Mirae Asset Global Investments Co. Ltd. Buys 175,386 Shares of Edison International $EIX

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Edison International (NYSE:EIX) during the third quarter, HoldingsChannel.com reports. The firm purchased 175,386 shares of the utilities provider’s stock, valued at approximately $9,423,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Edison International during the second quarter worth $26,000. Groupe la Francaise bought a new stake in Edison International in the first quarter valued at about $29,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Edison International in the second quarter valued at about $30,000. Bell Investment Advisors Inc acquired a new position in Edison International in the second quarter valued at about $31,000. Finally, Quantbot Technologies LP acquired a new position in Edison International in the second quarter valued at about $41,000. 88.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Edison International

In other news, Director Peter Taylor sold 500 shares of the stock in a transaction on Monday, October 12th. The shares were sold at an average price of $55.56, for a total transaction of $27,780.00. Following the completion of the sale, the director owned 33,212 shares of the company’s stock, valued at $1,845,258.72. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is owned by company insiders.

Edison International Price Performance

Shares of EIX opened at $61.46 on Thursday. The company has a debt-to-equity ratio of 2.01, a quick ratio of 0.71 and a current ratio of 0.77. The stock has a 50 day simple moving average of $56.98 and a 200 day simple moving average of $67.71. Edison International has a 52-week low of $51.10 and a 52-week high of $81.62. The firm has a market capitalization of $23.65 billion, a PE ratio of 8.83, a P/E/G ratio of 2.52 and a beta of 0.56.

Edison International (NYSE:EIX) last posted its earnings results on Thursday, October 29th. The utilities provider reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.81 by $0.11. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Edison International had a return on equity of 14.17% and a net margin of 20.50%. Edison International’s revenue for the quarter was down 15.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.34 EPS. Sell-side analysts predict that Edison International will post 6.13 EPS for the current fiscal year.

Edison International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, October 31st. Stockholders of record on Wednesday, October 7th were issued a $0.8775 dividend. This represents a $3.51 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Wednesday, October 7th. Edison International’s dividend payout ratio is 37.30%.

Analysts Set New Price Targets

A number of brokerages have issued reports on EIX. HSBC initiated coverage on Edison International in a report on Thursday, October 22nd. They set a “hold” rating and a $56.50 target price on the stock. Weiss Ratings cut Edison International from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, September 10th. Wells Fargo & Company cut their price target on shares of Edison International from $62.00 to $59.00 and set an “underweight” rating on the stock in a research report on Friday, October 30th. Bank of America lowered shares of Edison International from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $81.00 to $51.00 in a research note on Tuesday, September 1st. Finally, Jefferies Financial Group cut shares of Edison International from a “hold” rating to an “underperform” rating and decreased their price objective for the company from $53.00 to $42.00 in a report on Friday, October 2nd. One research analyst has rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Edison International has an average rating of “Reduce” and a consensus price target of $60.58.

About Edison International

Edison International (NYSE: EIX) is an electric power holding company based in California. Its principal subsidiary, Southern California Edison (SCE), is one of the largest electric utilities in the United States and delivers electricity across central, coastal and Southern California. SCE serves millions of residential, commercial and industrial customers through an extensive transmission and distribution network.

Edison International’s operations are focused on the generation, transmission and distribution of electricity, as well as supporting the transition to cleaner energy.