Edison International (NYSE:EIX) Reaches New 52-Week High Following Analyst Upgrade

Shares of Edison International (NYSE:EIX) hit a new 52-week high on Monday after Morgan Stanley raised their price target on the stock from $62.00 to $68.00. Morgan Stanley currently has an underweight rating on the stock. Edison International traded as high as $85.35 and last traded at $85.29, with a volume of 57004 shares trading hands. The stock had previously closed at $84.76.

Other equities research analysts also recently issued research reports about the company. UBS Group downgraded Edison International from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $83.00 to $82.00 in a research report on Friday, July 19th. Argus raised their price target on Edison International from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Guggenheim raised their price target on Edison International from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Wells Fargo & Company raised 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. Finally, Evercore ISI raised their price target on Edison International from $82.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $80.73.

Insider Buying and Selling

In related news, CEO J Andrew Murphy sold 32,505 shares of Edison International stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $80.12, for a total transaction of $2,604,300.60. Following the completion of the transaction, the chief executive officer now directly owns 19,660 shares in the company, valued at $1,575,159.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO J Andrew Murphy sold 32,505 shares of Edison International stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $80.12, for a total transaction of $2,604,300.60. Following the completion of the transaction, the chief executive officer now directly owns 19,660 shares in the company, valued at $1,575,159.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Natalie K. Schilling sold 2,341 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were 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 owns 6,338 shares of the company’s stock, valued at $507,040. The disclosure for this sale can be found here. Insiders sold 73,845 shares of company stock valued at $5,823,662 over the last quarter. 1.03% of the stock is currently owned by company insiders.

Institutional Trading of Edison International

Institutional investors and hedge funds have recently made changes to their positions in the business. Able Wealth Management LLC purchased a new stake in shares of Edison International in the fourth quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Edison International in the second quarter valued at approximately $27,000. Global Trust Asset Management LLC purchased a new stake in shares of Edison International during the first quarter worth approximately $28,000. Country Trust Bank purchased a new stake in shares of Edison International during the second quarter worth approximately $29,000. Finally, Farmers & Merchants Investments Inc. increased its position in shares of Edison International by 53.8% during the second quarter. Farmers & Merchants Investments Inc. now owns 400 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 140 shares in the last quarter. 88.95% of the stock is currently owned by hedge funds and other institutional investors.

Edison International Price Performance

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 capitalization of $32.87 billion, a PE ratio of 37.18 and a beta of 0.91. The company has a 50-day moving average of $76.80 and a 200 day moving average of $72.87.

Edison International (NYSE:EIX) last issued its quarterly earnings results on Thursday, July 25th. The utilities provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.05 by $0.18. Edison International had a return on equity of 13.01% and a net margin of 6.60%. The firm had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.12 billion. During the same period in the previous year, the business earned $1.01 earnings per share. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts predict that Edison International will post 4.94 EPS for the current year.

Edison International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Monday, July 8th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.65%. The ex-dividend date was Monday, July 8th. Edison International’s payout ratio is 136.84%.

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.