State of Michigan Retirement System Increases Stake in Edison International (NYSE:EIX)

State of Michigan Retirement System increased its holdings in Edison International (NYSE:EIX) by 0.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 105,112 shares of the utilities provider’s stock after purchasing an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Edison International were worth $7,435,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Able Wealth Management LLC purchased a new stake in shares of Edison International in the 4th quarter valued at $25,000. Bruce G. Allen Investments LLC purchased a new stake in Edison International during the 4th quarter valued at $27,000. Global Trust Asset Management LLC purchased a new stake in Edison International during the 1st quarter valued at $28,000. WASHINGTON TRUST Co boosted its position in Edison International by 117.4% during the 4th quarter. WASHINGTON TRUST Co now owns 500 shares of the utilities provider’s stock valued at $36,000 after buying an additional 270 shares during the period. Finally, Northwest Financial Advisors purchased a new stake in Edison International during the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Edison International Stock Up 0.6 %

Shares of Edison International stock traded up $0.44 during trading on Tuesday, hitting $71.63. The company’s stock had a trading volume of 2,030,854 shares, compared to its average volume of 2,054,091. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.93 and a current ratio of 1.00. The company has a fifty day simple moving average of $73.46 and a two-hundred day simple moving average of $70.47. The company has a market capitalization of $27.56 billion, a PE ratio of 31.43 and a beta of 0.91. Edison International has a 52 week low of $58.82 and a 52 week high of $77.04.

Edison International (NYSE:EIX) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.01. The company had revenue of $4.08 billion during the quarter, compared to analyst estimates of $4.16 billion. Edison International had a net margin of 6.14% and a return on equity of 12.48%. Edison International’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the business earned $1.09 EPS. Equities research analysts predict that Edison International will post 4.92 earnings per share for the current year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Monday, July 8th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $3.12 annualized dividend and a dividend yield of 4.36%. Edison International’s payout ratio is 136.84%.

Insider Buying and Selling

In other Edison International news, CEO J Andrew Murphy sold 58,099 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $75.01, for a total transaction of $4,358,005.99. Following the completion of the sale, the chief executive officer now directly owns 19,660 shares in the company, valued at approximately $1,474,696.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Edison International news, CEO J Andrew Murphy sold 58,099 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $75.01, for a total transaction of $4,358,005.99. Following the completion of the sale, the chief executive officer now directly owns 19,660 shares in the company, valued at approximately $1,474,696.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Caroline Choi sold 10,004 shares of Edison International stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $75.77, for a total transaction of $758,003.08. Following the completion of the sale, the senior vice president now owns 26,918 shares of the company’s stock, valued at $2,039,576.86. The disclosure for this sale can be found here. Insiders sold a total of 77,897 shares of company stock worth $5,851,245 in the last three months. 1.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on EIX. Barclays increased their price target on shares of Edison International from $72.00 to $75.00 and gave the company an “equal weight” rating in a research report on Thursday, May 2nd. The Goldman Sachs Group began coverage on shares of Edison International in a research report on Wednesday, April 10th. They set a “neutral” rating and a $78.00 price target for the company. Royal Bank of Canada dropped their price target on shares of Edison International from $81.00 to $80.00 and set an “outperform” rating for the company in a research report on Thursday, March 7th. Mizuho increased their price target on shares of Edison International from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Finally, Wells Fargo & Company raised shares of Edison International from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $72.00 to $86.00 in a research report on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $77.40.

Edison International 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.