Hawaiian Electric Industries, Inc. (NYSE:HE) Posts Earnings Results, Misses Expectations By $0.03 EPS
Hawaiian Electric Industries, Inc. (NYSE:HE) announced its quarterly earnings results on Thursday. The utilities provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by $0.03, Bloomberg Earnings reports. The company had revenue of $556.90 million for the quarter, compared to analyst estimates of $568 million. Hawaiian Electric Industries had a return on equity of 8.84% and a net margin of 9.91%. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 earnings per share.
Hawaiian Electric Industries (NYSE:HE) remained flat at $32.98 during mid-day trading on Friday. 313,643 shares of the company were exchanged. The firm has a market capitalization of $3.59 billion, a PE ratio of 14.36 and a beta of 0.46. Hawaiian Electric Industries has a 12-month low of $28.31 and a 12-month high of $34.08. The stock’s 50-day moving average price is $32.71 and its 200 day moving average price is $33.10.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Wednesday, August 23rd will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date is Monday, August 21st. Hawaiian Electric Industries’s payout ratio is 55.11%.
A number of analysts have recently weighed in on HE shares. Zacks Investment Research cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Friday, May 26th. Barclays PLC reiterated an “underweight” rating and set a $29.00 price target (up from $27.00) on shares of Hawaiian Electric Industries in a research report on Sunday, April 23rd. Finally, BidaskClub cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th.
A number of large investors have recently added to or reduced their stakes in HE. Envestnet Asset Management Inc. increased its stake in Hawaiian Electric Industries by 25.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,057 shares of the utilities provider’s stock worth $101,000 after buying an additional 628 shares during the last quarter. Teachers Advisors LLC increased its stake in Hawaiian Electric Industries by 4.6% in the fourth quarter. Teachers Advisors LLC now owns 118,518 shares of the utilities provider’s stock worth $3,919,000 after buying an additional 5,258 shares during the last quarter. Macquarie Group Ltd. increased its stake in Hawaiian Electric Industries by 2.8% in the fourth quarter. Macquarie Group Ltd. now owns 21,800 shares of the utilities provider’s stock worth $721,000 after buying an additional 600 shares during the last quarter. Creative Planning increased its stake in Hawaiian Electric Industries by 1.3% in the first quarter. Creative Planning now owns 43,508 shares of the utilities provider’s stock worth $1,449,000 after buying an additional 568 shares during the last quarter. Finally, Capstone Asset Management Co. increased its stake in Hawaiian Electric Industries by 0.8% in the first quarter. Capstone Asset Management Co. now owns 10,215 shares of the utilities provider’s stock worth $340,000 after buying an additional 80 shares during the last quarter. 48.29% of the stock is currently owned by institutional investors.
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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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