Hawaiian Electric Industries, Inc. (NYSE:HE) Short Interest Up 8.9% in November

Hawaiian Electric Industries, Inc. (NYSE:HE) was the recipient of a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 10,670,000 shares, an increase of 8.9% from the November 15th total of 9,800,000 shares. Based on an average daily volume of 3,980,000 shares, the days-to-cover ratio is currently 2.7 days.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several hedge funds have recently bought and sold shares of HE. Cetera Advisors LLC purchased a new position in Hawaiian Electric Industries during the first quarter worth $182,000. SG Americas Securities LLC purchased a new stake in shares of Hawaiian Electric Industries in the second quarter valued at $172,000. Pallas Capital Advisors LLC purchased a new stake in shares of Hawaiian Electric Industries in the second quarter valued at $127,000. Bank of New York Mellon Corp grew its position in shares of Hawaiian Electric Industries by 23.2% in the second quarter. Bank of New York Mellon Corp now owns 638,156 shares of the utilities provider’s stock valued at $5,756,000 after purchasing an additional 120,208 shares during the period. Finally, Panagora Asset Management Inc. grew its position in shares of Hawaiian Electric Industries by 716.5% in the second quarter. Panagora Asset Management Inc. now owns 187,690 shares of the utilities provider’s stock valued at $1,693,000 after purchasing an additional 164,702 shares during the period. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Price Performance

NYSE HE traded down $0.01 during mid-day trading on Tuesday, hitting $10.20. The stock had a trading volume of 264,606 shares, compared to its average volume of 3,326,719. Hawaiian Electric Industries has a 52-week low of $7.61 and a 52-week high of $18.19. The company has a market cap of $1.76 billion, a price-to-earnings ratio of -0.86 and a beta of 0.53. The company has a 50 day simple moving average of $10.22 and a 200 day simple moving average of $11.11. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 1.80.

Hawaiian Electric Industries (NYSE:HE) last released its quarterly earnings data on Friday, November 8th. The utilities provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.07). Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%. The firm had revenue of $983.38 million during the quarter. Hawaiian Electric Industries’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.37 earnings per share. Equities analysts forecast that Hawaiian Electric Industries will post 1.71 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on HE shares. Wells Fargo & Company decreased their price objective on Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating for the company in a research report on Monday, September 30th. Evercore ISI decreased their price objective on Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating for the company in a research report on Tuesday, November 19th. StockNews.com cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Finally, Jefferies Financial Group initiated coverage on Hawaiian Electric Industries in a report on Tuesday, December 3rd. They issued a “hold” rating and a $11.50 price target for the company.

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.