Envestnet Asset Management Inc. Has $22.93 Million Stock Position in Edison International (NYSE:EIX)

Envestnet Asset Management Inc. lessened its position in Edison International (NYSE:EIX) by 20.1% in the first quarter, HoldingsChannel reports. The fund owned 389,085 shares of the utilities provider’s stock after selling 98,112 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Edison International were worth $22,925,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Independent Advisor Alliance increased its stake in Edison International by 32.5% in the 4th quarter. Independent Advisor Alliance now owns 6,604 shares of the utilities provider’s stock worth $527,000 after acquiring an additional 1,619 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Edison International by 1.8% during the 4th quarter. HighTower Advisors LLC now owns 39,932 shares of the utilities provider’s stock valued at $3,188,000 after acquiring an additional 695 shares during the period. Farther Finance Advisors LLC boosted its holdings in Edison International by 92.0% during the 4th quarter. Farther Finance Advisors LLC now owns 2,752 shares of the utilities provider’s stock valued at $220,000 after acquiring an additional 1,319 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Edison International by 0.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 107,053 shares of the utilities provider’s stock valued at $8,547,000 after acquiring an additional 536 shares during the period. Finally, Frank Rimerman Advisors LLC raised its position in Edison International by 10.2% during the 4th quarter. Frank Rimerman Advisors LLC now owns 3,244 shares of the utilities provider’s stock valued at $259,000 after purchasing an additional 301 shares during the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on EIX shares. Barclays raised their price target on Edison International from $64.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Morgan Stanley dropped their price target on Edison International from $52.00 to $51.00 and set an “underweight” rating on the stock in a research note on Wednesday, June 18th. Evercore ISI restated an “outperform” rating on shares of Edison International in a research note on Thursday, May 15th. JPMorgan Chase & Co. dropped their price target on Edison International from $75.00 to $71.00 and set a “neutral” rating on the stock in a research note on Monday, May 19th. Finally, Wolfe Research downgraded Edison International from an “outperform” rating to a “peer perform” rating in a research note on Monday, June 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $76.82.

Edison International Stock Down 1.0%

EIX stock opened at $50.47 on Wednesday. The firm has a 50-day moving average of $53.21 and a two-hundred day moving average of $56.29. The company has a market cap of $19.42 billion, a price-to-earnings ratio of 7.16, a PEG ratio of 1.19 and a beta of 0.75. The company has a current ratio of 0.96, a quick ratio of 0.89 and a debt-to-equity ratio of 2.06. Edison International has a 12 month low of $47.73 and a 12 month high of $88.77.

Edison International (NYSE:EIX) last announced its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.16. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.29 billion. Edison International had a net margin of 16.84% and a return on equity of 13.21%. The business’s revenue was down 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.13 EPS. As a group, analysts forecast that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, July 7th will be given a dividend of $0.8275 per share. The ex-dividend date is Monday, July 7th. This represents a $3.31 dividend on an annualized basis and a dividend yield of 6.56%. Edison International’s payout ratio is currently 46.95%.

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.