Pzena Investment Management LLC lessened its stake in Edison International (NYSE:EIX) by 10.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,515,474 shares of the utilities provider’s stock after selling 912,134 shares during the period. Edison International comprises 2.5% of Pzena Investment Management LLC’s portfolio, making the stock its 7th biggest holding. Pzena Investment Management LLC’s holdings in Edison International were worth $465,358,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EIX. Norges Bank bought a new stake in shares of Edison International in the fourth quarter valued at about $241,133,000. FMR LLC lifted its stake in shares of Edison International by 97.6% in the fourth quarter. FMR LLC now owns 5,520,041 shares of the utilities provider’s stock valued at $313,373,000 after buying an additional 2,726,761 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in shares of Edison International by 5,560.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,016,016 shares of the utilities provider’s stock valued at $36,000 after buying an additional 1,980,403 shares during the period. Macquarie Group Ltd. lifted its stake in shares of Edison International by 11.3% in the fourth quarter. Macquarie Group Ltd. now owns 13,067,013 shares of the utilities provider’s stock valued at $741,814,000 after buying an additional 1,324,950 shares during the period. Finally, Jennison Associates LLC bought a new stake in shares of Edison International in the fourth quarter valued at about $70,533,000. Institutional investors and hedge funds own 84.72% of the company’s stock.
Several research firms recently weighed in on EIX. Wolfe Research upgraded shares of Edison International from a “peer perform” rating to an “outperform” rating in a research note on Monday, May 6th. Zacks Investment Research upgraded shares of Edison International from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Wells Fargo & Co increased their target price on shares of Edison International from $65.00 to $75.00 and gave the company a “market perform” rating in a research note on Monday, April 15th. SunTrust Banks increased their price target on shares of Edison International to $77.00 and gave the stock a “positive” rating in a research report on Monday, April 15th. Finally, Mizuho increased their price target on shares of Edison International from $57.00 to $66.50 and gave the stock a “buy” rating in a research report on Thursday, March 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. Edison International currently has an average rating of “Hold” and an average target price of $70.14.
Edison International (NYSE:EIX) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.25). Edison International had a positive return on equity of 10.28% and a negative net margin of 1.94%. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same period last year, the company earned $0.80 EPS. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities analysts predict that Edison International will post 4.37 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Friday, March 29th were given a $0.6125 dividend. This represents a $2.45 annualized dividend and a yield of 4.14%. The ex-dividend date was Thursday, March 28th. Edison International’s dividend payout ratio (DPR) is presently 59.04%.
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Edison International Company Profile
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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