30,979 Edison International $EIX Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its stake in shares of Edison International (NYSE:EIX) by 8.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 354,151 shares of the utilities provider’s stock after selling 30,979 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Edison International were worth $19,029,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Edison International during the 2nd quarter worth about $3,340,412,000. Legal & General Group Plc bought a new position in shares of Edison International in the 2nd quarter valued at approximately $329,766,000. Bank of New York Mellon Corp acquired a new stake in Edison International in the 2nd quarter worth approximately $309,361,000. Hsbc Holdings PLC acquired a new stake in Edison International in the 2nd quarter worth approximately $261,275,000. Finally, Canada Pension Plan Investment Board bought a new stake in Edison International during the second quarter worth approximately $212,053,000. Institutional investors and hedge funds own 88.95% of the company’s stock.

Edison International Price Performance

Shares of NYSE:EIX opened at $59.92 on Thursday. The company has a market cap of $23.06 billion, a price-to-earnings ratio of 6.37, a PEG ratio of 2.55 and a beta of 0.56. The business has a 50 day moving average price of $56.36 and a 200 day moving average price of $67.69. The company has a quick ratio of 0.71, a current ratio of 0.77 and a debt-to-equity ratio of 2.01. Edison International has a twelve month low of $51.10 and a twelve month high of $81.62.

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

Edison International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, October 31st. Investors of record on Wednesday, October 7th were given a dividend of $0.8775 per share. The ex-dividend date of this dividend was Wednesday, October 7th. This represents a $3.51 dividend on an annualized basis and a yield of 5.9%. Edison International’s payout ratio is 37.30%.

Insider Transactions at Edison International

In related news, Director Peter Taylor sold 500 shares of the company’s 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 transaction, the director directly owned 33,212 shares in the company, valued at $1,845,258.72. This represents a 1.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on EIX. Jefferies Financial Group downgraded Edison International from a “hold” rating to an “underperform” rating and lowered their price target for the company from $53.00 to $42.00 in a report on Friday, October 2nd. Mizuho set a $63.00 price objective on shares of Edison International in a report on Monday, November 2nd. Truist Financial lowered their target price on shares of Edison International from $63.00 to $62.00 and set a “hold” rating on the stock in a research note on Monday, October 12th. HSBC assumed coverage on shares of Edison International in a report on Thursday, October 22nd. They issued a “hold” rating and a $56.50 target price on the stock. Finally, Weiss Ratings lowered shares of Edison International from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, September 10th. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $60.58.

Edison International Profile

Edison International is a holding company focused on electric power generation and delivery. Its principal subsidiary, Southern California Edison (SCE), is a regulated electric utility that serves homes and businesses across much of central and Southern California. SCE operates and maintains the electric grid, including transmission and distribution infrastructure, and works to support the region’s shift to cleaner energy. Edison International also provides energy advisory and management services through its Edison Energy business.