Peapack Gladstone Financial Corp Acquires New Position in Hawaiian Electric Industries, Inc. (NYSE:HE)

Peapack Gladstone Financial Corp bought a new position in Hawaiian Electric Industries, Inc. (NYSE:HE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 18,955 shares of the utilities provider’s stock, valued at approximately $184,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new stake in shares of Hawaiian Electric Industries in the 3rd quarter worth approximately $112,000. Virtu Financial LLC acquired a new stake in Hawaiian Electric Industries in the third quarter worth $821,000. Geode Capital Management LLC lifted its stake in Hawaiian Electric Industries by 49.3% in the third quarter. Geode Capital Management LLC now owns 3,793,142 shares of the utilities provider’s stock valued at $36,725,000 after buying an additional 1,253,143 shares during the last quarter. Barclays PLC boosted its holdings in shares of Hawaiian Electric Industries by 48.5% during the third quarter. Barclays PLC now owns 255,618 shares of the utilities provider’s stock valued at $2,475,000 after acquiring an additional 83,496 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Hawaiian Electric Industries during the third quarter worth about $316,000. 59.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on HE. Wells Fargo & Company reduced their target price on shares of Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating for the company in a research note on Monday, September 30th. StockNews.com cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Jefferies Financial Group assumed coverage on Hawaiian Electric Industries in a research report on Tuesday, December 3rd. They set a “hold” rating and a $11.50 price target for the company. Finally, Evercore ISI lowered their price target on Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating on the stock in a report on Tuesday, November 19th.

Hawaiian Electric Industries Stock Performance

HE opened at $10.21 on Tuesday. Hawaiian Electric Industries, Inc. has a 1-year low of $7.61 and a 1-year high of $18.19. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -0.86 and a beta of 0.53. The business has a 50 day moving average price of $10.22 and a two-hundred day moving average price of $11.11. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.18 and a quick ratio of 0.18.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings results on Friday, November 8th. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.07). Hawaiian Electric Industries had a positive return on equity of 11.12% and a negative net margin of 35.38%. The business had revenue of $983.38 million during the quarter. During the same quarter in the previous year, the business posted $0.37 EPS. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. Research analysts predict that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current fiscal 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.