Hawaiian Electric Industries (NYSE:HE) Hits New 1-Year Low – Here’s What Happened

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE) reached a new 52-week low on Thursday. The stock traded as low as $8.68 and last traded at $8.6550, with a volume of 414455 shares. The stock had previously closed at $8.77.

Wall Street Analysts Forecast Growth

Several research firms have commented on HE. Weiss Ratings cut shares of Hawaiian Electric Industries from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. Barclays reduced their price target on shares of Hawaiian Electric Industries from $12.00 to $9.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 30th. Zacks Research lowered shares of Hawaiian Electric Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 11th. LADENBURG THALM/SH SH assumed coverage on shares of Hawaiian Electric Industries in a research report on Tuesday, September 8th. They issued a “sell” rating and a $7.00 price target on the stock. Finally, Jefferies Financial Group cut their price objective on Hawaiian Electric Industries from $8.75 to $7.00 and set an “underperform” rating for the company in a research report on Tuesday. One analyst has rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Hawaiian Electric Industries has a consensus rating of “Strong Sell” and an average target price of $7.67.

Hawaiian Electric Industries Price Performance

The stock has a market capitalization of $1.50 billion, a PE ratio of 6.68 and a beta of 0.49. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.57. The stock’s 50-day moving average is $10.81 and its 200 day moving average is $12.93.

Hawaiian Electric Industries (NYSE:HE) last released its earnings results on Friday, August 7th. The utilities provider reported $0.13 earnings per share (EPS) 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 analysts’ expectations of $939.70 million. Hawaiian Electric Industries had a return on equity of 7.90% and a net margin of 6.89%.During the same quarter in the previous year, the company earned $0.15 EPS. As a group, equities analysts predict that Hawaiian Electric Industries, Inc. will post 0.8 earnings per share for the current year.

Institutional Investors Weigh In On Hawaiian Electric Industries

Several institutional investors have recently made changes to their positions in HE. BlackRock Inc. acquired a new stake in Hawaiian Electric Industries in the 2nd quarter worth approximately $358,318,000. Horizon Kinetics Asset Management LLC increased its holdings in shares of Hawaiian Electric Industries by 6.2% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 19,392,363 shares of the utilities provider’s stock worth $238,526,000 after purchasing an additional 1,134,646 shares during the period. Quantinno Capital Management LP lifted its position in shares of Hawaiian Electric Industries by 8.3% in the 1st quarter. Quantinno Capital Management LP now owns 3,512,517 shares of the utilities provider’s stock worth $52,126,000 after acquiring an additional 270,546 shares during the period. Bank of America Corp DE increased its holdings in Hawaiian Electric Industries by 111.6% in 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 buying an additional 1,442,031 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Hawaiian Electric Industries by 15.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,563,708 shares of the utilities provider’s stock worth $38,045,000 after purchasing an additional 351,602 shares during the period. 59.91% of the stock is currently owned by institutional investors and hedge funds.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc (NYSE: HE) is a Hawaii-based holding company whose principal business is the generation, transmission, distribution and sale of electricity through its operating utility subsidiaries. Hawaiian Electric serves customers on the islands of Oahu, Maui, Molokai, Lanai and Hawaii Island.

The company’s electric utilities include Hawaiian Electric Company, Hawaii Electric Light and Maui Electric. Their operations include maintaining the state’s electric grid, integrating renewable energy resources and supporting the transition toward cleaner power generation.