Nexus Investment Management ULC Takes $218,000 Position in Edison International (NYSE:EIX)

Nexus Investment Management ULC acquired a new stake in Edison International (NYSE:EIX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,500 shares of the utilities provider’s stock, valued at approximately $218,000.

Several other institutional investors and hedge funds also recently made changes to their positions in EIX. M&G Plc acquired a new position in shares of Edison International in the first quarter valued at approximately $85,436,000. Capital International Investors boosted its holdings in Edison International by 6.4% in the first quarter. Capital International Investors now owns 13,297,917 shares of the utilities provider’s stock valued at $940,562,000 after acquiring an additional 795,950 shares during the last quarter. Capital Research Global Investors boosted its holdings in Edison International by 1.7% in the first quarter. Capital Research Global Investors now owns 20,344,752 shares of the utilities provider’s stock valued at $1,438,984,000 after acquiring an additional 345,189 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in Edison International by 2.3% in the first quarter. Pzena Investment Management LLC now owns 13,605,080 shares of the utilities provider’s stock valued at $962,287,000 after acquiring an additional 305,459 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Edison International by 595.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 318,672 shares of the utilities provider’s stock valued at $22,884,000 after acquiring an additional 272,876 shares during the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.

Edison International Price Performance

Shares of EIX opened at $85.07 on Wednesday. Edison International has a 12-month low of $61.64 and a 12-month high of $88.77. The business’s fifty day moving average is $85.09 and its 200 day moving average is $77.52. The company has a quick ratio of 0.96, a current ratio of 1.03 and a debt-to-equity ratio of 2.04. The stock has a market cap of $32.73 billion, a P/E ratio of 37.31, a P/E/G ratio of 1.92 and a beta of 0.91.

Edison International (NYSE:EIX) last issued its earnings results on Thursday, July 25th. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18. The company 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%. Edison International’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $1.01 EPS. Sell-side analysts anticipate that Edison International will post 4.97 earnings per share for the current fiscal year.

Edison International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, October 7th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend is Monday, October 7th. Edison International’s payout ratio is currently 136.84%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Argus upped their target price on Edison International from $82.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. UBS Group upped their target price on Edison International from $86.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Bank of America assumed coverage on Edison International in a report on Thursday, September 12th. They issued a “buy” rating and a $95.00 target price on the stock. Morgan Stanley increased their price target on Edison International from $68.00 to $72.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Finally, Wells Fargo & Company increased their price target on Edison International from $86.00 to $87.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Edison International has an average rating of “Hold” and an average price target of $86.50.

Insider Activity at Edison International

In related news, VP Natalie K. Schilling sold 2,341 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $80.00, for a total value of $187,280.00. Following the completion of the sale, the vice president now directly owns 6,338 shares of the company’s stock, valued at approximately $507,040. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO J Andrew Murphy sold 23,896 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $85.45, for a total transaction of $2,041,913.20. Following the completion of the transaction, the chief executive officer now owns 19,850 shares in the company, valued at approximately $1,696,182.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Natalie K. Schilling sold 2,341 shares of the stock in a transaction on Wednesday, July 31st. The stock was 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 $507,040. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 89,099 shares of company stock valued at $7,223,342. 1.03% of the stock is owned by insiders.

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.