Gabelli Funds LLC Decreases Stake in Hawaiian Electric Industries, Inc. (NYSE:HE)

Gabelli Funds LLC lessened its stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE) by 42.5% in the second quarter, HoldingsChannel.com reports. The firm owned 517,000 shares of the utilities provider’s stock after selling 381,500 shares during the quarter. Gabelli Funds LLC’s holdings in Hawaiian Electric Industries were worth $4,663,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in HE. Vanguard Group Inc. boosted its position in Hawaiian Electric Industries by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 11,059,244 shares of the utilities provider’s stock valued at $124,638,000 after buying an additional 160,815 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Hawaiian Electric Industries by 23.2% during the second quarter. Bank of New York Mellon Corp now owns 638,156 shares of the utilities provider’s stock worth $5,756,000 after purchasing an additional 120,208 shares during the period. Verition Fund Management LLC bought a new stake in shares of Hawaiian Electric Industries in the fourth quarter worth about $8,944,000. Panagora Asset Management Inc. increased its holdings in Hawaiian Electric Industries by 716.5% during the 2nd quarter. Panagora Asset Management Inc. now owns 187,690 shares of the utilities provider’s stock valued at $1,693,000 after purchasing an additional 164,702 shares during the period. Finally, American Century Companies Inc. raised its position in Hawaiian Electric Industries by 13.9% during the 2nd quarter. American Century Companies Inc. now owns 177,049 shares of the utilities provider’s stock valued at $1,597,000 after purchasing an additional 21,584 shares during the last quarter. Institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Trading Down 9.2 %

HE opened at $9.90 on Wednesday. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.62. Hawaiian Electric Industries, Inc. has a 52 week low of $7.61 and a 52 week high of $18.19. The stock has a market cap of $1.09 billion, a PE ratio of 5.86 and a beta of 0.55. The business has a 50 day moving average of $13.20 and a 200-day moving average of $11.37.

Hawaiian Electric Industries (NYSE:HE) last posted its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.44 earnings per share (EPS) 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 during the quarter. The firm’s quarterly revenue was down .2% on a year-over-year basis.

Wall Street Analysts Forecast Growth

HE has been the topic of a number of recent analyst reports. StockNews.com lowered Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Wednesday. Wells Fargo & Company upgraded shares of Hawaiian Electric Industries from an “underweight” rating to an “equal weight” rating and set a $14.00 price objective for the company in a report on Friday, August 23rd. Finally, Evercore ISI cut their target price 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.

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.