Hawaiian Electric Industries (NYSE:HE) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Hawaiian Electric Industries (NYSE:HE) from a strong-buy rating to a hold rating in a report issued on Wednesday morning,Zacks.com reports.

A number of other equities research analysts have also recently commented on HE. Wall Street Zen cut shares of Hawaiian Electric Industries from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Barclays lifted their price target on shares of Hawaiian Electric Industries from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Monday, March 2nd. Weiss Ratings raised shares of Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 2nd. Finally, Jefferies Financial Group cut shares of Hawaiian Electric Industries from a “hold” rating to an “underperform” rating and lowered their target price for the company from $13.50 to $12.50 in a report on Tuesday, January 20th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $13.25.

Hawaiian Electric Industries Price Performance

HE stock opened at $15.42 on Wednesday. The company has a market capitalization of $2.66 billion, a P/E ratio of 21.72 and a beta of 0.54. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.32 and a current ratio of 1.32. Hawaiian Electric Industries has a 52-week low of $10.14 and a 52-week high of $17.38. The business has a 50-day simple moving average of $15.18 and a two-hundred day simple moving average of $13.88.

Hawaiian Electric Industries (NYSE:HE) last announced its earnings results on Friday, February 27th. The utilities provider reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Hawaiian Electric Industries had a return on equity of 9.82% and a net margin of 4.09%.The firm had revenue of $805.82 million for the quarter. Research analysts expect that Hawaiian Electric Industries will post 1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its position in Hawaiian Electric Industries by 199,800.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,999 shares of the utilities provider’s stock valued at $25,000 after buying an additional 1,998 shares during the period. Navalign LLC purchased a new stake in Hawaiian Electric Industries during the fourth quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. boosted its position in Hawaiian Electric Industries by 142.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider’s stock valued at $26,000 after buying an additional 1,365 shares during the period. Tucker Asset Management LLC purchased a new stake in Hawaiian Electric Industries during the fourth quarter valued at about $32,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Hawaiian Electric Industries by 334.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,576 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 1,983 shares during the period. Institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Company Profile

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.