Hawaiian Electric Industries (NYSE:HE) Shares Down 12%

Hawaiian Electric Industries, Inc. (NYSE:HE)’s share price dropped 12% during mid-day trading on Tuesday . The stock traded as low as $9.16 and last traded at $9.38. Approximately 2,357,520 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 2,227,914 shares. The stock had previously closed at $10.66.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HE. StockNews.com raised shares of Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a research note on Monday. Evercore ISI upped their target price on shares of Hawaiian Electric Industries from $7.00 to $11.00 and gave the stock an “in-line” rating in a research note on Thursday, February 15th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, Hawaiian Electric Industries has an average rating of “Hold” and an average target price of $11.50.

Hawaiian Electric Industries Price Performance

The company has a debt-to-equity ratio of 1.21, a current ratio of 0.13 and a quick ratio of 0.13. The business’s 50 day moving average price is $11.85 and its 200 day moving average price is $12.73. The stock has a market capitalization of $989.39 million, a P/E ratio of 5.54 and a beta of 0.53.

Hawaiian Electric Industries (NYSE:HE) last posted its earnings results on Tuesday, February 13th. The utilities provider reported $0.48 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.48. Hawaiian Electric Industries had a return on equity of 9.99% and a net margin of 5.45%. The company had revenue of $961.40 million for the quarter. During the same period in the prior year, the company posted $0.52 EPS. The firm’s revenue was down 5.7% compared to the same quarter last year. Sell-side analysts forecast that Hawaiian Electric Industries, Inc. will post 1.98 EPS for the current year.

Institutional Trading of Hawaiian Electric Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in HE. Counterpoint Mutual Funds LLC bought a new stake in Hawaiian Electric Industries in the first quarter worth $707,000. Alaska Permanent Fund Corp increased its holdings in shares of Hawaiian Electric Industries by 150.0% in the 1st quarter. Alaska Permanent Fund Corp now owns 137,406 shares of the utilities provider’s stock worth $1,549,000 after buying an additional 82,442 shares during the last quarter. Quadrature Capital Ltd raised its position in shares of Hawaiian Electric Industries by 16.5% during the 4th quarter. Quadrature Capital Ltd now owns 157,903 shares of the utilities provider’s stock valued at $2,241,000 after buying an additional 22,363 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Hawaiian Electric Industries by 44.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,601 shares of the utilities provider’s stock valued at $207,000 after acquiring an additional 4,515 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in Hawaiian Electric Industries in the fourth quarter worth about $2,370,000. Institutional investors 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.