Hawaiian Electric Industries (NYSE:HE) Shares Down 3% – Here’s Why

Hawaiian Electric Industries, Inc. (NYSE:HE)’s share price traded down 3% during trading on Thursday . The company traded as low as $9.39 and last traded at $9.44. 599,457 shares were traded during trading, a decline of 74% from the average session volume of 2,286,314 shares. The stock had previously closed at $9.73.

Analyst Ratings Changes

HE has been the subject of several recent analyst reports. Evercore ISI dropped their price objective on Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating for the company in a research report on Tuesday, November 19th. Wells Fargo & Company dropped their target price on shares of Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating for the company in a report on Monday, September 30th. Jefferies Financial Group reduced their price target on shares of Hawaiian Electric Industries from $11.50 to $10.50 and set a “hold” rating on the stock in a research note on Friday. Finally, StockNews.com cut shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Friday.

Hawaiian Electric Industries Trading Down 1.3 %

The business has a fifty day simple moving average of $10.19 and a 200-day simple moving average of $11.05. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -0.79 and a beta of 0.53. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.18 and a current ratio of 0.18.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings data on Friday, November 8th. The utilities provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.07). Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%. The business had revenue of $983.38 million during the quarter. During the same period in the previous year, the business posted $0.37 EPS. Hawaiian Electric Industries’s revenue was up 9.0% compared to the same quarter last year. As a group, equities analysts forecast that Hawaiian Electric Industries, Inc. will post 1.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hawaiian Electric Industries

Several large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. grew its stake in shares of Hawaiian Electric Industries by 656.7% in the 3rd quarter. Franklin Resources Inc. now owns 2,722,668 shares of the utilities provider’s stock valued at $27,499,000 after buying an additional 2,362,863 shares during the period. Peapack Gladstone Financial Corp bought a new position in Hawaiian Electric Industries in the third quarter worth approximately $184,000. Sanctuary Advisors LLC acquired a new stake in Hawaiian Electric Industries in the third quarter valued at approximately $112,000. Virtu Financial LLC bought a new stake in shares of Hawaiian Electric Industries during the third quarter valued at approximately $821,000. Finally, Geode Capital Management LLC raised its position in shares of Hawaiian Electric Industries by 49.3% during the third quarter. Geode Capital Management LLC now owns 3,793,142 shares of the utilities provider’s stock worth $36,725,000 after purchasing an additional 1,253,143 shares during the period. Institutional investors and hedge funds own 59.91% of the company’s stock.

Hawaiian Electric Industries Company Profile

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.