Hawaiian Electric Industries (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 research report sent to investors on Monday.

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. The company continues making systematic investments in utility infrastructure development projects. These initiatives will allow Hawaiian Electric to meet increasing utility demand from customers, besides improving reliability. These solid capital expenditure plans must have led the company to outperform its broader industry in past one year. However, 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.”

A number of other analysts have also issued reports on the stock. 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. JPMorgan Chase & Co. boosted their price target on shares of Hawaiian Electric Industries from $33.00 to $34.00 and gave the stock a neutral rating in a research note on Thursday, October 12th. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Hawaiian Electric Industries presently has an average rating of Hold and a consensus price target of $32.33.

Hawaiian Electric Industries (NYSE HE) traded down $0.05 during midday trading on Monday, reaching $34.44. 196,578 shares of the company’s stock were exchanged, compared to its average volume of 630,362. Hawaiian Electric Industries has a 52 week low of $31.71 and a 52 week 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 firm has a market capitalization of $3,760.00, a PE ratio of 21.13, a P/E/G ratio of 4.50 and a beta of 0.50.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, missing the Zacks’ 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 return on equity of 8.64% and a net margin of 7.14%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter last year, the company earned $0.58 earnings per share. equities research analysts anticipate that Hawaiian Electric Industries will post 1.64 EPS for the current fiscal year.

In related news, Director Thomas B. Fargo sold 5,500 shares of the company’s stock in a transaction that occurred 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 document filed with the SEC, which can be accessed through this hyperlink. 0.90% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. increased its stake in Hawaiian Electric Industries by 10.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 575,026 shares of the utilities provider’s stock valued at $18,620,000 after purchasing an additional 52,847 shares during the last quarter. Utah Retirement Systems increased its stake in Hawaiian Electric Industries by 1.5% in the second quarter. Utah Retirement Systems now owns 19,776 shares of the utilities provider’s stock valued at $640,000 after purchasing an additional 300 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 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 valued at $125,000 after purchasing an additional 297 shares during the last quarter. Swiss National Bank increased its stake in Hawaiian Electric Industries by 1.4% in the second quarter. Swiss National Bank now owns 182,000 shares of the utilities provider’s stock valued at $5,893,000 after purchasing an additional 2,500 shares during the last quarter. Finally, State of Tennessee Treasury Department increased its stake in Hawaiian Electric Industries by 70.0% in the second quarter. State of Tennessee Treasury Department now owns 170,000 shares of the utilities provider’s stock valued at $5,505,000 after purchasing an additional 70,000 shares during the last quarter. Hedge funds and other institutional investors own 49.23% of the company’s stock.

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Hawaiian Electric Industries Company Profile

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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