Hawaiian Electric Industries (NYSE:HE) Stock Price Down 3.5% Following Analyst Downgrade

Hawaiian Electric Industries, Inc. (NYSE:HE)’s share price was down 3.5% during trading on Monday after Wells Fargo & Company lowered their price target on the stock from $14.00 to $11.50. Wells Fargo & Company currently has an equal weight rating on the stock. Hawaiian Electric Industries traded as low as $9.54 and last traded at $9.60. Approximately 619,852 shares traded hands during trading, a decline of 82% from the average daily volume of 3,401,563 shares. The stock had previously closed at $9.95.

A number of other equities research analysts also recently commented on HE. Evercore ISI dropped their price objective on shares of Hawaiian Electric Industries from $16.00 to $9.00 and set an “in-line” rating on the stock in a research report on Tuesday, September 24th. StockNews.com lowered Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Wednesday, September 25th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Hawaiian Electric Industries by 31.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 13,265 shares of the utilities provider’s stock valued at $147,000 after acquiring an additional 3,156 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Hawaiian Electric Industries in the first quarter valued at about $42,000. State Board of Administration of Florida Retirement System boosted its holdings in Hawaiian Electric Industries by 18.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 156,734 shares of the utilities provider’s stock valued at $1,766,000 after purchasing an additional 24,328 shares in the last quarter. Vanguard Group Inc. grew its holdings in Hawaiian Electric Industries by 1.5% during the first quarter. Vanguard Group Inc. now owns 11,059,244 shares of the utilities provider’s stock worth $124,638,000 after acquiring an additional 160,815 shares during the period. Finally, Acadian Asset Management LLC grew its stake in shares of Hawaiian Electric Industries by 470.4% during the 1st quarter. Acadian Asset Management LLC now owns 10,780 shares of the utilities provider’s stock worth $121,000 after purchasing an additional 8,890 shares during the period. 59.91% of the stock is owned by hedge funds and other institutional investors.

Hawaiian Electric Industries Stock Down 5.7 %

The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 5.53 and a beta of 0.55. The firm’s 50-day simple moving average is $12.83 and its two-hundred day simple moving average is $11.33. The company has a debt-to-equity ratio of 2.62, a current ratio of 0.11 and a quick ratio of 0.11.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). Hawaiian Electric Industries had a positive return on equity of 10.69% and a negative net margin of 31.76%. The business had revenue of $792.30 million for the quarter. Hawaiian Electric Industries’s revenue was down .2% compared to the same quarter last year.

Hawaiian Electric Industries Company Profile

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.