Edison International (NYSE:EIX) Stock Price Down 7.7% Following Analyst Downgrade

Edison International (NYSE:EIX)’s share price was down 7.7% during mid-day trading on Monday after Barclays lowered their price target on the stock from $84.00 to $76.00. Barclays currently has an overweight rating on the stock. Edison International traded as low as $59.79 and last traded at $60.00. Approximately 1,627,719 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 4,780,236 shares. The stock had previously closed at $65.00.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company increased their price objective on Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. UBS Group decreased their price target on Edison International from $96.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Morgan Stanley reduced their price objective on shares of Edison International from $74.00 to $72.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Royal Bank of Canada lifted their target price on shares of Edison International from $94.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Finally, Jefferies Financial Group began coverage on shares of Edison International in a research note on Thursday, November 7th. They set a “buy” rating and a $93.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Edison International has an average rating of “Moderate Buy” and a consensus target price of $87.33.

Insiders Place Their Bets

In other Edison International news, VP Adam S. Umanoff sold 25,619 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total value of $2,127,657.95. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.03% of the company’s stock.

Institutional Trading of Edison International

Hedge funds have recently bought and sold shares of the stock. Highline Wealth Partners LLC bought a new stake in Edison International in the third quarter valued at $26,000. Groupama Asset Managment boosted its stake in Edison International by 0.8% in the third quarter. Groupama Asset Managment now owns 29,911 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 237 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of Edison International during the second quarter worth $27,000. Eastern Bank acquired a new stake in shares of Edison International in the third quarter valued at $27,000. Finally, Larson Financial Group LLC lifted its position in Edison International by 125.0% during the 3rd quarter. Larson Financial Group LLC now owns 351 shares of the utilities provider’s stock worth $31,000 after buying an additional 195 shares in the last quarter. 88.95% of the stock is owned by institutional investors.

Edison International Trading Up 2.2 %

The stock has a market cap of $22.65 billion, a P/E ratio of 17.16, a price-to-earnings-growth ratio of 1.96 and a beta of 0.93. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. The business’s fifty day simple moving average is $80.71 and its 200 day simple moving average is $81.62.

Edison International (NYSE:EIX) last released its earnings results on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.38 by $0.13. The company had revenue of $5.20 billion during 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%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $1.38 EPS. As a group, analysts expect that Edison International will post 4.94 EPS for the current year.

Edison International Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, January 7th will be paid a $0.8275 dividend. The ex-dividend date of this dividend is Tuesday, January 7th. This is a boost from Edison International’s previous quarterly dividend of $0.78. This represents a $3.31 dividend on an annualized basis and a yield of 5.66%. Edison International’s dividend payout ratio (DPR) is presently 97.07%.

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.