Edison International (NYSE:EIX) Sets New 52-Week Low – Here’s What Happened

Edison International (NYSE:EIX)’s stock price hit a new 52-week low on Thursday . The company traded as low as $55.02 and last traded at $55.45, with a volume of 979288 shares. The stock had previously closed at $55.80.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EIX. UBS Group reduced their price objective on Edison International from $87.00 to $69.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Wells Fargo & Company lifted their price target on Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley dropped their target price on Edison International from $74.00 to $72.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Guggenheim lowered shares of Edison International from a “buy” rating to a “neutral” rating in a research note on Thursday, January 23rd. Finally, Barclays lowered their price target on shares of Edison International from $76.00 to $67.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $82.88.

Edison International Price Performance

The company has a market cap of $20.79 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.20 and a beta of 0.93. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. The company has a fifty day moving average price of $75.46 and a two-hundred day moving average price of $80.56.

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

Edison International Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, January 7th will be given a dividend of $0.8275 per share. This is a positive change from Edison International’s previous quarterly dividend of $0.78. This represents a $3.31 annualized dividend and a dividend yield of 6.16%. The ex-dividend date is Tuesday, January 7th. Edison International’s payout ratio is presently 97.07%.

Institutional Investors Weigh In On Edison International

Several hedge funds have recently bought and sold shares of EIX. Crews Bank & Trust bought a new stake in Edison International during the 4th quarter worth approximately $25,000. Highline Wealth Partners LLC acquired a new stake in Edison International in the 3rd quarter valued at $26,000. Groupama Asset Managment lifted its position in Edison International by 0.8% during the 3rd quarter. Groupama Asset Managment now owns 29,911 shares of the utilities provider’s stock worth $26,000 after buying an additional 237 shares in the last quarter. Eastern Bank bought a new position in shares of Edison International in the 3rd quarter valued at about $27,000. Finally, Larson Financial Group LLC increased its position in shares of Edison International by 125.0% during the 3rd quarter. Larson Financial Group LLC now owns 351 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 195 shares during the last quarter. 88.95% of the stock is currently owned by institutional investors and hedge funds.

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.