On September 19, 2023, it was reported that Harbor Capital Advisors Inc. had acquired a new stake in Hawaiian Electric Industries, Inc. (NYSE:HE) during the second quarter. According to the Securities and Exchange Commission (SEC), Harbor Capital Advisors purchased 25,415 shares of the utilities provider’s stock, with an approximate value of $920,000.
Hawaiian Electric Industries is an important player in the utilities sector, operating in the state of Hawaii. The company provides electric power and utility services to customers across the island.
In addition to this acquisition news, Hawaiian Electric Industries recently declared its quarterly dividend on Friday, September 8th. Shareholders who were recorded as of Friday, August 18th received a dividend of $0.36 per share. This brings the annualized dividend to $1.44 per share, resulting in a yield of 11.03%. It is worth noting that the ex-dividend date was Thursday, August 17th.
The payout ratio for Hawaiian Electric Industries currently stands at 68.90%. This figure represents the proportion of earnings that the company distributes to shareholders in dividends. A higher payout ratio suggests that a larger portion of profits is being returned to investors.
This recent investment by Harbor Capital Advisors Inc., coupled with the dividend declaration from Hawaiian Electric Industries, reflects investor confidence in the long-term prospects of the company. The utilities sector has traditionally been seen as a stable and predictable industry due to its essential services nature.
Hawaiian Electric Industries’ presence in Hawaii positions it well to benefit from the state’s growing population and increasing energy needs. As more residents move to Hawaii or invest in real estate there, demand for electricity is also expected to rise steadily.
Moreover, Hawaiian Electric Industries has been actively working towards transitioning to clean energy sources by reducing dependence on fossil fuels and promoting renewable energy initiatives such as solar power production.
It remains crucial for investors to conduct their due diligence and carefully evaluate the potential risks and rewards associated with any investment, including Hawaiian Electric Industries. Factors such as regulatory changes, economic conditions, and competitive pressures should be taken into account.
As always, it is advisable for potential investors to consult with financial professionals and review company filings before making any investment decisions. The information provided in this article is based on publicly available data as of September 19, 2023 and may be subject to change in the future.
Steel Dynamics, Inc.
Updated on: 19/09/2023
Debt to equity ratio: Buy
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Hawaiian Electric Industries: Institutional Ownership Shifts and Mixed Analyst Reviews
Hawaiian Electric Industries (HE), a utilities provider, has recently seen changes in the positions of various institutional investors. Cullen Frost Bankers Inc., for example, significantly increased its holdings in HE during the first quarter, acquiring an additional 420 shares and bringing their total ownership to 675 shares valued at $26,000. Barrett & Company Inc., Concord Wealth Partners, MUFG Americas Holdings Corp, and Robeco Institutional Asset Management B.V. also acquired new positions in HE during the first quarter, with values ranging from $36,000 to $75,000. As a result of these investments, institutional investors now own approximately 53.64% of the stock.
In terms of analyst reports, Bank of America reaffirmed an “underperform” rating for Hawaiian Electric Industries and set a price objective of $8.50 per share in August. Other reports from StockNews.com, Wells Fargo & Company, and Guggenheim also provided insights into HE’s performance. While one investment analyst has rated the stock as a sell, three others consider it a hold. The consensus rating for the company is “Hold” with a target price of $17.63.
On September 19th, Hawaiian Electric Industries’ stock opened at $13.05 per share. The company has a quick ratio and current ratio of 0.08 each and a debt-to-equity ratio of 1.14. With a market cap of $1.43 billion and a PE ratio of 6.24, HE’s fifty-day simple moving average stands at $25.04 while its two-hundred-day simple moving average is at $33.19.
In terms of financial performance, Hawaiian Electric Industries reported its earnings results on August 7th with an EPS (earnings per share) of $0.50 for the quarter – slightly lower than analysts’ estimate of $0.54 EPS by ($0.04). The company generated revenue of $895.69 million for the same period. HE’s return on equity was 10.42% with a net margin of 5.94%. Equity analysts forecast that Hawaiian Electric Industries, Inc. will post an EPS of 1.72 for the current fiscal year.
Overall, HE has experienced notable changes in institutional ownership and has garnered mixed reviews from analysts. With its stock price showing some volatility between a range of $9.06 and $43.71 over the past year, investors will be keeping a close eye on Hawaiian Electric Industries’ future performance and financial results to determine their next steps in the market.