Hawaiian Electric Industries (NYSE:HE) Trading Down 3% – Here’s Why

Hawaiian Electric Industries, Inc. (NYSE:HE)’s stock price traded down 3% during mid-day trading on Thursday . The company traded as low as $9.39 and last traded at $9.44. 599,457 shares were traded during mid-day trading, a decline of 74% from the average session volume of 2,286,314 shares. The stock had previously closed at $9.73.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. StockNews.com raised Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a report on Thursday, December 26th. Wells Fargo & Company reduced their price target on shares of Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating on the stock in a research report on Monday, September 30th. Jefferies Financial Group started coverage on shares of Hawaiian Electric Industries in a research report on Tuesday, December 3rd. They issued a “hold” rating and a $11.50 price objective for the company. Finally, Evercore ISI reduced their target price on shares of Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating on the stock in a research report on Tuesday, November 19th.

Hawaiian Electric Industries Stock Performance

The firm’s 50-day moving average price is $10.20 and its 200 day moving average price is $11.07. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -0.80 and a beta of 0.53. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.18 and a current ratio of 0.18.

Hawaiian Electric Industries (NYSE:HE) last posted its quarterly earnings results on Friday, November 8th. The utilities provider reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.07). The company had revenue of $983.38 million during the quarter. Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.37 earnings per share. On average, sell-side analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current year.

Institutional Trading of Hawaiian Electric Industries

Hedge funds have recently modified their holdings of the company. KBC Group NV raised its holdings in Hawaiian Electric Industries by 34.8% in the third quarter. KBC Group NV now owns 3,956 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 1,021 shares during the period. UMB Bank n.a. bought a new position in Hawaiian Electric Industries during the third quarter worth about $42,000. Quarry LP lifted its holdings in Hawaiian Electric Industries by 156.6% during the third quarter. Quarry LP now owns 4,503 shares of the utilities provider’s stock worth $44,000 after acquiring an additional 2,748 shares in the last quarter. Millburn Ridgefield Corp acquired a new position in Hawaiian Electric Industries in the third quarter valued at about $55,000. Finally, Signaturefd LLC increased its holdings in shares of Hawaiian Electric Industries by 30.8% in the second quarter. Signaturefd LLC now owns 8,437 shares of the utilities provider’s stock worth $76,000 after acquiring an additional 1,986 shares in the last quarter. 59.91% of the stock is currently owned by institutional investors and hedge funds.

Hawaiian Electric Industries Company Profile

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.