Hawaiian Electric Industries (NYSE:HE) Stock Rating Lowered by Zacks Research

Hawaiian Electric Industries (NYSE:HE) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other research firms also recently weighed in on HE. Jefferies Financial Group cut their price target on shares of Hawaiian Electric Industries from $13.75 to $11.75 and set an “underperform” rating on the stock in a research note on Monday, July 6th. Weiss Ratings upgraded Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Finally, Barclays cut their target price on Hawaiian Electric Industries from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $11.88.

Hawaiian Electric Industries Stock Up 0.4%

HE opened at $11.90 on Tuesday. Hawaiian Electric Industries has a 12 month low of $10.79 and a 12 month high of $17.38. The business has a 50-day moving average of $13.19 and a two-hundred day moving average of $14.41. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 9.15 and a beta of 0.50.

Hawaiian Electric Industries (NYSE:HE) last released its earnings results on Friday, August 7th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.08). Hawaiian Electric Industries had a return on equity of 8.10% and a net margin of 6.89%.The company had revenue of $939.70 million during the quarter, compared to analyst estimates of $939.70 million. During the same period in the prior year, the business posted $0.15 earnings per share. On average, research analysts expect that Hawaiian Electric Industries will post 0.99 earnings per share for the current year.

Hedge Funds Weigh In On Hawaiian Electric Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue grew its holdings in Hawaiian Electric Industries by 1,548.0% during the 4th quarter. State of Alaska Department of Revenue now owns 93,573 shares of the utilities provider’s stock valued at $1,150,000 after purchasing an additional 87,895 shares in the last quarter. Yousif Capital Management LLC acquired a new position in Hawaiian Electric Industries in the 4th quarter worth $569,000. Allspring Global Investments Holdings LLC purchased a new position in Hawaiian Electric Industries in the 1st quarter valued at about $2,697,000. Illinois Municipal Retirement Fund purchased a new position in Hawaiian Electric Industries in the 1st quarter valued at about $1,371,000. Finally, First Trust Advisors LP grew its stake in shares of Hawaiian Electric Industries by 40.6% during the first quarter. First Trust Advisors LP now owns 285,453 shares of the utilities provider’s stock valued at $4,236,000 after acquiring an additional 82,439 shares in the last quarter. Institutional investors and hedge funds own 59.91% of the company’s stock.

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.