Hawaiian Electric Industries (NYSE:HE) Downgraded to Sell Rating by StockNews.com

Hawaiian Electric Industries (NYSE:HE) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Friday.

HE has been the topic of a number of other reports. Wells Fargo & Company decreased their target price on Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating on the stock in a research note on Monday, September 30th. 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. Finally, Jefferies Financial Group assumed coverage on shares of Hawaiian Electric Industries in a research report on Tuesday, December 3rd. They set a “hold” rating and a $11.50 target price for the company.

Hawaiian Electric Industries Trading Down 2.9 %

Shares of Hawaiian Electric Industries stock opened at $9.45 on Friday. The company’s 50-day moving average price is $10.19 and its 200-day moving average price is $11.05. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -0.80 and a beta of 0.53. Hawaiian Electric Industries has a 12-month low of $7.61 and a 12-month high of $18.19. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 1.80.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Friday, November 8th. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.07). The firm had revenue of $983.38 million during the quarter. Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%. Hawaiian Electric Industries’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period last year, the firm posted $0.37 earnings per share. On average, equities analysts expect that Hawaiian Electric Industries will post 1.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hawaiian Electric Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. Zimmer Partners LP purchased a new stake in shares of Hawaiian Electric Industries in the 3rd quarter valued at $145,200,000. AQR Capital Management LLC lifted its stake in 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 purchasing an additional 2,312,950 shares during the last quarter. FMR LLC boosted its position in Hawaiian Electric Industries by 7,986.3% during the third quarter. FMR LLC now owns 5,340,679 shares of the utilities provider’s stock valued at $51,698,000 after buying an additional 5,274,633 shares during the period. Geode Capital Management LLC grew its stake in shares of Hawaiian Electric Industries by 49.3% during the third quarter. Geode Capital Management LLC now owns 3,793,142 shares of the utilities provider’s stock valued at $36,725,000 after buying an additional 1,253,143 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Hawaiian Electric Industries by 19.8% in the third quarter. State Street Corp now owns 3,368,096 shares of the utilities provider’s stock worth $32,603,000 after buying an additional 556,747 shares during the period. 59.91% of the stock is currently 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.