Hawaiian Electric Industries (NYSE:HE) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Hawaiian Electric Industries (NYSE:HE) from a hold rating to a strong sell rating in a research report sent to investors on Tuesday,Zacks.com reports.

HE has been the subject of a number of other research reports. Weiss Ratings raised Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday. Barclays cut their price target on shares of Hawaiian Electric Industries from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Jefferies Financial Group reduced their price objective on shares of Hawaiian Electric Industries from $13.75 to $11.75 and set an “underperform” rating on the stock in a research report on Monday, July 6th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $11.88.

Hawaiian Electric Industries Stock Up 0.4%

Shares of NYSE:HE opened at $11.90 on Tuesday. The stock’s 50-day moving average is $13.19 and its 200 day moving average is $14.41. The company has a market cap of $2.06 billion, a PE ratio of 9.15 and a beta of 0.50. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.34 and a quick ratio of 1.34. Hawaiian Electric Industries has a 1 year low of $10.79 and a 1 year high of $17.38.

Hawaiian Electric Industries (NYSE:HE) last released its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.08). The business had revenue of $939.70 million during the quarter, compared to analysts’ expectations of $939.70 million. Hawaiian Electric Industries had a return on equity of 8.10% and a net margin of 6.89%.During the same quarter last year, the business posted $0.15 EPS. Sell-side analysts anticipate that Hawaiian Electric Industries will post 0.99 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HE. BlackRock Inc. purchased a new stake in shares of Hawaiian Electric Industries in the 2nd quarter worth about $358,318,000. State Street Corp increased its stake in shares of Hawaiian Electric Industries by 56.9% in the 4th quarter. State Street Corp now owns 7,005,768 shares of the utilities provider’s stock worth $86,171,000 after acquiring an additional 2,540,134 shares in the last quarter. 12 West Capital Management LP purchased a new position in Hawaiian Electric Industries during the 4th quarter valued at about $22,755,000. Vanguard Group Inc. lifted its position in Hawaiian Electric Industries by 9.2% during the 4th quarter. Vanguard Group Inc. now owns 19,410,325 shares of the utilities provider’s stock valued at $238,747,000 after acquiring an additional 1,628,307 shares during the period. Finally, Bank of America Corp DE lifted its position in Hawaiian Electric Industries by 111.6% during the 1st quarter. Bank of America Corp DE now owns 2,734,135 shares of the utilities provider’s stock valued at $40,575,000 after acquiring an additional 1,442,031 shares during the period. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Company Profile

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.