Optimize Financial Inc Takes $261,000 Position in Hawaiian Electric Industries, Inc. $HE

Key Points

• Optimize Financial Inc. has purchased 23,813 shares of Hawaiian Electric Industries, Inc., valued at around $261,000, marking the firm's new stake in the utility provider.
• Several institutional investors, including Northern Trust Corp. and Ameriprise Financial Inc., have also increased their stakes in Hawaiian Electric, reflecting a growing interest in the company's stock.
• Hawaiian Electric's stock currently has a consensus rating of "Hold" from analysts, with a recent average target price set at $11.94.

Optimize Financial Inc acquired a new position in Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 23,813 shares of the utilities provider's stock, valued at approximately $261,000.

A number of other institutional investors have also added to or reduced their stakes in HE. Allworth Financial LP grew its position in Hawaiian Electric Industries by 379.3% in the 1st quarter. Allworth Financial LP now owns 2,574 shares of the utilities provider's stock worth $27,000 after purchasing an additional 2,037 shares in the last quarter. Farther Finance Advisors LLC grew its position in Hawaiian Electric Industries by 3,797.8% in the 1st quarter. Farther Finance Advisors LLC now owns 3,469 shares of the utilities provider's stock worth $38,000 after purchasing an additional 3,380 shares in the last quarter. Comerica Bank grew its position in Hawaiian Electric Industries by 69.3% in the 4th quarter. Comerica Bank now owns 4,189 shares of the utilities provider's stock worth $41,000 after purchasing an additional 1,715 shares in the last quarter. Byrne Asset Management LLC grew its position in Hawaiian Electric Industries by 34.0% in the 1st quarter. Byrne Asset Management LLC now owns 3,887 shares of the utilities provider's stock worth $43,000 after purchasing an additional 987 shares in the last quarter. Finally, US Bancorp DE grew its position in Hawaiian Electric Industries by 51.2% in the 1st quarter. US Bancorp DE now owns 4,293 shares of the utilities provider's stock worth $47,000 after purchasing an additional 1,453 shares in the last quarter. 59.91% of the stock is owned by institutional investors.

Hawaiian Electric Industries Stock Performance

Shares of HE stock traded up $0.01 during trading on Monday, reaching $12.11. 370,386 shares of the company's stock traded hands, compared to its average volume of 2,275,444. The company has a market capitalization of $2.09 billion, a P/E ratio of -11.99 and a beta of 0.69. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.52. The firm's 50-day moving average is $11.40 and its 200 day moving average is $10.86. Hawaiian Electric Industries, Inc. has a 1 year low of $8.14 and a 1 year high of $13.41.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last posted its earnings results on Thursday, August 7th. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). Hawaiian Electric Industries had a positive return on equity of 10.76% and a negative net margin of 3.66%.The firm had revenue of $746.39 million during the quarter. Equities research analysts expect that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on HE. Jefferies Financial Group increased their target price on shares of Hawaiian Electric Industries from $11.00 to $11.25 and gave the company a "hold" rating in a research report on Wednesday, May 28th. Barclays reduced their target price on shares of Hawaiian Electric Industries from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Hawaiian Electric Industries has a consensus rating of "Hold" and an average target price of $11.94.

Hawaiian Electric Industries 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.