Hawaiian Electric Industries Inc. (HE) Upgraded at Zacks Investment Research
Hawaiian Electric Industries Inc. (NYSE:HE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
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) opened at 28.45 on Tuesday. Hawaiian Electric Industries has a 52 week low of $27.30 and a 52 week high of $34.98. The firm has a market capitalization of $3.08 billion, a PE ratio of 18.06 and a beta of 0.26. The stock has a 50 day moving average of $29.99 and a 200-day moving average of $31.76.
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Hawaiian Electric Industries (NYSE:HE) last announced its earnings results on Thursday, August 4th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. The firm had revenue of $566.24 million for the quarter, compared to the consensus estimate of $622.85 million. Hawaiian Electric Industries had a net margin of 6.97% and a return on equity of 9.26%. The business’s quarterly revenue was down 9.2% on a year-over-year basis. During the same period last year, the company posted $0.39 EPS. Equities analysts anticipate that Hawaiian Electric Industries will post $1.67 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 24th were issued 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 4.36%. Hawaiian Electric Industries’s dividend payout ratio (DPR) is currently 78.98%.
In other news, EVP Chester A. Richardson sold 15,921 shares of the firm’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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas B. Fargo sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $30.60, for a total transaction of $214,200.00. The disclosure for this sale can be found here. Company insiders own 0.86% of the company’s stock.
Several institutional investors have recently modified their holdings of HE. Independent Portfolio Consultants Inc. acquired a new position in shares of Hawaiian Electric Industries during the third quarter valued at $191,000. Northwestern Mutual Investment Management Company LLC boosted 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 in the last quarter. Mason Street Advisors LLC acquired a new position in shares of Hawaiian Electric Industries during the second quarter valued at $1,613,000. Royal Bank of Canada boosted its position in shares of Hawaiian Electric Industries by 31.3% in the second quarter. Royal Bank of Canada now owns 108,126 shares of the company’s stock valued at $3,544,000 after buying an additional 25,788 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Hawaiian Electric Industries by 2.7% in the second quarter. IFP Advisors Inc now owns 8,319 shares of the company’s stock valued at $273,000 after buying an additional 221 shares in the last quarter. 43.80% of the stock is owned by institutional investors.
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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