Gabelli Funds LLC Trims Stake in Edison International (EIX)

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Gabelli Funds LLC trimmed its position in shares of Edison International (NYSE:EIX) by 1.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 693,000 shares of the utilities provider’s stock after selling 11,000 shares during the period. Gabelli Funds LLC’s holdings in Edison International were worth $46,902,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in EIX. Pzena Investment Management LLC lifted its holdings in shares of Edison International by 43.1% during the 2nd quarter. Pzena Investment Management LLC now owns 7,836,404 shares of the utilities provider’s stock valued at $495,809,000 after buying an additional 2,361,340 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Edison International by 15.3% during the 2nd quarter. Macquarie Group Ltd. now owns 11,095,751 shares of the utilities provider’s stock valued at $702,028,000 after buying an additional 1,475,620 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Edison International by 13.2% during the 2nd quarter. American Century Companies Inc. now owns 4,626,243 shares of the utilities provider’s stock valued at $292,702,000 after buying an additional 539,897 shares during the last quarter. Columbus Hill Capital Management L.P. lifted its holdings in shares of Edison International by 1,706.3% during the 2nd quarter. Columbus Hill Capital Management L.P. now owns 505,753 shares of the utilities provider’s stock valued at $31,999,000 after buying an additional 477,753 shares during the last quarter. Finally, Tobam lifted its holdings in shares of Edison International by 37.3% during the 2nd quarter. Tobam now owns 951,251 shares of the utilities provider’s stock valued at $60,186,000 after buying an additional 258,555 shares during the last quarter. Institutional investors and hedge funds own 81.59% of the company’s stock.

Several brokerages have recently issued reports on EIX. Barclays began coverage on Edison International in a report on Tuesday, July 10th. They set an “equal weight” rating and a $73.00 price target for the company. Morgan Stanley restated a “hold” rating on shares of Edison International in a report on Monday, August 27th. Zacks Investment Research upgraded Edison International from a “sell” rating to a “hold” rating and set a $74.00 target price for the company in a report on Tuesday, July 10th. Bank of America lowered Edison International from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $72.00 to $75.00 in a report on Thursday, October 11th. Finally, Argus boosted their target price on Edison International from $71.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Edison International presently has a consensus rating of “Hold” and an average target price of $73.92.

EIX opened at $68.76 on Tuesday. Edison International has a twelve month low of $57.63 and a twelve month high of $83.38. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.72 and a quick ratio of 0.66. The company has a market capitalization of $22.12 billion, a P/E ratio of 15.79, a P/E/G ratio of 2.76 and a beta of 0.01.

Edison International (NYSE:EIX) last released its quarterly earnings data on Tuesday, October 30th. The utilities provider reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.25. The business had revenue of $4.27 billion for the quarter, compared to analysts’ expectations of $3.47 billion. Edison International had a return on equity of 10.61% and a net margin of 4.47%. Edison International’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.43 earnings per share. Equities analysts expect that Edison International will post 4.14 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 31st. Stockholders of record on Friday, September 28th were given a dividend of $0.605 per share. This represents a $2.42 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date was Thursday, September 27th. Edison International’s dividend payout ratio is presently 53.78%.

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About Edison International

Edison International, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the United States. It generates electricity through hydroelectric, diesel/liquid petroleum gas, natural gas, nuclear, and photovoltaic sources. The company supplies electricity primarily to residential, commercial, industrial, agricultural, and other customers, as well as public authorities through transmission and distribution networks.

Further Reading: Understanding each part of a balance sheet

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Institutional Ownership by Quarter for Edison International (NYSE:EIX)

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