American International Group Inc. lifted its position in Hawaiian Electric Industries, Inc. (NYSE:HE) by 1.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,316 shares of the utilities provider’s stock after acquiring an additional 2,270 shares during the quarter. American International Group Inc. owned 0.20% of Hawaiian Electric Industries worth $7,877,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in shares of Hawaiian Electric Industries by 1.8% in the third quarter. BlackRock Inc. now owns 9,464,115 shares of the utilities provider’s stock valued at $336,830,000 after acquiring an additional 164,235 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Hawaiian Electric Industries by 1.7% in the third quarter. Bank of New York Mellon Corp now owns 1,565,307 shares of the utilities provider’s stock valued at $55,709,000 after purchasing an additional 26,641 shares during the last quarter. Commonwealth Bank of Australia purchased a new position in Hawaiian Electric Industries in the third quarter valued at about $462,000. Twin Capital Management Inc. grew its stake in shares of Hawaiian Electric Industries by 12.0% during the third quarter. Twin Capital Management Inc. now owns 117,690 shares of the utilities provider’s stock worth $4,189,000 after acquiring an additional 12,650 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Hawaiian Electric Industries by 1.3% during the third quarter. Rhumbline Advisers now owns 223,316 shares of the utilities provider’s stock worth $7,948,000 after acquiring an additional 2,859 shares during the last quarter. Hedge funds and other institutional investors own 50.41% of the company’s stock.
HE has been the topic of a number of research analyst reports. Zacks Investment Research lowered Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research note on Monday, October 8th. Wells Fargo & Co boosted their price target on Hawaiian Electric Industries from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Monday, September 17th. Finally, Bank of America lowered Hawaiian Electric Industries from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $35.00 to $34.00 in a research note on Thursday, November 15th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The stock has a consensus rating of “Sell” and a consensus price target of $34.00.
Hawaiian Electric Industries (NYSE:HE) last issued its earnings results on Wednesday, November 7th. The utilities provider reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.02). The firm had revenue of $768.05 million during the quarter, compared to analysts’ expectations of $709.02 million. Hawaiian Electric Industries had a net margin of 6.76% and a return on equity of 9.52%. Hawaiian Electric Industries’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 EPS. Sell-side analysts predict that Hawaiian Electric Industries, Inc. will post 1.85 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Wednesday, November 21st will be given a $0.31 dividend. The ex-dividend date of this dividend is Tuesday, November 20th. This represents a $1.24 dividend on an annualized basis and a yield of 3.24%. Hawaiian Electric Industries’s dividend payout ratio is currently 75.15%.
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, sugarcane waste, municipal waste, and other bio fuels.
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