Hawaiian Electric Industries Inc. (HE) Upgraded to “Hold” at Zacks Investment Research
According to Zacks, “Hawaiian Electric continues to invest in infrastructure development projects and focuses on expanding its renewable assets, which will enable it to meet government regulations and drive growth over the long haul. The company maintains a stable liquidity position, which helps to execute various investor-friendly moves. However, the company's operations are also heavily dependent on weather conditions, hence any fluctuation impact the company’s performance adversely. Also, commodity price fluctuations and any delay in the supply of fuels may affect the company’s ability to generate power, which will ultimately impact its profit margins. Moreover, increasing stringent government regulations for curbing emissions is a major cause of concern.”
Shares of Hawaiian Electric Industries (NYSE:HE) traded down 0.52% on Tuesday, reaching $28.79. The company’s stock had a trading volume of 157,774 shares. The firm has a 50 day moving average of $30.15 and a 200 day moving average of $31.83. The company has a market cap of $3.11 billion, a PE ratio of 18.28 and a beta of 0.26. Hawaiian Electric Industries has a 52-week low of $27.30 and a 52-week high of $34.98.
Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. Hawaiian Electric Industries had a return on equity of 9.26% and a net margin of 6.97%. The company earned $566.24 million during the quarter, compared to analysts’ expectations of $622.85 million. During the same quarter in the previous year, the company posted $0.39 earnings per share. The business’s revenue was down 9.2% on a year-over-year basis. Analysts predict that Hawaiian Electric Industries will post $1.67 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 24th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, August 22nd. This represents a $1.24 annualized dividend and a yield of 4.28%. Hawaiian Electric Industries’s dividend payout ratio is currently 78.98%.
In other Hawaiian Electric Industries news, EVP Chester A. Richardson sold 15,921 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $30.16, for a total transaction of $480,177.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director A Maurice Myers sold 34,500 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $30.47, for a total transaction of $1,051,215.00. The disclosure for this sale can be found here. Company insiders own 0.86% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in HE. Northwestern Mutual Investment Management Company LLC increased its position in shares of Hawaiian Electric Industries by 0.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 18,626 shares of the company’s stock valued at $611,000 after buying an additional 58 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Hawaiian Electric Industries by 0.5% in the second quarter. PNC Financial Services Group Inc. now owns 30,447 shares of the company’s stock valued at $998,000 after buying an additional 158 shares during the period. First Republic Investment Management Inc. increased its position in shares of Hawaiian Electric Industries by 1.3% in the first quarter. First Republic Investment Management Inc. now owns 16,161 shares of the company’s stock valued at $524,000 after buying an additional 200 shares during the period. IFP Advisors Inc increased its position in shares of Hawaiian Electric Industries by 2.6% in the first quarter. IFP Advisors Inc now owns 8,098 shares of the company’s stock valued at $262,000 after buying an additional 209 shares during the period. Finally, Utah Retirement Systems increased its position in shares of Hawaiian Electric Industries by 1.6% in the second quarter. Utah Retirement Systems now owns 19,476 shares of the company’s stock valued at $639,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 43.80% of the company’s stock.
About Hawaiian Electric Industries
Hawaiian Electric Industries, Inc (HEI) is a holding company with its principal subsidiaries engaged in electric utility and banking businesses operating primarily in the State of Hawaii. The Company’s segments include Electric utility, Bank and Other. The Company operates its electric utility business through Hawaiian Electric Company, Inc and its subsidiaries, Hawaii Electric Light Company, Inc and Maui Electric Company, Limited (Maui Electric).
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