Summit Global Investments Has $414,000 Holdings in Edison International (NYSE:EIX)

Summit Global Investments increased its holdings in shares of Edison International (NYSE:EIX) by 100.2% during the fourth quarter, Holdings Channel reports. The fund owned 5,184 shares of the utilities provider’s stock after purchasing an additional 2,594 shares during the period. Summit Global Investments’ holdings in Edison International were worth $414,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EIX. FMR LLC grew its holdings in shares of Edison International by 8.7% during the third quarter. FMR LLC now owns 21,800,874 shares of the utilities provider’s stock worth $1,898,638,000 after purchasing an additional 1,741,835 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Edison International during the 4th quarter worth about $39,344,000. AustralianSuper Pty Ltd acquired a new stake in Edison International in the 4th quarter valued at about $31,877,000. Victory Capital Management Inc. raised its stake in shares of Edison International by 74.6% in the fourth quarter. Victory Capital Management Inc. now owns 906,545 shares of the utilities provider’s stock worth $72,379,000 after acquiring an additional 387,215 shares during the last quarter. Finally, Miller Howard Investments Inc. NY lifted its position in shares of Edison International by 565.5% during the fourth quarter. Miller Howard Investments Inc. NY now owns 343,190 shares of the utilities provider’s stock worth $27,400,000 after purchasing an additional 291,619 shares in the last quarter. 88.95% of the stock is owned by institutional investors and hedge funds.

Edison International Stock Up 0.7 %

Shares of NYSE EIX opened at $58.59 on Tuesday. Edison International has a 52-week low of $49.06 and a 52-week high of $88.77. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88. The stock has a market cap of $22.56 billion, a P/E ratio of 17.18, a P/E/G ratio of 1.07 and a beta of 0.87. The firm has a 50 day moving average price of $55.27 and a 200 day moving average price of $73.20.

Edison International (NYSE:EIX) last announced its quarterly earnings results on Thursday, February 27th. The utilities provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.03). The firm had revenue of $17.60 billion during the quarter, compared to analyst estimates of $3.92 billion. Edison International had a net margin of 8.52% and a return on equity of 13.17%. Analysts expect that Edison International will post 4.95 EPS for the current year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, April 7th will be given a dividend of $0.8275 per share. This represents a $3.31 dividend on an annualized basis and a dividend yield of 5.65%. The ex-dividend date is Monday, April 7th. Edison International’s dividend payout ratio is currently 100.30%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on EIX. The Goldman Sachs Group dropped their price objective on shares of Edison International from $88.00 to $68.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Barclays cut their price target on Edison International from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, March 3rd. LADENBURG THALM/SH SH upgraded Edison International from a “sell” rating to a “neutral” rating and set a $56.50 price objective for the company in a research report on Wednesday, January 15th. JPMorgan Chase & Co. restated a “neutral” rating and set a $72.00 target price on shares of Edison International in a research report on Wednesday, February 12th. Finally, Guggenheim cut shares of Edison International from a “buy” rating to a “neutral” rating in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $76.82.

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.