Thoroughbred Financial Services LLC Trims Position in Edison International (NYSE:EIX)

Thoroughbred Financial Services LLC lessened its stake in shares of Edison International (NYSE:EIX) by 2.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,458 shares of the utilities provider’s stock after selling 140 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Edison International were worth $391,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in EIX. Capital Research Global Investors lifted its position in Edison International by 23.0% in the 4th quarter. Capital Research Global Investors now owns 19,999,563 shares of the utilities provider’s stock worth $1,429,769,000 after buying an additional 3,734,550 shares during the last quarter. Norges Bank bought a new stake in Edison International in the 4th quarter worth approximately $210,327,000. M&G Plc bought a new stake in Edison International in the 1st quarter worth approximately $85,436,000. Capital International Investors lifted its position in Edison International by 6.4% in the 1st quarter. Capital International Investors now owns 13,297,917 shares of the utilities provider’s stock worth $940,562,000 after buying an additional 795,950 shares during the last quarter. Finally, Morningstar Investment Services LLC lifted its position in Edison International by 98.1% in the 4th quarter. Morningstar Investment Services LLC now owns 1,347,664 shares of the utilities provider’s stock worth $96,492,000 after buying an additional 667,273 shares during the last quarter. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Insider Buying and Selling

In related news, CEO J Andrew Murphy sold 28,995 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $78.43, for a total value of $2,274,077.85. Following the sale, the chief executive officer now directly owns 19,660 shares of the company’s stock, valued at $1,541,933.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, VP Natalie K. Schilling sold 2,341 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $80.00, for a total value of $187,280.00. Following the sale, the vice president now directly owns 6,338 shares of the company’s stock, valued at $507,040. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO J Andrew Murphy sold 28,995 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $78.43, for a total value of $2,274,077.85. Following the completion of the sale, the chief executive officer now directly owns 19,660 shares in the company, valued at $1,541,933.80. The disclosure for this sale can be found here. Insiders have sold a total of 89,099 shares of company stock valued at $7,223,342 over the last ninety days. Company insiders own 1.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EIX. Bank of America began coverage on Edison International in a research report on Thursday, September 12th. They issued a “buy” rating and a $95.00 target price for the company. Guggenheim boosted their price objective on Edison International from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. UBS Group boosted their price objective on Edison International from $86.00 to $89.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $94.00 price objective on shares of Edison International in a research report on Monday. Finally, Barclays boosted their price objective on Edison International from $80.00 to $91.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $85.83.

Edison International Price Performance

Shares of Edison International stock opened at $86.25 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 1.03 and a debt-to-equity ratio of 2.04. The company has a market cap of $33.18 billion, a PE ratio of 37.83 and a beta of 0.91. The business has a 50 day moving average of $81.36 and a 200 day moving average of $75.07. Edison International has a 52 week low of $58.82 and a 52 week high of $88.77.

Edison International (NYSE:EIX) last announced its earnings results on Thursday, July 25th. The utilities provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.18. The company had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.12 billion. Edison International had a return on equity of 13.01% and a net margin of 6.60%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 earnings per share. As a group, equities research analysts forecast that Edison International will post 4.96 earnings per share for the current year.

Edison International Announces Dividend

The company 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. The ex-dividend date of this dividend was Monday, July 8th. This represents a $3.12 annualized dividend and a yield of 3.62%. Edison International’s payout ratio is 136.84%.

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.