Principal Financial Group Inc. Decreases Holdings in Edison International (NYSE:EIX)

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Principal Financial Group Inc. reduced its holdings in shares of Edison International (NYSE:EIX) by 2.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 477,797 shares of the utilities provider’s stock after selling 13,943 shares during the period. Principal Financial Group Inc.’s holdings in Edison International were worth $29,586,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in EIX. Norges Bank purchased a new stake in Edison International during the fourth quarter worth approximately $241,133,000. JPMorgan Chase & Co. boosted its stake in shares of Edison International by 131.4% in the first quarter. JPMorgan Chase & Co. now owns 7,011,057 shares of the utilities provider’s stock valued at $434,123,000 after purchasing an additional 3,981,351 shares during the period. FMR LLC boosted its stake in shares of Edison International by 97.6% in the fourth quarter. FMR LLC now owns 5,520,041 shares of the utilities provider’s stock valued at $313,373,000 after purchasing an additional 2,726,761 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Edison International by 5,560.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,016,016 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 1,980,403 shares during the period. Finally, Macquarie Group Ltd. boosted its stake in shares of Edison International by 11.3% in the fourth quarter. Macquarie Group Ltd. now owns 13,067,013 shares of the utilities provider’s stock valued at $741,814,000 after purchasing an additional 1,324,950 shares during the period. Institutional investors own 82.37% of the company’s stock.

Shares of EIX opened at $59.88 on Friday. The stock has a market capitalization of $19.39 billion, a P/E ratio of 14.43, a P/E/G ratio of 2.29 and a beta of 0.04. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.74 and a quick ratio of 0.69. Edison International has a 52-week low of $45.50 and a 52-week high of $71.00.

Edison International (NYSE:EIX) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.25). The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.78 billion. Edison International had a negative net margin of 1.94% and a positive return on equity of 10.28%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. Equities research analysts expect that Edison International will post 4.72 EPS for the current fiscal year.

A number of analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Edison International from $84.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday. Zacks Investment Research cut shares of Edison International from a “hold” rating to a “sell” rating in a report on Monday, April 15th. Wells Fargo & Co dropped their price objective on shares of Edison International from $75.00 to $70.00 and set a “market perform” rating on the stock in a report on Wednesday, May 29th. Barclays dropped their price objective on shares of Edison International from $70.00 to $65.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 14th. Finally, Mizuho increased their price objective on shares of Edison International from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. Edison International has an average rating of “Hold” and a consensus target price of $71.00.

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Edison International Company Profile

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.

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

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