Massachusetts Financial Services Co. MA Trims Stake in Edison International (NYSE:EIX)

Massachusetts Financial Services Co. MA cut its holdings in shares of Edison International (NYSE:EIX) by 1.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,083,123 shares of the utilities provider’s stock after selling 93,537 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.31% of Edison International worth $442,689,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Darwin Wealth Management LLC purchased a new stake in Edison International in the third quarter valued at approximately $35,000. Prospera Private Wealth LLC purchased a new position in Edison International during the 3rd quarter valued at about $32,000. PNC Financial Services Group Inc. grew its position in Edison International by 6.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 53,577 shares of the utilities provider’s stock valued at $4,666,000 after acquiring an additional 3,311 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Edison International during the third quarter worth about $1,387,000. Finally, Fifth Third Wealth Advisors LLC lifted its position in shares of Edison International by 51.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 7,494 shares of the utilities provider’s stock worth $653,000 after purchasing an additional 2,554 shares in the last quarter. 88.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Bank of America assumed coverage on Edison International in a research note on Thursday, September 12th. They set a “buy” rating and a $95.00 target price for the company. UBS Group upped their target price on shares of Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Argus boosted their price target on shares of Edison International from $82.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Evercore ISI raised their price objective on shares of Edison International from $82.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, August 14th. Finally, Barclays boosted their target price on shares of Edison International from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Edison International presently has an average rating of “Moderate Buy” and an average target price of $88.75.

Edison International Price Performance

NYSE:EIX opened at $86.87 on Friday. Edison International has a 12-month low of $63.15 and a 12-month high of $88.77. The firm has a market cap of $33.63 billion, a price-to-earnings ratio of 25.48, a price-to-earnings-growth ratio of 2.05 and a beta of 0.92. The company’s 50-day moving average is $84.61 and its two-hundred day moving average is $79.99. 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 (NYSE:EIX) last posted its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.13. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.01 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 earnings per share. Research analysts expect that Edison International will post 4.95 EPS for the current year.

Edison International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, October 7th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date was Monday, October 7th. Edison International’s payout ratio is currently 91.50%.

Insider Buying and Selling

In other news, VP Adam S. Umanoff sold 25,619 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total transaction of $2,127,657.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO J Andrew Murphy sold 23,896 shares of Edison International 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 completion of 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. Over the last quarter, insiders sold 49,516 shares of company stock worth $4,169,652. Insiders own 1.03% of the company’s stock.

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.