Bank of New York Mellon Corp Buys 120,208 Shares of Hawaiian Electric Industries, Inc. (NYSE:HE)

Bank of New York Mellon Corp increased its position in Hawaiian Electric Industries, Inc. (NYSE:HE) by 23.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 638,156 shares of the utilities provider’s stock after acquiring an additional 120,208 shares during the quarter. Bank of New York Mellon Corp owned about 0.58% of Hawaiian Electric Industries worth $5,756,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Treasurer of the State of North Carolina increased its stake in Hawaiian Electric Industries by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 159,290 shares of the utilities provider’s stock worth $2,260,000 after acquiring an additional 984 shares during the last quarter. Abich Financial Wealth Management LLC raised its stake in Hawaiian Electric Industries by 54.4% in the first quarter. Abich Financial Wealth Management LLC now owns 3,226 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 1,137 shares in the last quarter. Victory Capital Management Inc. lifted its position in Hawaiian Electric Industries by 4.4% during the fourth quarter. Victory Capital Management Inc. now owns 40,311 shares of the utilities provider’s stock valued at $572,000 after purchasing an additional 1,700 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Hawaiian Electric Industries by 17.0% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 12,172 shares of the utilities provider’s stock worth $137,000 after buying an additional 1,766 shares in the last quarter. Finally, Ieq Capital LLC grew its stake in Hawaiian Electric Industries by 12.0% in the 4th quarter. Ieq Capital LLC now owns 21,347 shares of the utilities provider’s stock worth $303,000 after buying an additional 2,282 shares in the last quarter. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on HE. StockNews.com raised shares of Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a research note on Saturday, August 24th. Evercore ISI reaffirmed an “in-line” rating and set a $16.00 target price on shares of Hawaiian Electric Industries in a report on Wednesday, August 14th. Finally, Wells Fargo & Company raised shares of Hawaiian Electric Industries from an “underweight” rating to an “equal weight” rating and set a $14.00 price target for the company in a research note on Friday, August 23rd.

Hawaiian Electric Industries Stock Performance

Hawaiian Electric Industries stock opened at $11.16 on Friday. Hawaiian Electric Industries, Inc. has a fifty-two week low of $7.61 and a fifty-two week high of $18.19. The stock’s 50 day simple moving average is $12.91 and its two-hundred day simple moving average is $11.41. 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 has a market cap of $1.23 billion, a price-to-earnings ratio of 6.65 and a beta of 0.55.

Hawaiian Electric Industries (NYSE:HE) last announced its 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). The business had revenue of $792.30 million for the quarter. Hawaiian Electric Industries had a negative net margin of 31.76% and a positive return on equity of 10.69%. The company’s revenue was down .2% on a year-over-year basis.

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.