Edison International (NYSE:EIX) Hits New 52-Week Low on Analyst Downgrade

Edison International (NYSE:EIX)’s share price hit a new 52-week low during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $84.00 to $76.00. Barclays currently has an overweight rating on the stock. Edison International traded as low as $55.27 and last traded at $57.09, with a volume of 17334754 shares changing hands. The stock had previously closed at $65.00.

EIX has been the topic of a number of other reports. Wells Fargo & Company lifted their price objective on Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Royal Bank of Canada increased their target price on Edison International from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Morgan Stanley decreased their price target on shares of Edison International from $74.00 to $72.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Jefferies Financial Group started coverage on Edison International in a research note on Thursday, November 7th. They issued a “buy” rating and a $93.00 price objective for the company. Finally, UBS Group decreased their target price on shares of Edison International from $96.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.33.

Insider Buying and Selling

In other news, VP Adam S. Umanoff sold 25,619 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $83.05, for a total value of $2,127,657.95. The sale was disclosed in a filing with the SEC, which is available at this link. 1.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edison International

Several hedge funds have recently bought and sold shares of EIX. Highline Wealth Partners LLC purchased a new position in Edison International in the third quarter valued at about $26,000. Groupama Asset Managment raised its stake in shares of Edison International by 0.8% during the 3rd quarter. Groupama Asset Managment now owns 29,911 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 237 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Edison International during the second quarter valued at approximately $27,000. Eastern Bank acquired a new stake in Edison International in the third quarter valued at approximately $27,000. Finally, Larson Financial Group LLC grew its holdings in Edison International by 125.0% in the third quarter. Larson Financial Group LLC now owns 351 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 195 shares during the last quarter. Institutional investors own 88.95% of the company’s stock.

Edison International Stock Performance

The business has a 50-day moving average price of $81.18 and a 200-day moving average price of $81.71. The company has a quick ratio of 0.81, a current ratio of 0.88 and a debt-to-equity ratio of 1.96. The firm has a market capitalization of $22.10 billion, a price-to-earnings ratio of 16.74, a P/E/G ratio of 1.96 and a beta of 0.93.

Edison International (NYSE:EIX) last released its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.13. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.01 billion. During the same period last year, the business posted $1.38 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Edison International will post 4.94 earnings per share for the current year.

Edison International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, January 7th will be paid a dividend of $0.8275 per share. This is a positive change from Edison International’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.31 dividend on an annualized basis and a yield of 5.80%. Edison International’s dividend payout ratio is presently 97.07%.

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.