JCP Investment Management LLC Makes New Investment in Hawaiian Electric Industries, Inc. $HE

JCP Investment Management LLC acquired a new stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 360,000 shares of the utilities provider’s stock, valued at approximately $3,974,000. Hawaiian Electric Industries comprises 2.6% of JCP Investment Management LLC’s portfolio, making the stock its 11th largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Focus Partners Wealth purchased a new position in shares of Hawaiian Electric Industries during the 3rd quarter worth about $255,000. EagleClaw Capital Managment LLC raised its position in Hawaiian Electric Industries by 5.4% in the 3rd quarter. EagleClaw Capital Managment LLC now owns 341,300 shares of the utilities provider’s stock worth $3,768,000 after purchasing an additional 17,400 shares during the period. CSM Advisors LLC lifted its stake in Hawaiian Electric Industries by 10.5% in the third quarter. CSM Advisors LLC now owns 565,303 shares of the utilities provider’s stock worth $6,243,000 after purchasing an additional 53,496 shares during the last quarter. Bank of America Corp DE lifted its stake in Hawaiian Electric Industries by 5.2% in the third quarter. Bank of America Corp DE now owns 1,565,958 shares of the utilities provider’s stock worth $17,288,000 after purchasing an additional 76,820 shares during the last quarter. Finally, Boothbay Fund Management LLC bought a new stake in Hawaiian Electric Industries in the third quarter worth about $298,000. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Price Performance

Shares of HE stock opened at $14.67 on Monday. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $2.53 billion, a P/E ratio of 20.66 and a beta of 0.62. The company’s 50-day simple moving average is $15.31 and its two-hundred day simple moving average is $12.98. Hawaiian Electric Industries, Inc. has a one year low of $9.06 and a one year high of $17.38.

Hawaiian Electric Industries (NYSE:HE) last issued its earnings results on Friday, February 27th. The utilities provider reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. Hawaiian Electric Industries had a net margin of 4.09% and a return on equity of 9.82%. The business had revenue of $805.82 million for the quarter. As a group, equities analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on HE shares. Zacks Research raised Hawaiian Electric Industries to a “hold” rating in a research note on Monday, February 9th. Jefferies Financial Group lowered Hawaiian Electric Industries from a “hold” rating to an “underperform” rating and decreased their price target for the stock from $13.50 to $12.50 in a research note on Tuesday, January 20th. Weiss Ratings upgraded Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 2nd. Wall Street Zen raised Hawaiian Electric Industries from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. Finally, Barclays increased their target price on Hawaiian Electric Industries from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Hawaiian Electric Industries has a consensus rating of “Reduce” and a consensus target price of $13.25.

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.