New Mexico Educational Retirement Board Increases Holdings in Hawaiian Electric Industries, Inc. (NYSE:HE)

Posted by Defense World Staff on Oct 3rd, 2023

New Mexico Educational Retirement Board raised its stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE – Free Report) by 13.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,400 shares of the utilities provider’s stock after buying an additional 2,600 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Hawaiian Electric Industries were worth $811,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Cullen Frost Bankers Inc. raised its stake in shares of Hawaiian Electric Industries by 164.7% in the first quarter. Cullen Frost Bankers Inc. now owns 675 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 420 shares during the last quarter. Prostatis Group LLC purchased a new position in shares of Hawaiian Electric Industries in the fourth quarter worth $34,000. Barrett & Company Inc. purchased a new position in shares of Hawaiian Electric Industries in the first quarter worth $36,000. MUFG Americas Holdings Corp purchased a new position in shares of Hawaiian Electric Industries in the third quarter worth $39,000. Finally, Concord Wealth Partners purchased a new position in shares of Hawaiian Electric Industries in the first quarter worth $48,000. Hedge funds and other institutional investors own 53.64% of the company’s stock.

Hawaiian Electric Industries Stock Performance

NYSE HE opened at $11.95 on Tuesday. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of 5.72, a price-to-earnings-growth ratio of 1.71 and a beta of 0.54. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The business has a 50-day moving average price of $20.47 and a 200-day moving average price of $31.57. Hawaiian Electric Industries, Inc. has a twelve month low of $9.06 and a twelve month high of $43.71.

Hawaiian Electric Industries (NYSE:HE – Get Free Report) last released its quarterly earnings data on Monday, August 7th. The utilities provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). The business had revenue of $895.69 million during the quarter. Hawaiian Electric Industries had a return on equity of 10.42% and a net margin of 5.94%. As a group, equities research analysts predict that Hawaiian Electric Industries, Inc. will post 1.72 EPS for the current fiscal year.

Hawaiian Electric Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were given a $0.36 dividend. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 12.05%. Hawaiian Electric Industries’s dividend payout ratio is currently 68.90%.

Wall Street Analysts Forecast Growth

HE has been the subject of several recent analyst reports. TheStreet cut Hawaiian Electric Industries from a “b-” rating to a “c+” rating in a research note on Wednesday, August 16th. Wells Fargo & Company raised Hawaiian Electric Industries from an “underweight” rating to an “equal weight” rating and cut their price objective for the stock from $25.00 to $8.00 in a report on Thursday, August 17th. Guggenheim cut their price objective on Hawaiian Electric Industries from $32.00 to $18.00 in a report on Monday, August 14th. StockNews.com lowered Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Friday, September 22nd. Finally, Bank of America reaffirmed an “underperform” rating and issued a $8.50 price objective on shares of Hawaiian Electric Industries in a report on Friday, August 25th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $17.63.

Check Out Our Latest Stock Analysis on HE

Hawaiian Electric Industries Profile

(Free Report)

Hawaiian Electric Industries, Inc, together with its subsidiaries, engages in the electric utility, banking, and non-regulated renewable/sustainable infrastructure investment businesses in the state of Hawaii. It operates through three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.