Cornercap Investment Counsel Inc. Trims Position in Edison International (NYSE:EIX)

Cornercap Investment Counsel Inc. decreased its position in shares of Edison International (NYSE:EIX) by 45.6% during the third quarter, Holdings Channel reports. The institutional investor owned 8,911 shares of the utilities provider’s stock after selling 7,462 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Edison International were worth $776,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Capital Research Global Investors lifted its position in shares of 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 in the last quarter. Capital International Investors lifted its holdings in Edison International by 6.4% in the 1st quarter. Capital International Investors now owns 13,297,917 shares of the utilities provider’s stock worth $940,562,000 after purchasing an additional 795,950 shares in the last quarter. Clearbridge Investments LLC boosted its stake in Edison International by 0.5% in the 2nd quarter. Clearbridge Investments LLC now owns 5,015,988 shares of the utilities provider’s stock worth $360,198,000 after purchasing an additional 24,834 shares during the period. American Century Companies Inc. grew its holdings in Edison International by 1.8% during the 2nd quarter. American Century Companies Inc. now owns 3,864,399 shares of the utilities provider’s stock valued at $277,503,000 after buying an additional 67,089 shares in the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of Edison International by 10.1% during the second quarter. Hsbc Holdings PLC now owns 2,073,569 shares of the utilities provider’s stock valued at $148,768,000 after buying an additional 190,026 shares during the last quarter. Institutional investors own 88.95% of the company’s stock.

Insider Activity at Edison International

In other Edison International news, VP Adam S. Umanoff sold 25,619 shares of the company’s stock in a transaction dated 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 through this link. Also, CEO J Andrew Murphy sold 23,896 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 19,850 shares in the company, valued at approximately $1,696,182.50. This trade represents a 54.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,878 shares of company stock worth $4,285,422 in the last quarter. 1.03% of the stock is owned by company insiders.

Edison International Trading Up 1.9 %

Shares of EIX opened at $83.67 on Friday. The company’s fifty day simple moving average is $84.61 and its 200-day simple moving average is $79.51. The company has a market cap of $32.39 billion, a P/E ratio of 24.54, a P/E/G ratio of 1.96 and a beta of 0.92. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. Edison International has a twelve month low of $63.15 and a twelve month high of $88.77.

Edison International (NYSE:EIX) last posted its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.13. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.01 billion. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.38 EPS. As a group, analysts expect that Edison International will post 4.95 EPS for the current year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, October 7th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date was Monday, October 7th. Edison International’s dividend payout ratio is currently 91.50%.

Analyst Upgrades and Downgrades

EIX has been the subject of a number of research reports. Royal Bank of Canada upped their target price on shares of Edison International from $94.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Jefferies Financial Group initiated coverage on shares of Edison International in a report on Thursday, November 7th. They set a “buy” rating and a $93.00 price objective for the company. Argus lifted their target price on Edison International from $82.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Barclays increased their price target on Edison International from $89.00 to $91.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, 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 note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Edison International has a consensus rating of “Moderate Buy” and an average target price of $88.75.

Edison International 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.