Hawaiian Electric Industries (NYSE:HE) Sets New 1-Year Low – Here’s What Happened

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE) reached a new 52-week low during mid-day trading on Monday. The company traded as low as $8.88 and last traded at $8.9050, with a volume of 116283 shares trading hands. The stock had previously closed at $9.10.

Analyst Ratings Changes

Several equities analysts have recently commented on HE shares. LADENBURG THALM/SH SH started coverage on shares of Hawaiian Electric Industries in a research report on Tuesday, September 8th. They set a “sell” rating and a $7.00 price target for the company. Barclays decreased their target price on shares of Hawaiian Electric Industries from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 11th. Jefferies Financial Group upgraded shares of Hawaiian Electric Industries to a “moderate sell” rating in a research note on Thursday, September 17th. Weiss Ratings raised Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Finally, Zacks Research downgraded Hawaiian Electric Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Hawaiian Electric Industries has a consensus rating of “Strong Sell” and an average target price of $9.25.

Hawaiian Electric Industries Stock Performance

The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 6.83 and a beta of 0.48. The company’s 50 day simple moving average is $11.52 and its 200 day simple moving average is $13.25. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.99 and a current ratio of 0.99.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings results on Friday, August 7th. The utilities provider reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.08). The company had revenue of $939.70 million during the quarter, compared to analyst estimates of $939.70 million. Hawaiian Electric Industries had a return on equity of 7.90% and a net margin of 6.89%.During the same period in the prior year, the company posted $0.15 earnings per share. On average, equities research analysts anticipate that Hawaiian Electric Industries, Inc. will post 0.8 earnings per share for the current year.

Institutional Investors Weigh In On Hawaiian Electric Industries

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Hawaiian Electric Industries during the 2nd quarter valued at $358,318,000. Horizon Kinetics Asset Management LLC increased its position in shares of Hawaiian Electric Industries by 6.2% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 19,392,363 shares of the utilities provider’s stock valued at $238,526,000 after purchasing an additional 1,134,646 shares during the period. Quantinno Capital Management LP raised its stake in shares of Hawaiian Electric Industries by 8.3% in the 1st quarter. Quantinno Capital Management LP now owns 3,512,517 shares of the utilities provider’s stock worth $52,126,000 after buying an additional 270,546 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Hawaiian Electric Industries by 111.6% in the 1st quarter. Bank of America Corp DE now owns 2,734,135 shares of the utilities provider’s stock worth $40,575,000 after buying an additional 1,442,031 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Hawaiian Electric Industries by 15.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,563,708 shares of the utilities provider’s stock valued at $38,045,000 after buying an additional 351,602 shares during the period. 59.91% of the stock is currently owned by institutional investors and hedge funds.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc (NYSE: HE) is a Hawaii-based holding company whose principal businesses are electric utility operations and banking. Through its utility subsidiaries, the company generates, purchases, transmits and distributes electricity to residential, commercial and industrial customers across the Hawaiian Islands.

Hawaiian Electric Company serves Oahu, while Maui Electric Company provides service on Maui, Molokai and Lanai. Hawaii Electric Light serves customers on the island of Hawaii.