Hawaiian Electric Industries (NYSE:HE) Trading Down 3.5% Following Analyst Downgrade

Hawaiian Electric Industries, Inc. (NYSE:HE)’s share price traded down 3.5% during trading on Monday after Wells Fargo & Company lowered their price target on the stock from $14.00 to $11.50. Wells Fargo & Company currently has an equal weight rating on the stock. Hawaiian Electric Industries traded as low as $9.54 and last traded at $9.60. 619,852 shares changed hands during trading, a decline of 82% from the average session volume of 3,401,563 shares. The stock had previously closed at $9.95.

HE has been the topic of a number of other research reports. Evercore ISI lowered their price objective on shares of Hawaiian Electric Industries from $16.00 to $9.00 and set an “in-line” rating on the stock in a research note on Tuesday, September 24th. StockNews.com cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, September 25th.

Institutional Trading of Hawaiian Electric Industries

A number of large investors have recently added to or reduced their stakes in the business. New Covenant Trust Company N.A. acquired a new position in shares of Hawaiian Electric Industries in the 1st quarter valued at $32,000. Abich Financial Wealth Management LLC boosted its holdings in shares of 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 worth $36,000 after buying an additional 1,137 shares during the period. Fidelis Capital Partners LLC purchased a new position in shares of Hawaiian Electric Industries in the first quarter worth approximately $42,000. Signaturefd LLC raised its holdings in shares of Hawaiian Electric Industries by 30.8% during the second quarter. Signaturefd LLC now owns 8,437 shares of the utilities provider’s stock valued at $76,000 after acquiring an additional 1,986 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Hawaiian Electric Industries by 82.3% in the 2nd quarter. GAMMA Investing LLC now owns 9,540 shares of the utilities provider’s stock valued at $86,000 after acquiring an additional 4,308 shares in the last quarter. 59.91% of the stock is currently owned by institutional investors.

Hawaiian Electric Industries Stock Down 2.9 %

The business’s 50 day moving average is $12.94 and its 200 day moving average is $11.34. 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 $1.07 billion, a price-to-earnings ratio of 5.73 and a beta of 0.55.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.44 earnings per share (EPS) 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 quarterly revenue was down .2% compared to the same quarter last year.

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.