Hawaiian Electric Industries (NYSE:HE) Shares Down 12%

Hawaiian Electric Industries, Inc. (NYSE:HE)’s stock price traded down 12% on Tuesday . The stock traded as low as $9.16 and last traded at $9.38. 2,357,520 shares were traded during mid-day trading, an increase of 6% from the average session volume of 2,227,914 shares. The stock had previously closed at $10.66.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Evercore ISI lifted their price objective on shares of Hawaiian Electric Industries from $7.00 to $11.00 and gave the company an “in-line” rating in a research note on Thursday, February 15th. StockNews.com upgraded shares of Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to MarketBeat.com, Hawaiian Electric Industries currently has a consensus rating of “Hold” and a consensus target price of $11.50.

Hawaiian Electric Industries Trading Up 2.7 %

The firm’s 50-day moving average is $11.66 and its 200-day moving average is $12.68. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 1.21. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 5.40 and a beta of 0.53.

Hawaiian Electric Industries (NYSE:HE) last posted its quarterly earnings results on Tuesday, February 13th. The utilities provider reported $0.48 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.48. Hawaiian Electric Industries had a net margin of 5.45% and a return on equity of 9.99%. The business had revenue of $961.40 million during the quarter. During the same period in the previous year, the business posted $0.52 EPS. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Hawaiian Electric Industries

A number of hedge funds have recently bought and sold shares of the company. Counterpoint Mutual Funds LLC purchased a new position in Hawaiian Electric Industries during the 1st quarter worth $707,000. Alaska Permanent Fund Corp boosted its holdings in Hawaiian Electric Industries by 150.0% during the 1st quarter. Alaska Permanent Fund Corp now owns 137,406 shares of the utilities provider’s stock worth $1,549,000 after acquiring an additional 82,442 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in Hawaiian Electric Industries by 16.5% during the 4th quarter. Quadrature Capital Ltd now owns 157,903 shares of the utilities provider’s stock worth $2,241,000 after acquiring an additional 22,363 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Hawaiian Electric Industries by 44.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,601 shares of the utilities provider’s stock worth $207,000 after buying an additional 4,515 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of Hawaiian Electric Industries in the 4th quarter worth about $2,370,000. 59.91% of the stock is owned by hedge funds and other institutional investors.

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.