Hawaiian Electric Industries (NYSE:HE) Trading Down 4.4% – Here’s What Happened

Hawaiian Electric Industries, Inc. (NYSE:HE)’s stock price fell 4.4% during trading on Wednesday . The stock traded as low as $9.26 and last traded at $9.34. 1,897,611 shares were traded during trading, a decline of 45% from the average session volume of 3,440,039 shares. The stock had previously closed at $9.77.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Evercore ISI lowered their target price on shares of Hawaiian Electric Industries from $16.00 to $9.00 and set an “in-line” rating for the company in a research note on Tuesday, September 24th. Wells Fargo & Company lowered their target price on shares of Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating for the company in a research note on Monday, September 30th. Finally, StockNews.com downgraded shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research note on Friday, October 4th.

Hawaiian Electric Industries Price Performance

The company has a debt-to-equity ratio of 2.62, a current ratio of 0.11 and a quick ratio of 0.11. The stock has a market cap of $1.05 billion, a P/E ratio of 5.64 and a beta of 0.54. The company’s 50 day simple moving average is $11.99 and its 200 day simple moving average is $11.26.

Hawaiian Electric Industries (NYSE:HE) last released its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.05). The company had revenue of $792.30 million during the quarter. Hawaiian Electric Industries had a negative net margin of 31.76% and a positive return on equity of 10.69%. The firm’s revenue was down .2% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HE. New Covenant Trust Company N.A. acquired a new position in Hawaiian Electric Industries during the first quarter worth $32,000. Abich Financial Wealth Management LLC boosted its holdings in Hawaiian Electric Industries by 54.4% during the first quarter. Abich Financial Wealth Management LLC now owns 3,226 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 1,137 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in Hawaiian Electric Industries during the first quarter worth $42,000. UMB Bank n.a. acquired a new position in Hawaiian Electric Industries during the third quarter worth $42,000. Finally, Signaturefd LLC boosted its holdings in Hawaiian Electric Industries by 30.8% during the second quarter. Signaturefd LLC now owns 8,437 shares of the utilities provider’s stock worth $76,000 after purchasing an additional 1,986 shares during the last quarter. Institutional investors and hedge funds own 59.91% of the company’s stock.

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.