Hawaiian Electric Industries (NYSE:HE) Stock Price Down 7%

Hawaiian Electric Industries, Inc. (NYSE:HE) was down 7% on Thursday . The company traded as low as $11.19 and last traded at $11.22. Approximately 501,062 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 3,063,355 shares. The stock had previously closed at $12.06.

Analyst Upgrades and Downgrades

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

Hawaiian Electric Industries Trading Down 9.0 %

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 firm’s fifty day moving average is $13.23 and its 200-day moving average is $11.40. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 6.56 and a beta of 0.55.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HE. IMS Capital Management grew its stake in shares of Hawaiian Electric Industries by 2.5% in the 2nd quarter. IMS Capital Management now owns 51,957 shares of the utilities provider’s stock valued at $469,000 after buying an additional 1,257 shares during the period. Truist Financial Corp grew its stake in shares of Hawaiian Electric Industries by 87.5% in the 2nd quarter. Truist Financial Corp now owns 44,326 shares of the utilities provider’s stock valued at $400,000 after buying an additional 20,680 shares during the period. Creative Planning grew its stake in shares of Hawaiian Electric Industries by 203.2% in the 2nd quarter. Creative Planning now owns 70,683 shares of the utilities provider’s stock valued at $638,000 after buying an additional 47,372 shares during the period. Algert Global LLC grew its stake in shares of Hawaiian Electric Industries by 116.8% in the 2nd quarter. Algert Global LLC now owns 167,484 shares of the utilities provider’s stock valued at $1,511,000 after buying an additional 90,234 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Hawaiian Electric Industries by 225.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 59,640 shares of the utilities provider’s stock valued at $538,000 after buying an additional 41,305 shares during the period. 59.91% of the stock is owned by institutional investors.

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.