Hawaiian Electric Industries (NYSE:HE) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Hawaiian Electric Industries (NYSE:HE) from a sell rating to a hold rating in a report issued on Friday, Zacks.com reports. Zacks Investment Research currently has $47.00 price target on the utilities provider’s stock.

According to Zacks, “Hawaiian Electric continues making systematic investments in utility infrastructure development projects, primarily adding new generation facilities, replacing aging infrastructure and restoring transmission and distribution assets. These initiatives will allow Hawaiian Electric to meet increasing utility demand from customers, besides improving reliability. In a year’s time, shares of Hawaiian Electric have outperformed the industry. However, Hawaiian Electric depends heavily on third-party suppliers for fuel and purchased power. Any delay in the supply of fuels may hurt the company’s performance and result in additional expenses. Moreover, crude oil price has been increasing over the last few months, which in turn can be expected to push up expenses for Hawaiian Electric.”

Separately, JPMorgan Chase & Co. lowered Hawaiian Electric Industries from a neutral rating to an underweight rating and lifted their price target for the stock from $37.00 to $38.00 in a research report on Friday, August 9th.

HE traded down $0.11 on Friday, hitting $44.39. The company had a trading volume of 608,132 shares, compared to its average volume of 303,314. The company has a market cap of $4.84 billion, a PE ratio of 23.99, a PEG ratio of 5.96 and a beta of 0.21. Hawaiian Electric Industries has a 12-month low of $34.78 and a 12-month high of $45.60. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.96. The business’s fifty day simple moving average is $44.43 and its 200 day simple moving average is $42.28.

Hawaiian Electric Industries (NYSE:HE) last released its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.05). The company had revenue of $715.49 million during the quarter, compared to analysts’ expectations of $592.84 million. Hawaiian Electric Industries had a return on equity of 9.47% and a net margin of 7.07%. During the same quarter in the prior year, the business posted $0.42 EPS. On average, analysts anticipate that Hawaiian Electric Industries will post 1.88 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Thursday, August 22nd will be given a $0.32 dividend. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $1.28 annualized dividend and a yield of 2.88%. Hawaiian Electric Industries’s dividend payout ratio is currently 69.19%.

In related news, Director Jeffrey N. Watanabe sold 5,700 shares of Hawaiian Electric Industries stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $44.21, for a total value of $251,997.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.94% of the company’s stock.

Large investors have recently made changes to their positions in the business. Signaturefd LLC boosted its position in shares of Hawaiian Electric Industries by 60.9% during the first quarter. Signaturefd LLC now owns 872 shares of the utilities provider’s stock valued at $36,000 after buying an additional 330 shares during the period. Personal Wealth Partners purchased a new position in shares of Hawaiian Electric Industries during the second quarter valued at approximately $48,000. Flagship Harbor Advisors LLC boosted its position in shares of Hawaiian Electric Industries by 153.7% during the second quarter. Flagship Harbor Advisors LLC now owns 1,139 shares of the utilities provider’s stock valued at $49,000 after buying an additional 690 shares during the period. Westside Investment Management Inc. purchased a new position in shares of Hawaiian Electric Industries during the second quarter valued at approximately $52,000. Finally, CWM LLC boosted its position in shares of Hawaiian Electric Industries by 40.0% during the second quarter. CWM LLC now owns 1,329 shares of the utilities provider’s stock valued at $58,000 after buying an additional 380 shares during the period. Institutional investors and hedge funds own 53.59% of the company’s stock.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc, through its subsidiaries, engages in the electric utility and banking businesses primarily in the state of Hawaii. The company's Electric Utility segment is involved in generating, purchasing, transmitting, distributing, and selling electric energy. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other bio fuels.

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