Morgan Stanley Cuts Edison International (NYSE:EIX) Price Target to $72.00

Edison International (NYSE:EIX) had its target price cut by research analysts at Morgan Stanley from $74.00 to $72.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s target price indicates a potential downside of 16.74% from the company’s current price.

Several other research firms have also commented on EIX. Bank of America assumed coverage on shares of Edison International in a report on Thursday, September 12th. They issued a “buy” rating and a $95.00 price target for the company. Jefferies Financial Group started coverage on Edison International in a report on Thursday, November 7th. They issued a “buy” rating and a $93.00 price target on the stock. UBS Group upped their price objective on Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Barclays lifted 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. Finally, 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 research report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.75.

Edison International Price Performance

Shares of EIX stock opened at $86.48 on Friday. The company has a market capitalization of $33.48 billion, a P/E ratio of 25.36, a P/E/G ratio of 2.08 and a beta of 0.92. The company’s 50-day simple moving average is $84.64 and its two-hundred day simple moving average is $80.13. Edison International has a one year low of $63.15 and a one year high of $88.77. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.88 and a quick ratio of 0.81.

Edison International (NYSE:EIX) last announced its quarterly earnings data 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. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.01 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. Edison International’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.38 earnings per share. As a group, equities analysts anticipate that Edison International will post 4.95 EPS for the current year.

Insiders Place Their Bets

In related news, CEO J Andrew Murphy sold 23,896 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $85.45, for a total value of $2,041,913.20. Following the transaction, the chief executive officer now owns 19,850 shares in the company, valued at approximately $1,696,182.50. This represents a 54.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 49,516 shares of company stock valued at $4,169,652. 1.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. FMR LLC grew its position in Edison International by 8.7% during the 3rd quarter. FMR LLC now owns 21,800,874 shares of the utilities provider’s stock worth $1,898,638,000 after purchasing an additional 1,741,835 shares during the period. abrdn plc grew its holdings in Edison International by 166.4% during the third quarter. abrdn plc now owns 1,418,526 shares of the utilities provider’s stock worth $123,149,000 after acquiring an additional 885,955 shares during the period. Robeco Institutional Asset Management B.V. raised its position in Edison International by 117.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 781,736 shares of the utilities provider’s stock valued at $68,081,000 after acquiring an additional 422,752 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Edison International by 595.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 318,672 shares of the utilities provider’s stock valued at $22,884,000 after acquiring an additional 272,876 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Edison International in the 2nd quarter worth approximately $18,484,000. Hedge funds and other institutional investors own 88.95% 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.