Hawaiian Electric Industries (NYSE:HE) Stock Price Up 2.9% – Here’s What Happened

Hawaiian Electric Industries, Inc. (NYSE:HE) shares rose 2.9% during trading on Monday . The stock traded as high as $12.43 and last traded at $12.4770. Approximately 381,546 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 2,421,546 shares. The stock had previously closed at $12.12.

Analyst Ratings Changes

Several equities research analysts have issued reports on HE shares. Jefferies Financial Group restated a “hold” rating on shares of Hawaiian Electric Industries in a research report on Friday, December 19th. Weiss Ratings reissued a “sell (d)” rating on shares of Hawaiian Electric Industries in a report on Monday. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Hawaiian Electric Industries currently has a consensus rating of “Hold” and a consensus target price of $12.13.

Hawaiian Electric Industries Price Performance

The firm’s 50 day simple moving average is $11.69 and its two-hundred day simple moving average is $11.42. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.35 and a quick ratio of 1.35. The firm has a market capitalization of $2.18 billion, a P/E ratio of 157.96 and a beta of 0.64.

Hawaiian Electric Industries (NYSE:HE) last released its quarterly earnings data on Friday, November 7th. The utilities provider reported $0.19 EPS for the quarter, topping the consensus estimate of ($0.20) by $0.39. Hawaiian Electric Industries had a return on equity of 9.51% and a net margin of 0.56%.The firm had revenue of $790.61 million for the quarter. As a group, analysts predict that Hawaiian Electric Industries, Inc. will post 1.71 earnings per share for the current year.

Hedge Funds Weigh In On Hawaiian Electric Industries

Hedge funds have recently modified their holdings of the company. Horizon Kinetics Asset Management LLC boosted its holdings in shares of Hawaiian Electric Industries by 28.6% during the second quarter. Horizon Kinetics Asset Management LLC now owns 16,281,709 shares of the utilities provider’s stock worth $173,075,000 after purchasing an additional 3,624,709 shares during the period. JPMorgan Chase & Co. grew its position in shares of Hawaiian Electric Industries by 153.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,243,332 shares of the utilities provider’s stock worth $13,726,000 after buying an additional 753,549 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Hawaiian Electric Industries by 180.6% in the third quarter. Assenagon Asset Management S.A. now owns 878,253 shares of the utilities provider’s stock worth $9,696,000 after acquiring an additional 565,218 shares during the period. CSM Advisors LLC bought a new position in shares of Hawaiian Electric Industries in the 2nd quarter worth approximately $5,440,000. Finally, Quantinno Capital Management LP raised its holdings in Hawaiian Electric Industries by 56.0% in the second quarter. Quantinno Capital Management LP now owns 1,324,999 shares of the utilities provider’s stock worth $14,085,000 after purchasing an additional 475,443 shares in the last quarter. Hedge funds and other institutional investors own 59.91% of the company’s stock.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc is a diversified holding company operating in the energy and financial services sectors in the state of Hawaii. Its principal subsidiary, Hawaiian Electric Company, provides generation, transmission, distribution and customer service to the island of Oahu, while its Maui Electric and Hawaii Electric Light Company subsidiaries serve Maui, Molokai, Lanai and Hawaii Island. The roots of the electric utility business trace back to 1891 when service first commenced in Honolulu.

Through its subsidiary Hawaii Gas, HEI extends its energy portfolio to include the distribution of natural gas and propane, supporting residential, commercial and industrial customers across the islands.