Edison International (NYSE: EIX) faced a downgrade from a “buy” to a “hold” rating by analysts at Wall Street Zen, as revealed in a report released on Saturday. This revision reflects a broader trend among several research firms evaluating the stock, which has seen mixed responses from analysts recently.
On January 28, 2024, Jefferies Financial Group reduced its target price for Edison International from $59.00 to $54.00, maintaining a “hold” rating. Earlier, on December 15, 2023, Zacks Research lowered its assessment from a “strong-buy” to a “hold” rating. Further evaluations included Weiss Ratings reaffirming a “hold (c)” rating on December 29, 2023, and UBS Group adjusting their stance from “buy” to “neutral,” while increasing the target price from $70.00 to $78.00 on January 26, 2024. Morgan Stanley also issued an “underweight” rating on January 21, 2024.
The overall consensus among analysts is currently categorized as “hold,” with four analystseight giving a hold rating, and two suggesting a sell. According to data from MarketBeat, the average target price stands at $64.10.
Institutional Investors Adjust Their Positions
Several hedge funds have recently modified their holdings in Edison International. UMB Bank n.a. increased its stake by 5.3% during the fourth quarter, acquiring an additional 159 shares to reach a total of 3,169 shares, valued at approximately $190,000. LVW Advisors LLC also expanded its position by 4.6%, now owning 4,224 shares worth about $254,000 after purchasing an additional 186 shares.
Huntington National Bank further increased its stake by 6.2%, now holding 3,351 shares valued at $201,000 following an additional purchase of 196 shares. Diligent Investors LLC raised its stake by 1.5%, bringing its total to 13,895 shares valued at $768,000, while MAI Capital Management reported a significant increase of 20.8% during the second quarter, now owning 1,172 shares worth $60,000.
Overall, institutional investors collectively own approximately 88.95% of Edison International’s stock, indicating strong confidence among these entities in the company’s potential.
Edison International Overview
Edison International is a publicly traded utility holding company based in Rosemead, California. Its principal subsidiary, Southern California Edison (SCE), is responsible for delivering electricity through an extensive network that serves millions of customers across central, coastal, and southern California. The company focuses on reliable energy delivery, customer service, regulatory compliance, and long-term infrastructure planning, crucial for meeting the demands of its service territory.
Edison International is engaged in managing a diverse resource mix, maintaining and upgrading its transmission and distribution systems, and implementing grid modernization projects to ensure a stable energy supply for its customers.
As market dynamics evolve, stakeholders will continue to monitor Edison International’s performance and analyst ratings closely.
