Hawaiian Electric Industries (NYSE:HE) Trading Down 9.6% After Earnings Miss

Hawaiian Electric Industries, Inc. (NYSE:HE) fell 9.6% on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.57 and last traded at $9.62. 1,599,651 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 3,403,281 shares. The stock had previously closed at $10.64.

The utilities provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.07). The company had revenue of $983.38 million for the quarter. Hawaiian Electric Industries had a positive return on equity of 10.69% and a negative net margin of 31.76%. Hawaiian Electric Industries’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.37 earnings per share.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on HE shares. Evercore ISI lifted their target price on Hawaiian Electric Industries from $9.00 to $11.00 and gave the company an “in-line” rating in a research report on Monday. StockNews.com lowered Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Friday, October 4th. Finally, Wells Fargo & Company lowered their target price on 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.

Institutional Trading of Hawaiian Electric Industries

A number of large investors have recently bought and sold shares of HE. AQR Capital Management LLC lifted 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 valued at $60,308,000 after buying an additional 2,312,950 shares during the last quarter. Millennium Management LLC lifted its holdings in Hawaiian Electric Industries by 79.0% during the second quarter. Millennium Management LLC now owns 1,870,088 shares of the utilities provider’s stock valued at $16,868,000 after purchasing an additional 825,073 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Hawaiian Electric Industries by 20.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,021,649 shares of the utilities provider’s stock worth $29,250,000 after purchasing an additional 514,989 shares during the period. Seven Grand Managers LLC purchased a new position in shares of Hawaiian Electric Industries in the third quarter worth about $4,888,000. Finally, Thrivent Financial for Lutherans purchased a new position in shares of Hawaiian Electric Industries in the third quarter worth about $2,233,000. 59.91% of the stock is owned by hedge funds and other institutional investors.

Hawaiian Electric Industries Stock Up 1.3 %

The company has a market capitalization of $1.11 billion, a PE ratio of -0.85 and a beta of 0.53. 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 stock’s 50 day moving average is $10.42 and its 200 day moving average is $11.15.

About Hawaiian Electric Industries

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.