Hawaiian Electric Industries (NYSE:HE) Trading Down 4.4% – Here’s What Happened

Hawaiian Electric Industries, Inc. (NYSE:HE) shares dropped 4.4% during trading on Wednesday . The stock traded as low as $9.26 and last traded at $9.34. Approximately 1,897,611 shares were traded during trading, a decline of 45% from the average daily volume of 3,440,039 shares. The stock had previously closed at $9.77.

Wall Street Analyst Weigh In

HE has been the topic of several analyst reports. Evercore ISI dropped their price target on shares of Hawaiian Electric Industries from $16.00 to $9.00 and set an “in-line” rating on the stock in a research note on Tuesday, September 24th. StockNews.com lowered shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research note on Friday, October 4th. Finally, Wells Fargo & Company lowered their target price on shares of Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating on the stock in a research note on Monday, September 30th.

Hawaiian Electric Industries Stock Down 2.5 %

The company has a debt-to-equity ratio of 2.62, a quick ratio of 0.11 and a current ratio of 0.11. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 5.64 and a beta of 0.54. The firm’s 50-day simple moving average is $11.99 and its 200-day simple moving average is $11.26.

Hawaiian Electric Industries (NYSE:HE) last posted its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.05). The company had revenue of $792.30 million during the quarter. Hawaiian Electric Industries had a positive return on equity of 10.69% and a negative net margin of 31.76%. The company’s revenue for the quarter was down .2% compared to the same quarter last year.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several institutional investors have recently added to or reduced their stakes in HE. Vanguard Group Inc. increased its position in Hawaiian Electric Industries by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 11,059,244 shares of the utilities provider’s stock valued at $124,638,000 after acquiring an additional 160,815 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Hawaiian Electric Industries by 52.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,693,424 shares of the utilities provider’s stock worth $60,308,000 after buying an additional 2,312,950 shares during the period. Millennium Management LLC grew its position in shares of Hawaiian Electric Industries by 79.0% during the 2nd quarter. Millennium Management LLC now owns 1,870,088 shares of the utilities provider’s stock worth $16,868,000 after buying an additional 825,073 shares during the period. Bank of New York Mellon Corp grew its position in shares of Hawaiian Electric Industries by 23.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 638,156 shares of the utilities provider’s stock worth $5,756,000 after buying an additional 120,208 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in shares of Hawaiian Electric Industries during the 4th quarter worth approximately $8,944,000. 59.91% of the stock is owned by institutional investors.

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.