Zacks Investment Research downgraded shares of Hawaiian Electric Industries (NYSE:HE) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Hawaiian Electric depends heavily on third-party suppliers for fuel and purchased power. Any delay in the supply of fuels may impact the company’s performance adversely and result in additional expenses. Moreover, any disruption in fuel supplies is likely to affect Hawaiian Electric’s ability to generate power, which in turn might impact its profit margins. Further, elevating fuel oil price expense has earlier pushed up the company’s total expenses and in turn affected its operating profit rate. Nevertheless, Hawaiian Electric remains the largest provider of electricity in the state of Hawaii, supplying power to more than 95% of the state’s population.”
Other equities analysts also recently issued reports about the stock. Bank of America initiated coverage on shares of Hawaiian Electric Industries in a report on Tuesday, October 24th. They set an underperform rating and a $34.00 price target on the stock. JPMorgan 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 report on Thursday, October 12th. Four equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Hawaiian Electric Industries presently has a consensus rating of Sell and an average target price of $32.33.
Shares of Hawaiian Electric Industries (NYSE:HE) traded down $0.31 during midday trading on Tuesday, hitting $34.98. 737,200 shares of the stock traded hands, compared to its average volume of 557,933. 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 cap of $3,839.06, a PE ratio of 21.46, a price-to-earnings-growth ratio of 4.62 and a beta of 0.50. Hawaiian Electric Industries has a 52-week low of $31.71 and a 52-week high of $38.72.
Hawaiian Electric Industries (NYSE:HE) last announced its earnings results on Thursday, November 2nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.02). The business had revenue of $673.19 million for the quarter, compared to analysts’ expectations of $648.93 million. Hawaiian Electric Industries had a net margin of 7.14% and a return on equity of 8.64%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.58 earnings per share. equities analysts forecast that Hawaiian Electric Industries will post 1.64 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 12th. Investors of record on Wednesday, November 22nd were issued a dividend of $0.31 per share. The ex-dividend date was Tuesday, November 21st. This represents a $1.24 annualized dividend and a yield of 3.54%. 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 dated Tuesday, November 7th. The shares were sold at an average price of $36.46, for a total transaction of $200,530.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.90% of the company’s stock.
A number of hedge funds have recently modified their holdings of HE. FUKOKU MUTUAL LIFE INSURANCE Co bought a new position in Hawaiian Electric Industries in the 2nd quarter worth about $123,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Hawaiian Electric Industries by 8.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,859 shares of the utilities provider’s stock worth $125,000 after acquiring an additional 297 shares in the last quarter. Ffcm LLC grew its stake in Hawaiian Electric Industries by 121.0% in the 2nd quarter. Ffcm LLC now owns 4,826 shares of the utilities provider’s stock worth $157,000 after acquiring an additional 2,642 shares in the last quarter. TLP Group LLC grew its stake in Hawaiian Electric Industries by 818.4% in the 2nd quarter. TLP Group LLC now owns 5,391 shares of the utilities provider’s stock worth $175,000 after acquiring an additional 4,804 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. bought a new position in Hawaiian Electric Industries in the 2nd quarter worth about $201,000. Institutional investors and hedge funds own 49.23% of the company’s stock.
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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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