The Manufacturers Life Insurance Company increased its holdings in Edison International (NYSE:EIX – Free Report) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 236,040 shares of the utilities provider’s stock after acquiring an additional 5,285 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Edison International worth $20,557,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Highline Wealth Partners LLC purchased a new stake in Edison International in the 3rd quarter valued at approximately $26,000. Ashton Thomas Private Wealth LLC acquired a new position in Edison International during the second quarter worth $27,000. Eastern Bank purchased a new position in Edison International in the third quarter worth $27,000. Country Trust Bank acquired a new stake in Edison International in the second quarter valued at $29,000. Finally, Farmers & Merchants Investments Inc. boosted its position in shares of Edison International by 53.8% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 400 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 88.95% of the company’s stock.
Insider Activity
In related news, VP Adam S. Umanoff sold 25,619 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $83.05, for a total transaction of $2,127,657.95. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.03% of the company’s stock.
Edison International Trading Down 0.7 %
Edison International (NYSE:EIX – Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.13. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.01 billion. During the same quarter in the previous year, the business posted $1.38 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Equities research analysts predict that Edison International will post 4.94 earnings per share for the current fiscal year.
Edison International Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, October 7th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend was Monday, October 7th. Edison International’s dividend payout ratio (DPR) is 91.50%.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley reduced their price target on shares of Edison International from $74.00 to $72.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Barclays upped their price target on Edison International from $89.00 to $91.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Argus lifted their price objective on Edison International from $82.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, UBS Group boosted their target price on Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $88.75.
Read Our Latest Research Report on Edison International
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.
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