Renaissance Technologies LLC Acquires New Shares in Edison International (NYSE:EIX)

Renaissance Technologies LLC bought a new position in Edison International (NYSE:EIX) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 257,400 shares of the utilities provider’s stock, valued at approximately $18,484,000. Renaissance Technologies LLC owned 0.07% of Edison International as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Gladstone Institutional Advisory LLC grew its stake in Edison International by 17.2% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 4,499 shares of the utilities provider’s stock valued at $322,000 after acquiring an additional 661 shares in the last quarter. D.A. Davidson & CO. grew its position in shares of Edison International by 2.0% during the 4th quarter. D.A. Davidson & CO. now owns 37,955 shares of the utilities provider’s stock valued at $2,713,000 after purchasing an additional 726 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Edison International by 0.3% during the fourth quarter. Corient Private Wealth LLC now owns 61,247 shares of the utilities provider’s stock valued at $4,379,000 after buying an additional 175 shares during the period. Ontario Teachers Pension Plan Board purchased a new position in Edison International during the fourth quarter worth about $433,000. Finally, US Bancorp DE increased its stake in Edison International by 7.3% in the 4th quarter. US Bancorp DE now owns 70,061 shares of the utilities provider’s stock worth $5,009,000 after acquiring an additional 4,740 shares during the last quarter. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Insider Buying and Selling at Edison International

In other news, VP Natalie K. Schilling sold 2,341 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $80.00, for a total transaction of $187,280.00. Following the completion of the sale, the vice president now directly owns 6,338 shares in the company, valued at $507,040. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Natalie K. Schilling sold 2,341 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $80.00, for a total transaction of $187,280.00. Following the completion of the transaction, the vice president now owns 6,338 shares in the company, valued at $507,040. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO J Andrew Murphy sold 32,505 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $80.12, for a total value of $2,604,300.60. Following the completion of the sale, the chief executive officer now directly owns 19,660 shares of the company’s stock, valued at approximately $1,575,159.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 89,099 shares of company stock worth $7,223,342. 1.03% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on EIX shares. Argus lifted their price target on Edison International from $82.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Guggenheim boosted their price target on shares of Edison International from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Wells Fargo & Company increased their price target on shares of Edison International from $86.00 to $87.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Morgan Stanley lifted their price objective on shares of Edison International from $62.00 to $68.00 and gave the stock an “underweight” rating in a report on Friday, August 23rd. Finally, Barclays increased their target price on Edison International from $80.00 to $91.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Edison International has an average rating of “Hold” and an average target price of $85.83.

Edison International Stock Up 1.5 %

EIX opened at $85.43 on Friday. Edison International has a 12 month low of $58.82 and a 12 month high of $88.77. The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 2.04. The business’s 50-day moving average price is $82.32 and its 200-day moving average price is $75.47. The company has a market cap of $32.99 billion, a P/E ratio of 37.47, a P/E/G ratio of 1.99 and a beta of 0.91.

Edison International (NYSE:EIX) last announced its quarterly earnings results on Thursday, July 25th. The utilities provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18. The business had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.12 billion. Edison International had a return on equity of 13.01% and a net margin of 6.60%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 EPS. On average, equities analysts expect that Edison International will post 4.97 EPS for the current year.

Edison International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Monday, July 8th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend was Monday, July 8th. Edison International’s dividend payout ratio (DPR) is presently 136.84%.

Edison International Company Profile

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.