Victory Capital Management Inc. Sells 11,479 Shares of Hawaiian Electric Industries, Inc. (NYSE:HE)

Victory Capital Management Inc. cut its holdings in Hawaiian Electric Industries, Inc. (NYSE:HE) by 18.2% during the 3rd quarter, Holdings Channel reports. The fund owned 51,473 shares of the utilities provider’s stock after selling 11,479 shares during the period. Victory Capital Management Inc.’s holdings in Hawaiian Electric Industries were worth $498,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position 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 worth $124,638,000 after acquiring an additional 160,815 shares during the period. Seven Grand Managers LLC bought a new stake in shares of Hawaiian Electric Industries during the 3rd quarter valued at $4,888,000. Bank of New York Mellon Corp raised its position in shares of Hawaiian Electric Industries by 23.2% during 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 purchasing an additional 120,208 shares during the period. Fernwood Investment Management LLC raised its position in shares of Hawaiian Electric Industries by 82.8% during the 3rd quarter. Fernwood Investment Management LLC now owns 133,175 shares of the utilities provider’s stock valued at $1,289,000 after purchasing an additional 60,335 shares during the period. Finally, Diversified Trust Co bought a new stake in shares of Hawaiian Electric Industries during the 2nd quarter valued at $372,000. 59.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wells Fargo & Company decreased their price objective on shares of Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating on the stock in a research report on Monday, September 30th. StockNews.com downgraded shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Finally, Evercore ISI decreased their price objective on shares of Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating on the stock in a research report on Tuesday, November 19th.

Hawaiian Electric Industries Stock Performance

HE opened at $10.41 on Friday. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -0.88 and a beta of 0.53. The company has a fifty day moving average of $10.12 and a 200 day moving average of $11.16. Hawaiian Electric Industries, Inc. has a fifty-two week low of $7.61 and a fifty-two week high of $18.19. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.18 and a current ratio of 0.18.

Hawaiian Electric Industries (NYSE:HE) last posted its earnings results on Friday, November 8th. The utilities provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.07). The company had revenue of $983.38 million for the quarter. Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period last year, the firm earned $0.37 earnings per share.

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.