Hawaiian Electric Industries (NYSE:HE) Cut to Sell at StockNews.com

StockNews.com downgraded shares of Hawaiian Electric Industries (NYSE:HE) from a hold rating to a sell rating in a research note issued to investors on Monday morning.

Other equities analysts have also issued reports about the stock. Evercore ISI restated an in-line rating and set a $16.00 price target on shares of Hawaiian Electric Industries in a research report on Wednesday, August 14th. Wells Fargo & Company upgraded shares of Hawaiian Electric Industries from an underweight rating to an equal weight rating and set a $14.00 price target on the stock in a research report on Friday, August 23rd.

Hawaiian Electric Industries Stock Performance

Hawaiian Electric Industries stock opened at $12.05 on Monday. The company has a debt-to-equity ratio of 2.62, a current ratio of 0.11 and a quick ratio of 0.11. Hawaiian Electric Industries has a 1-year low of $7.61 and a 1-year high of $18.19. The firm has a market capitalization of $1.33 billion, a P/E ratio of 7.13 and a beta of 0.55. The company’s 50-day moving average is $13.23 and its 200 day moving average is $11.40.

Hawaiian Electric Industries (NYSE:HE) last announced its earnings results 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 negative net margin of 31.76% and a positive return on equity of 10.69%. The company had revenue of $792.30 million during the quarter. The company’s revenue for the quarter was down .2% on a year-over-year basis.

Hedge Funds Weigh In On Hawaiian Electric Industries

A number of institutional investors have recently bought and sold shares of HE. AQR Capital Management LLC raised its stake in Hawaiian Electric Industries by 52.8% during 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 period. Millennium Management LLC raised its stake in Hawaiian Electric Industries by 79.0% during the second quarter. Millennium Management LLC now owns 1,870,088 shares of the utilities provider’s stock worth $16,868,000 after purchasing an additional 825,073 shares during the period. Verition Fund Management LLC purchased a new position in Hawaiian Electric Industries during the fourth quarter worth about $8,944,000. Charles Schwab Investment Management Inc. raised its stake in Hawaiian Electric Industries by 21.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,621,304 shares of the utilities provider’s stock worth $23,006,000 after purchasing an additional 285,955 shares during the period. Finally, Wellington Management Group LLP purchased a new position in Hawaiian Electric Industries during the fourth quarter worth about $2,370,000. 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.