Hawaiian Electric Industries, Inc. (NYSE: HE) stock fell -2.95% on Monday to $13.50 against a previous-day closing price of $13.91. With 2.44 million shares changed hands, the volume of the stock remained lighter than its average volume of 6.71 million shares. During the session, the Utilities – Regulated Electric company that operates in wider Utilities sector, reached to the highest price of $13.79 whereas the lowest price it dropped to was $13.37. The 52-week range on HE shows that it touched its highest point at $43.71 and its lowest point at $9.06 during that stretch. It currently has a 1-year price target of $7.50. With its current market cap of 1.49 billion, HE has annualized dividend of $1.26 while the current yield stands at 9.33%. Beta for the stock currently stands at 0.58.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of HE was up-trending over the past week, with a rise of 17.90%, but this was up by 9.31% over a month. Three-month performance surged to 0.97% while six-month performance fell -62.80%. The stock lost -65.27% in the past year, while it has lost -67.74% so far this year. A look at the trailing 12-month EPS for HE yields 1.89 with Next year EPS estimates of 2.08. For the next quarter, that number is 0.46. This implies an EPS growth rate of -8.03% for this year and 2.64% for next year. EPS is expected to grow by 4.20% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 7.68%.
Float and Shares Shorts:
At present, 110.12 million HE shares are outstanding with a float of 109.78 million shares on hand for trading. On Oct 30, 2023, short shares totaled 15.92 million, which was 14.52% higher than short shares on Sep 28, 2023. In addition to Mr. Scott W. H. Seu as the firm’s President, CEO & Director, Mr. Kurt K. Murao serves as its Executive VP, General Counsel, Chief Administrative Officer & Corporate Secretary.
Through their ownership of 58.28% of HE’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 4.71% of HE, in contrast to 30.89% held by mutual funds. Shares owned by individuals account for 28.57%. As the largest shareholder in HE with 9.79% of the stake, The Vanguard Group, Inc. holds 10,734,464 shares worth 10,734,464. A second-largest stockholder of HE, AQR Capital Management LLC, holds 6,120,053 shares, controlling over 5.58% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in HE, holding 5,342,493 shares or 4.87% stake. With a 3.12% stake in HE, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 3,421,552 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 2.58% of HE stock, is the second-largest Mutual Fund holder. It holds 2,828,682 shares valued at 36.72 million. Vanguard Small Cap Value Index Fu holds 1.80% of the stake in HE, owning 1,969,963 shares worth 25.57 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for HE since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With HE analysts setting a high price target of $8.50 and a low target of $7.00, the average target price over the next 12 months is $7.50. Based on these targets, HE could drop -37.04% to reach the target high and fall by -48.15% to reach the target low. Reaching the average price target will result in a decline of -44.44% from current levels.
Summary of Insider Activity:
Insiders traded HE stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 22 while that of sell transactions has risen to 8 over the past year. The total number of shares bought during that period was 102,923 while 28,583 shares were sold.