Hawaiian Electric Industries (NYSE:HE) Hits New 52-Week High – Here’s Why

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE) reached a new 52-week high on Wednesday . The company traded as high as $15.69 and last traded at $15.4150, with a volume of 439496 shares. The stock had previously closed at $15.40.

Analyst Upgrades and Downgrades

HE has been the topic of a number of research analyst reports. Jefferies Financial Group cut Hawaiian Electric Industries from a “hold” rating to an “underperform” rating and cut their target price for the stock from $13.50 to $12.50 in a research report on Tuesday, January 20th. Barclays lifted their target price on shares of Hawaiian Electric Industries from $11.00 to $13.00 and gave the company a “positive” rating in a report on Monday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Hawaiian Electric Industries in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Hawaiian Electric Industries presently has an average rating of “Hold” and an average target price of $13.00.

Hawaiian Electric Industries Price Performance

The company has a market cap of $2.63 billion, a price-to-earnings ratio of 190.70 and a beta of 0.64. The company has a 50-day simple moving average of $12.81 and a 200-day simple moving average of $11.95. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.35 and a current ratio of 1.35.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings data on Friday, November 7th. The utilities provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates 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, research analysts predict that Hawaiian Electric Industries, Inc. will post 1.71 earnings per share for the current year.

Institutional Trading of Hawaiian Electric Industries

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Hawaiian Electric Industries by 9.2% in the fourth quarter. Vanguard Group Inc. now owns 19,410,325 shares of the utilities provider’s stock valued at $238,747,000 after buying an additional 1,628,307 shares in the last quarter. Horizon Kinetics Asset Management LLC raised its holdings in 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 last quarter. Geode Capital Management LLC boosted its position in Hawaiian Electric Industries by 1.2% during the second quarter. Geode Capital Management LLC now owns 4,093,753 shares of the utilities provider’s stock worth $43,522,000 after purchasing an additional 48,686 shares in the last quarter. Franklin Resources Inc. grew its holdings in Hawaiian Electric Industries by 1.3% in the second quarter. Franklin Resources Inc. now owns 2,744,843 shares of the utilities provider’s stock valued at $29,178,000 after purchasing an additional 34,535 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Hawaiian Electric Industries by 10.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,061,759 shares of the utilities provider’s stock valued at $22,762,000 after buying an additional 195,327 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.