Nordea Investment Management AB Reduces Position in Hawaiian Electric Industries, Inc. (NYSE:HE)

Nordea Investment Management AB lessened its holdings in Hawaiian Electric Industries, Inc. (NYSE:HE) by 3.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,984,441 shares of the utilities provider’s stock after selling 124,705 shares during the period. Nordea Investment Management AB’s holdings in Hawaiian Electric Industries were worth $144,595,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Thrivent Financial for Lutherans raised its stake in shares of Hawaiian Electric Industries by 0.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 28,973 shares of the utilities provider’s stock worth $1,004,000 after acquiring an additional 264 shares in the last quarter. Allworth Financial LP increased its stake in Hawaiian Electric Industries by 6.8% during the 1st quarter. Allworth Financial LP now owns 4,361 shares of the utilities provider’s stock valued at $167,000 after purchasing an additional 277 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in Hawaiian Electric Industries by 0.7% during the 1st quarter. Treasurer of the State of North Carolina now owns 47,557 shares of the utilities provider’s stock valued at $1,826,000 after purchasing an additional 340 shares in the last quarter. Bank of Montreal Can increased its stake in Hawaiian Electric Industries by 3.0% during the 1st quarter. Bank of Montreal Can now owns 13,673 shares of the utilities provider’s stock valued at $584,000 after purchasing an additional 403 shares in the last quarter. Finally, Cullen Frost Bankers Inc. increased its stake in Hawaiian Electric Industries by 164.7% during the 1st quarter. Cullen Frost Bankers Inc. now owns 675 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 420 shares in the last quarter. Institutional investors own 53.64% of the company’s stock.

Hawaiian Electric Industries Stock Performance

Shares of NYSE HE opened at $13.12 on Friday. The company’s fifty day moving average price is $25.51 and its 200 day moving average price is $33.48. Hawaiian Electric Industries, Inc. has a 1 year low of $9.06 and a 1 year high of $43.71. The company has a market capitalization of $1.44 billion, a PE ratio of 6.28, a price-to-earnings-growth ratio of 1.85 and a beta of 0.51. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Monday, August 7th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). Hawaiian Electric Industries had a return on equity of 10.42% and a net margin of 5.94%. The firm had revenue of $895.69 million for the quarter. On average, research analysts predict that Hawaiian Electric Industries, Inc. will post 1.72 earnings per share for the current year.

Hawaiian Electric Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 10.98%. The ex-dividend date of this dividend was Thursday, August 17th. Hawaiian Electric Industries’s dividend payout ratio (DPR) is presently 68.90%.

Wall Street Analyst Weigh In

HE has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on shares of Hawaiian Electric Industries in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Bank of America restated an “underperform” rating and set a $8.50 price target on shares of Hawaiian Electric Industries in a research note on Friday, August 25th. TheStreet lowered shares of Hawaiian Electric Industries from a “b-” rating to a “c+” rating in a research note on Wednesday, August 16th. Wells Fargo & Company upgraded shares of 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 research note on Thursday, August 17th. Finally, Guggenheim cut their price objective on shares of Hawaiian Electric Industries from $32.00 to $18.00 in a research note on Monday, August 14th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.63.

About Hawaiian Electric Industries

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.