th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Monday, October 7th. Edison International’s dividend payout ratio is presently 91.50%.

Insider Activity

In other news, VP Adam S. Umanoff sold 25,619 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $83.05, for a total value of $2,127,657.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.20% of the company’s stock.

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.