Hawaiian Electric Industries Inc. (HE) Rating Increased to Buy at Zacks Investment Research
Hawaiian Electric Industries Inc. (NYSE:HE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $33.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 10.07% from the company’s previous close.
According to Zacks, “Hawaiian Electric’s third-quarter 2016 earnings comfortably exceeded the Zacks Consensus Estimate. On a year-over-year basis, the company delivered a mixed performance with an improvement in the bottom-line and deceleration in the in top line. Lower contributions from Electric Utility segment were primarily responsible for the revenue decline. The company raised its earnings outlook for 2016. Hawaiian Electric continues to invest in infrastructure development projects and focuses on expanding its renewable assets, to drive growth over the long haul. However, its operations remain heavily dependent on weather conditions, while commodity price fluctuations and any delay in the supply of fuels may affect its ability to generate power. Moreover, increasing stringent government regulations for curbing emissions is a major cause of concern.”
Hawaiian Electric Industries (NYSE:HE) opened at 29.98 on Tuesday. The company’s 50 day moving average price is $29.15 and its 200-day moving average price is $31.12. Hawaiian Electric Industries has a 12-month low of $27.30 and a 12-month high of $34.98. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 13.21 and a beta of 0.25.
Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Wednesday, November 9th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.08. The business had revenue of $646.05 million for the quarter, compared to analyst estimates of $728.12 million. Hawaiian Electric Industries had a return on equity of 9.64% and a net margin of 10.38%. The company’s quarterly revenue was down 9.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.49 earnings per share. On average, equities analysts anticipate that Hawaiian Electric Industries will post $1.67 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 13th. Shareholders of record on Tuesday, November 22nd will be issued a $0.31 dividend. The ex-dividend date of this dividend is Friday, November 18th. This represents a $1.24 annualized dividend and a yield of 4.14%. Hawaiian Electric Industries’s payout ratio is currently 54.63%.
In other Hawaiian Electric Industries news, Director Barry K. Taniguchi sold 14,942 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $30.29, for a total value of $452,593.18. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Chester A. Richardson sold 15,921 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $30.16, for a total value of $480,177.36. The disclosure for this sale can be found here. 0.86% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pacad Investment Ltd. purchased a new position in shares of Hawaiian Electric Industries during the second quarter valued at about $105,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Hawaiian Electric Industries by 13.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,562 shares of the company’s stock worth $106,000 after buying an additional 413 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Hawaiian Electric Industries during the second quarter worth $188,000. Point72 Asia Hong Kong Ltd bought a new position in Hawaiian Electric Industries during the second quarter worth $190,000. Finally, US Bancorp DE raised its position in Hawaiian Electric Industries by 11.7% in the second quarter. US Bancorp DE now owns 5,893 shares of the company’s stock worth $193,000 after buying an additional 618 shares in the last quarter. Institutional investors and hedge funds own 44.98% of the company’s stock.
Hawaiian Electric Industries Company Profile
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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