Hawaiian Electric Industries (NYSE:HE) Stock Rating Upgraded by Wells Fargo & Company

Hawaiian Electric Industries (NYSE:HE) was upgraded by research analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a research note issued on Friday, FinViz reports. The brokerage presently has a $14.00 price target on the utilities provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 25.79% from the stock’s current price.

HE has been the subject of several other reports. StockNews.com cut shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Friday, August 16th. Evercore ISI restated an “in-line” rating and issued a $16.00 price objective on shares of Hawaiian Electric Industries in a report on Wednesday, August 14th.

Hawaiian Electric Industries Stock Down 4.4 %

Shares of HE opened at $11.13 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.11 and a current ratio of 0.11. Hawaiian Electric Industries has a 52 week low of $7.61 and a 52 week high of $18.19. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 6.59 and a beta of 0.57. The stock has a fifty day moving average of $12.33 and a 200-day moving average of $11.61.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). Hawaiian Electric Industries had a net margin of 5.16% and a return on equity of 9.58%. The firm had revenue of $792.30 million for the quarter. The company’s revenue for the quarter was down .2% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HE. AQR Capital Management LLC lifted its holdings in Hawaiian Electric Industries by 52.8% in the second 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 period. Millennium Management LLC lifted its stake in shares of Hawaiian Electric Industries by 79.0% in the 2nd 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 period. Verition Fund Management LLC bought a new stake in shares of Hawaiian Electric Industries during the 4th quarter valued at about $8,944,000. BNP Paribas Financial Markets grew its stake in Hawaiian Electric Industries by 2,854.9% during the fourth quarter. BNP Paribas Financial Markets now owns 580,931 shares of the utilities provider’s stock worth $8,243,000 after purchasing an additional 561,271 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Hawaiian Electric Industries by 21.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,621,304 shares of the utilities provider’s stock worth $23,006,000 after purchasing an additional 285,955 shares in the last quarter. Institutional investors and hedge funds own 59.91% of the company’s stock.

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.