Zacks Investment Research Upgrades Hawaiian Electric Industries (HE) to Hold

Hawaiian Electric Industries (NYSE:HE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday, January 8th.

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.”

HE has been the subject of several other reports. Bank of America assumed coverage on shares of Hawaiian Electric Industries in a report on Tuesday, October 24th. They set an “underperform” rating and a $34.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on shares of Hawaiian Electric Industries from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Thursday, October 12th. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Hawaiian Electric Industries currently has an average rating of “Hold” and an average price target of $32.33.

Shares of Hawaiian Electric Industries (NYSE:HE) opened at $34.38 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $3,747.68, a P/E ratio of 21.09, a price-to-earnings-growth ratio of 3.70 and a beta of 0.50. Hawaiian Electric Industries has a 12-month low of $31.71 and a 12-month high of $38.72.

Hawaiian Electric Industries (NYSE:HE) last released its earnings results on Thursday, November 2nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.02). Hawaiian Electric Industries had a net margin of 7.14% and a return on equity of 8.64%. The business had revenue of $673.19 million for the quarter, compared to analysts’ expectations of $648.93 million. During the same quarter in the previous year, the business posted $0.58 earnings per share. Hawaiian Electric Industries’s revenue for the quarter was up 4.2% on a year-over-year basis. equities research analysts anticipate that Hawaiian Electric Industries will post 1.64 earnings per share for the current year.

In related news, Director Thomas B. Fargo sold 5,500 shares of the business’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 value of $200,530.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.90% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. FUKOKU MUTUAL LIFE INSURANCE Co purchased a new stake in Hawaiian Electric Industries during the 2nd quarter valued at $123,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Hawaiian Electric Industries by 8.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,859 shares of the utilities provider’s stock valued at $125,000 after acquiring an additional 297 shares during the period. TLP Group LLC grew its position in shares of Hawaiian Electric Industries by 818.4% during the 2nd quarter. TLP Group LLC now owns 5,391 shares of the utilities provider’s stock valued at $175,000 after acquiring an additional 4,804 shares during the period. Cornerstone Capital Management Holdings LLC. bought a new stake in shares of Hawaiian Electric Industries during the 2nd quarter valued at $201,000. Finally, Marshwinds Advisory Co. bought a new stake in shares of Hawaiian Electric Industries during the 4th quarter valued at $202,000. Institutional investors and hedge funds own 49.27% 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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