Millburn Ridgefield Corp Invests $107,000 in Edison International (NYSE:EIX)

Millburn Ridgefield Corp acquired a new stake in shares of Edison International (NYSE:EIX) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,228 shares of the utilities provider’s stock, valued at approximately $107,000.

Several other hedge funds also recently bought and sold shares of EIX. Lake Street Advisors Group LLC increased its holdings in Edison International by 4.3% in the third quarter. Lake Street Advisors Group LLC now owns 3,015 shares of the utilities provider’s stock worth $263,000 after buying an additional 124 shares during the last quarter. Baker Tilly Wealth Management LLC raised its holdings in shares of Edison International by 2.8% during the 3rd quarter. Baker Tilly Wealth Management LLC now owns 4,779 shares of the utilities provider’s stock valued at $416,000 after purchasing an additional 129 shares in the last quarter. SFE Investment Counsel lifted its stake in shares of Edison International by 0.3% in the 3rd quarter. SFE Investment Counsel now owns 42,730 shares of the utilities provider’s stock valued at $3,721,000 after purchasing an additional 130 shares during the last quarter. Equitable Trust Co. boosted its holdings in Edison International by 0.9% in the second quarter. Equitable Trust Co. now owns 15,424 shares of the utilities provider’s stock worth $1,108,000 after purchasing an additional 132 shares in the last quarter. Finally, TIAA Trust National Association increased its position in Edison International by 2.0% during the second quarter. TIAA Trust National Association now owns 6,723 shares of the utilities provider’s stock worth $483,000 after buying an additional 134 shares during the last quarter. 88.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on EIX shares. Bank of America initiated coverage on Edison International in a research note on Thursday, September 12th. They set a “buy” rating and a $95.00 price target for the company. Barclays raised their target price on Edison International from $89.00 to $91.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. UBS Group upped their price target on Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Morgan Stanley lowered their target price on shares of Edison International from $74.00 to $72.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Finally, Wells Fargo & Company lifted their price objective on Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.75.

Insider Buying and Selling

In other news, VP Adam S. Umanoff sold 25,619 shares of Edison International stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total value of $2,127,657.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Edison International Stock Performance

NYSE:EIX opened at $84.74 on Wednesday. The stock has a market capitalization of $32.81 billion, a P/E ratio of 24.85, a price-to-earnings-growth ratio of 2.05 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 1 year low of $63.15 and a 1 year high of $88.77. The firm has a 50 day moving average of $84.86 and a 200-day moving average of $80.76.

Edison International (NYSE:EIX) last issued its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.13. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.01 billion. During the same quarter in the prior year, the firm earned $1.38 EPS. The company’s revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Edison International will post 4.94 EPS for the current fiscal year.

Edison International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, October 7th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date was Monday, October 7th. Edison International’s dividend payout ratio is currently 91.50%.

About Edison International

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.