Wells Fargo & Company Lowers Hawaiian Electric Industries (NYSE:HE) Price Target to $11.50

Hawaiian Electric Industries (NYSE:HE) had its price target reduced by analysts at Wells Fargo & Company from $14.00 to $11.50 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 18.68% from the company’s previous close.

Several other brokerages have also weighed in on HE. Evercore ISI dropped 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 report on Tuesday, September 24th. StockNews.com lowered Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Wednesday, September 25th.

Hawaiian Electric Industries Trading Down 2.6 %

Shares of HE stock traded down $0.26 on Monday, hitting $9.69. The company had a trading volume of 1,346,660 shares, compared to its average volume of 3,404,481. The stock’s 50-day moving average is $12.94 and its two-hundred 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 firm has a market cap of $1.07 billion, a P/E ratio of 5.73 and a beta of 0.55. Hawaiian Electric Industries has a twelve month low of $7.61 and a twelve month high of $18.19.

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). Hawaiian Electric Industries had a positive return on equity of 10.69% and a negative net margin of 31.76%. The firm had revenue of $792.30 million for the quarter. The firm’s quarterly revenue was down .2% on a year-over-year basis.

Hedge Funds Weigh In On Hawaiian Electric Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Hawaiian Electric Industries by 1.5% in the first quarter. Vanguard Group Inc. now owns 11,059,244 shares of the utilities provider’s stock valued at $124,638,000 after acquiring an additional 160,815 shares during the last quarter. AQR Capital Management LLC raised its position in shares of 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 worth $60,308,000 after buying an additional 2,312,950 shares in the last quarter. Millennium Management LLC increased its stake in 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 worth $16,868,000 after acquiring an additional 825,073 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Hawaiian Electric Industries by 23.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 638,156 shares of the utilities provider’s stock valued at $5,756,000 after acquiring an additional 120,208 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in shares of Hawaiian Electric Industries during the 4th quarter valued at about $8,944,000. 59.91% of the stock is owned by hedge funds and other 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.