Millburn Ridgefield Corp Acquires Shares of 1,228 Edison International (NYSE:EIX)

Millburn Ridgefield Corp bought a new stake in shares of Edison International (NYSE:EIX) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,228 shares of the utilities provider’s stock, valued at approximately $107,000.

A number of other hedge funds have also made changes to their positions in the stock. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Edison International in the third quarter valued at $1,387,000. Swedbank AB raised its stake in Edison International by 76.3% during the second 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 in the last quarter. Cetera Investment Advisers boosted its holdings in Edison International by 955.8% in the first quarter. Cetera Investment Advisers now owns 104,805 shares of the utilities provider’s stock worth $7,413,000 after purchasing an additional 94,878 shares during the period. Baker Avenue Asset Management LP acquired a new position in Edison International in the third quarter valued at approximately $2,291,000. Finally, Bank of Montreal Can grew its holdings in shares of Edison International by 5.3% during the second quarter. Bank of Montreal Can now owns 695,620 shares of the utilities provider’s stock valued at $50,022,000 after purchasing an additional 34,701 shares during the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.

Edison International Stock Performance

NYSE:EIX opened at $84.74 on Wednesday. The company has a 50-day moving average of $84.86 and a 200-day moving average of $80.76. The firm has a market cap of $32.81 billion, a price-to-earnings ratio of 24.85, a price-to-earnings-growth ratio of 2.05 and a beta of 0.92. The company has a current ratio of 0.88, a quick ratio of 0.81 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.

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

Edison International Announces Dividend

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

Insider Buying and Selling at Edison International

In other Edison International news, VP Adam S. Umanoff sold 25,619 shares of Edison International stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $83.05, for a total transaction of $2,127,657.95. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

EIX has been the topic of several recent research reports. UBS Group raised their price target on Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Barclays raised their target price 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. Jefferies Financial Group assumed coverage on shares of Edison International in a research report on Thursday, November 7th. They set a “buy” rating and a $93.00 price target for the company. Argus lifted their price objective on shares of Edison International from $82.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, Wells Fargo & Company boosted their target price on shares of Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $88.75.

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.