Gabelli Funds LLC Sells 16,000 Shares of Edison International (NYSE:EIX)

Gabelli Funds LLC decreased its position in Edison International (NYSE:EIX) by 4.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 366,500 shares of the utilities provider’s stock after selling 16,000 shares during the quarter. Gabelli Funds LLC owned 0.09% of Edison International worth $26,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of EIX. CreativeOne Wealth LLC bought a new stake in shares of Edison International in the 1st quarter worth approximately $230,000. Swedbank AB lifted its stake in Edison International by 76.3% in the second quarter. Swedbank AB now owns 446,637 shares of the utilities provider’s stock worth $32,073,000 after purchasing an additional 193,307 shares during the last quarter. Brookstone Capital Management boosted its position in Edison International by 3,503.3% during the first quarter. Brookstone Capital Management now owns 135,341 shares of the utilities provider’s stock valued at $9,573,000 after buying an additional 131,585 shares during the period. Intech Investment Management LLC grew its stake in shares of Edison International by 44.9% during the first quarter. Intech Investment Management LLC now owns 46,263 shares of the utilities provider’s stock valued at $3,272,000 after buying an additional 14,346 shares during the last quarter. Finally, United Services Automobile Association purchased a new position in shares of Edison International in the fourth quarter worth about $743,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Insider Activity

In related news, CEO J Andrew Murphy sold 28,995 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $78.43, for a total value of $2,274,077.85. Following the completion of the transaction, the chief executive officer now directly owns 19,660 shares in the company, valued at approximately $1,541,933.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO J Andrew Murphy sold 28,995 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $78.43, for a total transaction of $2,274,077.85. Following the completion of the transaction, the chief executive officer now owns 19,660 shares of the company’s stock, valued at approximately $1,541,933.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Natalie K. Schilling sold 2,341 shares of Edison International stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $80.00, for a total value of $187,280.00. Following the transaction, the vice president now owns 6,338 shares of the company’s stock, valued at approximately $507,040. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,099 shares of company stock worth $7,223,342. Corporate insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on EIX. Barclays increased their target price on Edison International from $80.00 to $91.00 and gave the company an “equal weight” rating in a report on Wednesday, September 4th. Royal Bank of Canada reissued an “outperform” rating and set a $94.00 price objective on shares of Edison International in a research note on Monday, September 16th. Wells Fargo & Company raised their target price 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. Bank of America started coverage on shares of Edison International in a report on Thursday, September 12th. They set a “buy” rating and a $95.00 price target for the company. Finally, UBS Group raised their price target on shares of Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $85.83.

Edison International Price Performance

Shares of NYSE EIX opened at $85.43 on Monday. Edison International has a 1 year low of $58.82 and a 1 year high of $88.77. The stock has a market capitalization of $32.87 billion, a P/E ratio of 37.47, a P/E/G ratio of 1.99 and a beta of 0.91. The company’s 50-day moving average is $82.32 and its 200 day moving average is $75.58. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.03 and a quick ratio of 0.96.

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

Edison International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Monday, July 8th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend was Monday, July 8th. Edison International’s dividend payout ratio is currently 136.84%.

About Edison International

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.