Covington Capital Management trimmed its stake in shares of Edison International (NYSE:EIX) by 19.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 5,513 shares of the utilities provider’s stock after selling 1,364 shares during the quarter. Covington Capital Management’s holdings in Edison International were worth $313,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the company. Enlightenment Research LLC bought a new stake in shares of Edison International during the 4th quarter worth $28,000. Essex Investment Management Co. LLC bought a new stake in shares of Edison International during the 4th quarter worth $28,000. Rehmann Capital Advisory Group lifted its position in shares of Edison International by 57.2% during the 4th quarter. Rehmann Capital Advisory Group now owns 547 shares of the utilities provider’s stock worth $31,000 after buying an additional 199 shares during the last quarter. Karp Capital Management Corp bought a new stake in shares of Edison International during the 4th quarter worth $32,000. Finally, Bremer Trust National Association bought a new stake in shares of Edison International during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 84.82% of the company’s stock.
EIX has been the subject of several recent analyst reports. Zacks Investment Research downgraded Edison International from a “buy” rating to a “hold” rating in a research report on Monday, December 17th. Wells Fargo & Co restated a “buy” rating on shares of Edison International in a research report on Monday, December 24th. Goldman Sachs Group upgraded Edison International from a “neutral” rating to a “buy” rating and dropped their target price for the company from $71.00 to $63.00 in a research report on Friday, January 4th. Bank of America downgraded Edison International from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $64.00 to $61.00 in a research report on Tuesday, January 15th. Finally, ValuEngine downgraded Edison International from a “hold” rating to a “sell” rating in a research report on Tuesday, January 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $70.14.
Edison International (NYSE:EIX) last issued its quarterly earnings results on Thursday, February 28th. The utilities provider reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.06). The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.90 billion. Edison International had a negative net margin of 2.45% and a positive return on equity of 10.47%. During the same period in the previous year, the company posted $1.10 EPS. As a group, analysts predict that Edison International will post 4.53 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th will be paid a $0.6125 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.45 annualized dividend and a dividend yield of 3.76%. Edison International’s payout ratio is 59.04%.
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About Edison International
Edison International, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the United States. It generates electricity through hydroelectric, diesel/liquid petroleum gas, natural gas, nuclear, and photovoltaic sources. The company supplies electricity primarily to residential, commercial, industrial, agricultural, and other customers, as well as public authorities through transmission and distribution networks.
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