Short Interest in Hawaiian Electric Industries, Inc. (NYSE:HE) Expands By 38.6%

Hawaiian Electric Industries, Inc. (NYSE:HE) was the recipient of a significant growth in short interest in December. As of December 31st, there was short interest totaling 19,482,450 shares, a growth of 38.6% from the December 15th total of 14,054,762 shares. Based on an average daily volume of 6,675,042 shares, the days-to-cover ratio is currently 2.9 days. Currently, 11.3% of the shares of the stock are sold short. Currently, 11.3% of the shares of the stock are sold short. Based on an average daily volume of 6,675,042 shares, the days-to-cover ratio is currently 2.9 days.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several large investors have recently modified their holdings of HE. Comerica Bank raised its stake in shares of Hawaiian Electric Industries by 45.0% in the first quarter. Comerica Bank now owns 6,075 shares of the utilities provider’s stock valued at $67,000 after acquiring an additional 1,886 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Hawaiian Electric Industries by 51.9% in the 1st quarter. Royal Bank of Canada now owns 379,888 shares of the utilities provider’s stock valued at $4,159,000 after buying an additional 129,819 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Hawaiian Electric Industries by 16.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 121,582 shares of the utilities provider’s stock valued at $1,331,000 after buying an additional 17,158 shares during the period. Empowered Funds LLC grew its position in shares of Hawaiian Electric Industries by 12.9% during the first quarter. Empowered Funds LLC now owns 26,690 shares of the utilities provider’s stock worth $292,000 after buying an additional 3,060 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Hawaiian Electric Industries by 36.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 491,366 shares of the utilities provider’s stock worth $5,380,000 after buying an additional 132,321 shares during the period. Institutional investors and hedge funds own 59.91% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on HE. Barclays lifted their target price on shares of Hawaiian Electric Industries from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Thursday. Jefferies Financial Group reissued a “hold” rating on shares of Hawaiian Electric Industries in a research note on Friday, December 19th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Hawaiian Electric Industries in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $12.38.

Hawaiian Electric Industries Trading Up 1.1%

HE stock traded up $0.16 during trading on Friday, reaching $14.44. 3,228,308 shares of the stock were exchanged, compared to its average volume of 5,072,243. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.79. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 180.50 and a beta of 0.64. The business has a 50 day moving average price of $12.17 and a 200-day moving average price of $11.68. Hawaiian Electric Industries has a 1 year low of $8.75 and a 1 year high of $15.05.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Friday, November 7th. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.39. Hawaiian Electric Industries had a net margin of 0.56% and a return on equity of 9.51%. The business had revenue of $790.61 million during the quarter. On average, research analysts predict that Hawaiian Electric Industries will post 1.71 earnings per share for the current year.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc is a diversified holding company operating in the energy and financial services sectors in the state of Hawaii. Its principal subsidiary, Hawaiian Electric Company, provides generation, transmission, distribution and customer service to the island of Oahu, while its Maui Electric and Hawaii Electric Light Company subsidiaries serve Maui, Molokai, Lanai and Hawaii Island. The roots of the electric utility business trace back to 1891 when service first commenced in Honolulu.

Through its subsidiary Hawaii Gas, HEI extends its energy portfolio to include the distribution of natural gas and propane, supporting residential, commercial and industrial customers across the islands.