Edison International (NYSE:EIX) Stock Has Average Target Price of $60.73 According to Brokerages

Shares of Edison International (NYSE:EIX) have been assigned an average recommendation of “Reduce” from the fifteen research firms that are presently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $60.58.

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their price objective on Edison International from $61.00 to $59.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Truist Financial dropped their price objective on shares of Edison International from $63.00 to $62.00 and set a “hold” rating on the stock in a report on Monday, October 12th. 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. Barclays lifted their target price on shares of Edison International from $53.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Friday, October 30th. Finally, Argus downgraded shares of Edison International from a “buy” rating to a “hold” rating in a research note on Wednesday, August 26th.

Edison International Price Performance

Shares of NYSE:EIX opened at $61.46 on Friday. 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. The stock’s 50 day moving average is $56.98 and its 200-day moving average is $67.71. The firm has a market capitalization of $23.65 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 2.52 and a beta of 0.56.

Edison International (NYSE:EIX) last announced its quarterly earnings results on Thursday, October 29th. The utilities provider reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.11. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate 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 was down 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.34 earnings per share. Sell-side analysts forecast that Edison International will post 6.13 EPS for the current fiscal year.

Edison International Dividend Announcement

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

Insider Transactions at Edison International

In other news, Director Peter Taylor sold 500 shares of the business’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $55.56, for a total transaction of $27,780.00. Following the completion of the transaction, the director owned 33,212 shares of the company’s stock, valued at approximately $1,845,258.72. The trade was a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Edison International

A number of large investors have recently modified their holdings of EIX. BlackRock Inc. bought a new stake in shares of Edison International during the second quarter valued at approximately $3,340,412,000. Legal & General Group Plc purchased a new stake in Edison International in the second quarter worth $329,766,000. Bank of New York Mellon Corp bought a new position in Edison International in the second quarter worth $309,361,000. Hsbc Holdings PLC bought a new position in Edison International in the second quarter worth $261,275,000. Finally, Canada Pension Plan Investment Board bought a new position in Edison International in the second quarter worth $212,053,000. 88.95% of the stock is owned by hedge funds and other institutional investors.

Edison International Company Profile

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.