Hawaiian Electric Industries (NYSE:HE) Hits New 1-Year Low – Here’s Why

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE) reached a new 52-week low during trading on Monday. The stock traded as low as $8.15 and last traded at $8.1850, with a volume of 4,381,904 shares trading hands. The stock had previously closed at $8.41.

Analyst Ratings Changes

A number of equities analysts have commented on HE shares. Barclays dropped their price objective on shares of Hawaiian Electric Industries from $12.00 to $9.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 30th. Weiss Ratings cut shares of Hawaiian Electric Industries from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, October 14th. Zacks Research upgraded shares of Hawaiian Electric Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, October 9th. LADENBURG THALM/SH SH began coverage on shares of Hawaiian Electric Industries in a report on Tuesday, September 8th. They issued a “sell” rating and a $7.00 price target for the company. Finally, Jefferies Financial Group dropped their price target on Hawaiian Electric Industries from $8.75 to $7.00 and set an “underperform” rating for the company in a research report on Tuesday, October 6th. Two analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Strong Sell” and a consensus price target of $7.67.

Hawaiian Electric Industries Stock Performance

The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.57. The business’s 50 day moving average is $9.92 and its 200 day moving average is $12.40. The stock has a market capitalization of $1.41 billion, a PE ratio of 6.30 and a beta of 0.49.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings results on Friday, August 7th. The utilities provider reported $0.13 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.08). Hawaiian Electric Industries had a net margin of 6.89% and a return on equity of 7.90%. The firm had revenue of $939.70 million for the quarter, compared to the consensus estimate of $939.70 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. On average, equities research analysts predict that Hawaiian Electric Industries, Inc. will post 0.80 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of HE. BlackRock Inc. bought a new position in shares of Hawaiian Electric Industries during the second quarter valued at approximately $358,318,000. Bank of America Corp DE bought a new position in Hawaiian Electric Industries in the second quarter worth approximately $32,135,000. Bank of New York Mellon Corp bought a new position in Hawaiian Electric Industries in the second quarter worth approximately $14,761,000. Legal & General Group Plc purchased a new stake in Hawaiian Electric Industries during the second quarter worth $8,620,000. Finally, PDT Partners LLC purchased a new stake in Hawaiian Electric Industries during the second quarter worth $6,927,000. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc (NYSE: HE) is a Hawaii-based holding company whose principal business is providing electric utility service across the state. Through its regulated utility subsidiaries—Hawaiian Electric Company, Maui Electric Company and Hawaii Electric Light—the company generates, purchases, transmits, distributes and sells electricity to residential, commercial and industrial customers on the islands of Oahu, Maui, Molokai, Lanai and Hawaii.

The utility uses a combination of renewable and conventional energy resources and supports Hawaii’s transition toward a cleaner electric system.