Hawaiian Electric Industries (NYSE:HE) Stock Price Down 3.5% After Analyst Downgrade

Hawaiian Electric Industries, Inc. (NYSE:HE)’s stock price dropped 3.5% on Monday after Wells Fargo & Company lowered their price target on the stock from $14.00 to $11.50. Wells Fargo & Company currently has an equal weight rating on the stock. Hawaiian Electric Industries traded as low as $9.54 and last traded at $9.60. Approximately 619,852 shares traded hands during trading, a decline of 82% from the average daily volume of 3,401,563 shares. The stock had previously closed at $9.95.

A number of other equities research analysts also recently issued reports on HE. Evercore ISI cut their price objective on shares of Hawaiian Electric Industries from $16.00 to $9.00 and set an “in-line” rating for the company in a research report on Tuesday, September 24th. StockNews.com cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Wednesday, September 25th.

Institutional Trading of Hawaiian Electric Industries

Large investors have recently bought and sold shares of the stock. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Hawaiian Electric Industries by 31.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 13,265 shares of the utilities provider’s stock worth $147,000 after buying an additional 3,156 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Hawaiian Electric Industries in the first quarter worth about $42,000. State Board of Administration of Florida Retirement System raised its position in shares of Hawaiian Electric Industries by 18.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 156,734 shares of the utilities provider’s stock worth $1,766,000 after acquiring an additional 24,328 shares during the period. Vanguard Group Inc. boosted its stake in shares of Hawaiian Electric Industries by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 11,059,244 shares of the utilities provider’s stock worth $124,638,000 after acquiring an additional 160,815 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in Hawaiian Electric Industries by 470.4% in the 1st quarter. Acadian Asset Management LLC now owns 10,780 shares of the utilities provider’s stock worth $121,000 after purchasing an additional 8,890 shares during the period. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Stock Down 5.7 %

The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.62. The business has a 50-day simple moving average of $12.83 and a 200-day simple moving average of $11.33. The company has a market cap of $1.01 billion, a PE ratio of 5.53 and a beta of 0.55.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). The firm had revenue of $792.30 million during the quarter. Hawaiian Electric Industries had a positive return on equity of 10.69% and a negative net margin of 31.76%. The company’s revenue for the quarter was down .2% compared to the same quarter last year.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc, together with its subsidiaries, engages in the electric utility businesses in the United States. It operates in 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.