Convergence Investment Partners LLC Makes New $1.64 Million Investment in Hawaiian Electric Industries, Inc. (NYSE:HE)

Convergence Investment Partners LLC purchased a new position in shares of Hawaiian Electric Industries, Inc. (NYSE:HE) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 37,643 shares of the utilities provider’s stock, valued at approximately $1,639,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Signaturefd LLC raised its stake in shares of Hawaiian Electric Industries by 60.9% during the 1st quarter. Signaturefd LLC now owns 872 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 330 shares in the last quarter. Flagship Harbor Advisors LLC raised its stake in shares of Hawaiian Electric Industries by 153.7% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 1,139 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 690 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of Hawaiian Electric Industries by 12,614.3% during the 1st quarter. Quadrant Capital Group LLC now owns 2,670 shares of the utilities provider’s stock worth $107,000 after purchasing an additional 2,649 shares in the last quarter. Huntington National Bank raised its stake in shares of Hawaiian Electric Industries by 643.5% during the 1st quarter. Huntington National Bank now owns 2,974 shares of the utilities provider’s stock worth $121,000 after purchasing an additional 2,574 shares in the last quarter. Finally, Joseph P. Lucia & Associates LLC bought a new stake in shares of Hawaiian Electric Industries during the 1st quarter worth approximately $177,000. 53.03% of the stock is owned by hedge funds and other institutional investors.

HE traded down $0.55 during trading hours on Friday, reaching $44.06. The company’s stock had a trading volume of 733 shares, compared to its average volume of 287,898. Hawaiian Electric Industries, Inc. has a 52 week low of $34.16 and a 52 week high of $45.19. The company’s 50-day simple moving average is $44.08. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.97. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 4.14 and a beta of 0.26.

Hawaiian Electric Industries (NYSE:HE) last posted its quarterly earnings results on Tuesday, May 7th. The utilities provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. Hawaiian Electric Industries had a return on equity of 9.75% and a net margin of 7.27%. The business had revenue of $661.62 million for the quarter, compared to analysts’ expectations of $563.95 million. During the same quarter in the prior year, the business earned $0.37 EPS. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. Analysts predict that Hawaiian Electric Industries, Inc. will post 1.95 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Thursday, August 22nd will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend is Wednesday, August 21st. Hawaiian Electric Industries’s dividend payout ratio (DPR) is presently 69.19%.

Separately, Zacks Investment Research cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating and set a $44.00 price objective on the stock. in a research note on Wednesday, May 29th.

About Hawaiian Electric Industries

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, municipal waste, and other bio fuels.

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Institutional Ownership by Quarter for Hawaiian Electric Industries (NYSE:HE)

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