Evercore ISI Cuts Hawaiian Electric Industries (NYSE:HE) Price Target to $9.00

Hawaiian Electric Industries (NYSE:HE) had its price objective cut by equities research analysts at Evercore ISI from $16.00 to $9.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “in-line” rating on the utilities provider’s stock. Evercore ISI’s target price would indicate a potential downside of 8.26% from the stock’s current price.

Other research analysts have also issued research reports about the company. Wells Fargo & Company upgraded Hawaiian Electric Industries from an “underweight” rating to an “equal weight” rating and set a $14.00 price target on the stock in a research report on Friday, August 23rd. StockNews.com cut shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Monday, September 16th.

Hawaiian Electric Industries Stock Down 10.0 %

HE stock traded down $1.09 during midday trading on Tuesday, hitting $9.81. The company’s stock had a trading volume of 30,733,719 shares, compared to its average volume of 3,250,228. The company’s fifty day moving average price is $13.25 and its 200 day moving average price is $11.39. Hawaiian Electric Industries has a twelve month low of $7.61 and a twelve month high of $18.19. The company has a debt-to-equity ratio of 2.62, a current ratio of 0.11 and a quick ratio of 0.11. The stock has a market capitalization of $1.08 billion, a P/E ratio of 5.81 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). The firm had revenue of $792.30 million for the quarter. Hawaiian Electric Industries had a positive return on equity of 10.69% and a negative net margin of 31.76%. The business’s revenue for the quarter was down .2% on a year-over-year basis.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. New Covenant Trust Company N.A. acquired a new stake in Hawaiian Electric Industries in the first quarter valued at approximately $32,000. Abich Financial Wealth Management LLC increased its holdings 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 buying an additional 1,137 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in Hawaiian Electric Industries during the first quarter worth $42,000. Cape Investment Advisory Inc. purchased a new position in Hawaiian Electric Industries during the 4th quarter valued at about $43,000. Finally, Signaturefd LLC grew its position in shares of Hawaiian Electric Industries by 30.8% in the second quarter. Signaturefd LLC now owns 8,437 shares of the utilities provider’s stock valued at $76,000 after purchasing an additional 1,986 shares during 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.