Hawaiian Electric Industries (NYSE:HE) Sees Large Volume Increase – Here’s What Happened

by · The Markets Daily

Hawaiian Electric Industries, Inc. (NYSE:HE – Get Free Report) shares saw an uptick in trading volume on Monday . 2,272,061 shares traded hands during mid-day trading, an increase of 1% from the previous session’s volume of 2,254,912 shares.The stock last traded at $11.8450 and had previously closed at $12.40.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Jefferies Financial Group cut their price target on Hawaiian Electric Industries from $13.75 to $11.75 and set an “underperform” rating for the company in a research note on Monday, July 6th. Barclays decreased their target price on shares of Hawaiian Electric Industries from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, June 25th. Zacks Research downgraded shares of Hawaiian Electric Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings upgraded shares of Hawaiian Electric Industries from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $12.38.

Get Our Latest Research Report on Hawaiian Electric Industries

Hawaiian Electric Industries Stock Performance

The company has a debt-to-equity ratio of 1.70, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market cap of $2.02 billion, a P/E ratio of 9.00 and a beta of 0.50. The stock has a 50-day simple moving average of $13.28 and a 200-day simple moving average of $14.47.

Hawaiian Electric Industries (NYSE:HE – Get Free Report) last posted 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 net margin of 6.89% and a return on equity of 8.10%. During the same quarter in the previous year, the business posted $0.15 earnings per share. Research analysts forecast that Hawaiian Electric Industries, Inc. will post 1.06 earnings per share for the current year.

Institutional Trading of Hawaiian Electric Industries

A number of hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank lifted its stake in shares of Hawaiian Electric Industries by 45.0% in the 1st quarter. Comerica Bank now owns 6,075 shares of the utilities provider’s stock valued at $67,000 after acquiring an additional 1,886 shares during the last quarter. Royal Bank of Canada increased its holdings in Hawaiian Electric Industries by 51.9% in the 1st quarter. Royal Bank of Canada now owns 379,888 shares of the utilities provider’s stock worth $4,159,000 after purchasing an additional 129,819 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Hawaiian Electric Industries by 16.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 121,582 shares of the utilities provider’s stock valued at $1,331,000 after purchasing an additional 17,158 shares during the last quarter. Empowered Funds LLC raised its position in Hawaiian Electric Industries by 12.9% in the first quarter. Empowered Funds LLC now owns 26,690 shares of the utilities provider’s stock valued at $292,000 after purchasing an additional 3,060 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Hawaiian Electric Industries by 36.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 491,366 shares of the utilities provider’s stock valued at $5,380,000 after purchasing an additional 132,321 shares in the last quarter. Institutional investors and hedge funds own 59.91% of the company’s stock.

About Hawaiian Electric Industries

(Get Free Report)

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.

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