Main Street Research buys $10.9 Million stake in Edison International (EIX)

Edison International (EIX) : Main Street Research scooped up 3,985 additional shares in Edison International during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 152,081 shares of Edison International which is valued at $10.9 Million.Edison International makes up approximately 2.79% of Main Street Research’s portfolio.

Other Hedge Funds, Including , Citadel Advisors reduced its stake in EIX by selling 564,951 shares or 98.02% in the most recent quarter. The Hedge Fund company now holds 11,412 shares of EIX which is valued at $814,931.First Trust Advisors Lp boosted its stake in EIX in the latest quarter, The investment management firm added 766,635 additional shares and now holds a total of 1,136,541 shares of Edison International which is valued at $81.2 Million. Edison International makes up approx 0.26% of First Trust Advisors Lp’s portfolio.Tobam boosted its stake in EIX in the latest quarter, The investment management firm added 313,760 additional shares and now holds a total of 525,561 shares of Edison International which is valued at $37.5 Million. Edison International makes up approx 1.49% of Tobam’s portfolio.Advantus Capital Management Inc boosted its stake in EIX in the latest quarter, The investment management firm added 216 additional shares and now holds a total of 31,344 shares of Edison International which is valued at $2.2 Million. Edison International makes up approx 0.07% of Advantus Capital Management Inc’s portfolio. Lmr Partners Llp added EIX to its portfolio by purchasing 22,990 company shares during the most recent quarter which is valued at $1.7 Million. Edison International makes up approx 0.25% of Lmr Partners Llp’s portfolio.

Edison International closed down -0.14 points or -0.20% at $69.77 with 12,11,784 shares getting traded on Wednesday. Post opening the session at $69.78, the shares hit an intraday low of $69.2 and an intraday high of $70.01 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Edison International reported $0.82 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on May 2, 2016. Analyst had a consensus of $0.88. The company had revenue of $2440.00 million for the quarter, compared to analysts expectations of $2844.83 million. The company’s revenue was down -2.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.90 EPS.

Investors should note that on Apr 28, 2016, Edison International announced a cash dividend of $0.4800. The company’s management has announced Jun 28, 2016 as the ex-dividend date and fixed the record date on Jun 30, 2016. The payable date has been fixed on Jul 31, 2016.

Many Wall Street Analysts have commented on Edison International. Edison International was Downgraded by Goldman to ” Neutral” on Apr 1, 2016. Company shares were Reiterated by Argus on Mar 3, 2016 to “Buy”, Firm has raised the Price Target to $ 76 from a previous price target of $69 .Company shares were Reiterated by Mizuho on Feb 24, 2016 to “Neutral”, Firm has raised the Price Target to $ 69 from a previous price target of $60 .

Edison International is the parent holding company of Southern California Edison Company (SCE) and subsidiaries. SCE is a public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50000 square mile area of southern California. Edison International is also the parent company of subsidiaries that are engaged in businesses related to the generation or use of electricity. Edison International’s other subsidiaries include Edison Mission Group Inc. and SoCore Energy LLC. Edison Mission Group Inc. is a wholly owned subsidiary of Edison International and the parent company of Edison Mission Energy and Edison Capital. SoCore Energy LLC a subsidiary engaged in distributed generation has constructed 26 Megawatt of rooftop solar systems in nine states selling power back to commercial customers under power purchase agreements.

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