Adam S. Umanoff, Executive Vice President, General Counsel, and Corporate Secretary at Edison International (NYSE:EIX), recently sold shares of the company's common stock valued at approximately $2.13 million. The shares were sold at a weighted average price of $83.0454, with transactions executed at prices ranging from $82.85 to $83.34.
In addition to the sale, Umanoff also acquired shares through the exercise of stock options. The total value of these acquisitions amounted to approximately $14.49 million, with prices ranging between $60.78 and $66.88 per share. These transactions were part of a series of non-derivative transactions reported on October 31, 2024.
The filing also detailed shares withheld by Edison International to cover tax obligations and exercise prices, amounting to a total of $16.68 million at a price of $82.90 per share. Following these transactions, Umanoff holds 39,319 shares indirectly through a family trust and an additional 5,380.5049 shares through the Edison 401(k) Savings Plan.
In other recent news, Edison International reported a core earnings per share (EPS) of $1.51 for the third quarter of 2024, with a year-to-date EPS of $3.88. The company has revised its 2024 core EPS guidance to a range of $4.80 to $5.00. In recent developments, Edison International has recovered approximately $4.5 billion since 2021 and plans for a $1.6 billion securitization after the TKM settlement agreement. The company anticipates electric rates to align with local inflation from 2024 to 2028, and a decrease in the total energy bill for customers by 2045.
However, Ladenburg Thalmann downgraded Edison International's stock from Neutral to Sell, reducing the price target to $73.50. This revision was driven by concerns about the company's ability to achieve its long-term earnings growth target. The firm also pointed out an increased contribution from operational variances to the company's earnings expectations for 2025.
Edison International's future expectations include upcoming ERP and AMI filings projected within the next 6 to 12 months. The company also sees potential growth in smaller data centers in California, particularly in AI-related applications. The timeline for the Woolsey case suggests a potential settlement discussion in about 18 months.
InvestingPro Insights
To provide context for Adam S. Umanoff's recent stock transactions, let's examine some key financial metrics and insights for Edison International (NYSE:EIX).
According to InvestingPro data, Edison International has a market capitalization of $31.32 billion and a P/E ratio of 23.52. The company's revenue for the last twelve months as of Q3 2024 stood at $17.32 billion, with a revenue growth of 4.04% over the same period.
One notable InvestingPro Tip is that Edison International has raised its dividend for 18 consecutive years, demonstrating a strong commitment to shareholder returns. This consistent dividend growth aligns with Umanoff's significant stock transactions, suggesting confidence in the company's financial stability and future prospects.
Another relevant InvestingPro Tip indicates that Edison International operates with a significant debt burden. This information is particularly pertinent when considering the executive's decision to exercise options and sell shares, as it may reflect a balanced approach to personal financial management in light of the company's debt situation.
It's worth noting that Edison International's dividend yield stands at 3.85%, which may be attractive to income-focused investors. The company's one-year price total return of 32.14% also suggests strong market performance, potentially influencing executive decisions regarding stock transactions.
For investors seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for Edison International, providing a deeper understanding of the company's financial health and market position.
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