Hawaiian Electric Industries (HE) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Hawaiian Electric Industries (NYSE:HE) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Hawaiian Electric remains the largest provider of electricity in the state of Hawaii, supplying power to more than 95% of the state’s population. Again, its focus on growing its renewable assets and systematic investments in transmission and distribution projects will drive growth over the long haul. Thye company also outperformed the broader industry in the last year. However, any disruption in fuel supplies is likely to affect Hawaiian Electric’s ability to generate power, which in turn might impact its profit margins. Moreover, elevating fuel oil price expense has earlier pushed up the company’s total expenses and in turn affected its operating profit rate.”
A number of other research firms also recently issued reports on HE. Bank of America assumed coverage on shares of Hawaiian Electric Industries in a research note on Tuesday, October 24th. They set an underperform rating and a $34.00 price target on the stock. J P Morgan Chase & Co upped their price target on shares of Hawaiian Electric Industries from $33.00 to $34.00 and gave the company a neutral rating in a research note on Thursday, October 12th. Finally, BidaskClub raised shares of Hawaiian Electric Industries from a sell rating to a hold rating in a research note on Saturday, August 26th. Three analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock currently has an average rating of Hold and a consensus target price of $32.33.
Hawaiian Electric Industries (NYSE:HE) traded down $0.51 during mid-day trading on Tuesday, hitting $36.71. 666,800 shares of the stock traded hands, compared to its average volume of 447,363. Hawaiian Electric Industries has a 1 year low of $31.71 and a 1 year high of $38.72. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $4,049.01, a P/E ratio of 22.83, a PEG ratio of 5.35 and a beta of 0.50.
Hawaiian Electric Industries (NYSE:HE) last released its earnings results on Thursday, November 2nd. The utilities provider reported $0.55 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.02). Hawaiian Electric Industries had a return on equity of 8.64% and a net margin of 7.14%. The company had revenue of $673.19 million during the quarter, compared to analysts’ expectations of $648.93 million. During the same period last year, the firm posted $0.58 EPS. Hawaiian Electric Industries’s quarterly revenue was up 4.2% compared to the same quarter last year. equities analysts expect that Hawaiian Electric Industries will post 1.64 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 12th. Investors of record on Wednesday, November 22nd were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Tuesday, November 21st. Hawaiian Electric Industries’s payout ratio is 76.07%.
In related news, Director Thomas B. Fargo sold 5,500 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $36.46, for a total transaction of $200,530.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.90% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. FUKOKU MUTUAL LIFE INSURANCE Co purchased a new stake in shares of Hawaiian Electric Industries in the second quarter valued at $123,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Hawaiian Electric Industries by 8.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,859 shares of the utilities provider’s stock worth $125,000 after purchasing an additional 297 shares during the last quarter. Ffcm LLC grew its holdings in shares of Hawaiian Electric Industries by 121.0% in the second quarter. Ffcm LLC now owns 4,826 shares of the utilities provider’s stock worth $157,000 after purchasing an additional 2,642 shares during the last quarter. TLP Group LLC grew its holdings in shares of Hawaiian Electric Industries by 818.4% in the second quarter. TLP Group LLC now owns 5,391 shares of the utilities provider’s stock worth $175,000 after purchasing an additional 4,804 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. bought a new position in shares of Hawaiian Electric Industries in the second quarter worth about $201,000. 49.26% of the stock is currently owned by institutional investors and hedge funds.
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About Hawaiian Electric Industries
Hawaiian Electric Industries, Inc 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 subsidiaries include Hawaiian Electric Company, Inc (Hawaiian Electric) and ASB Hawaii, Inc (ASB Hawaii).
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