26,483,206 Shares in Hawaiian Electric Industries, Inc. $HE Bought by BlackRock Inc.

Key Points

• BlackRock acquired 26.48 million shares of Hawaiian Electric Industries in the second quarter, worth approximately $358.3 million and representing a 15.34% stake.
• Institutional investors collectively own 59.91% of HE, while analysts maintain a cautious outlook with an average “Reduce” rating and an average price target of $11.88.
• HE shares opened at $11.37, near their one-year low, after the company reported quarterly EPS of $0.13—below the $0.21 consensus estimate—despite revenue meeting expectations at $939.7 million.

BlackRock Inc. acquired a new position in Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 26,483,206 shares of the utilities provider's stock, valued at approximately $358,318,000. BlackRock Inc. owned approximately 15.34% of Hawaiian Electric Industries at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in shares of Hawaiian Electric Industries by 37.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,682 shares of the utilities provider's stock worth $33,000 after buying an additional 737 shares during the period. SBI Securities Co. Ltd. increased its stake in shares of Hawaiian Electric Industries by 9.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 9,523 shares of the utilities provider's stock worth $117,000 after acquiring an additional 816 shares in the last quarter. Federated Hermes Inc. lifted its position in Hawaiian Electric Industries by 1.3% during the 2nd quarter. Federated Hermes Inc. now owns 72,891 shares of the utilities provider's stock valued at $775,000 after acquiring an additional 910 shares during the period. Xponance LLC lifted its position in Hawaiian Electric Industries by 5.7% during the 4th quarter. Xponance LLC now owns 17,022 shares of the utilities provider's stock valued at $209,000 after acquiring an additional 918 shares during the period. Finally, CWM LLC boosted its stake in Hawaiian Electric Industries by 41.3% during the fourth quarter. CWM LLC now owns 3,210 shares of the utilities provider's stock worth $39,000 after acquiring an additional 939 shares in the last quarter. Hedge funds and other institutional investors own 59.91% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on HE shares. Barclays cut their price objective on shares of Hawaiian Electric Industries from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 11th. Jefferies Financial Group lowered their target price on shares of Hawaiian Electric Industries from $13.75 to $11.75 and set an "underperform" rating for the company in a report on Monday, July 6th. Weiss Ratings raised Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Finally, Zacks Research downgraded Hawaiian Electric Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $11.88.

Hawaiian Electric Industries Stock Performance

Shares of Hawaiian Electric Industries stock opened at $11.37 on Wednesday. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 8.75 and a beta of 0.50. The firm's 50-day moving average is $12.87 and its 200 day moving average is $14.16. Hawaiian Electric Industries, Inc. has a 1 year low of $10.79 and a 1 year high of $17.38. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.99 and a quick ratio of 0.99.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.13 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.08). The firm had revenue of $939.70 million for the quarter, compared to analysts' expectations of $939.70 million. Hawaiian Electric Industries had a net margin of 6.89% and a return on equity of 7.90%. During the same period last year, the company posted $0.15 earnings per share. Sell-side analysts anticipate that Hawaiian Electric Industries, Inc. will post 0.99 EPS for the current fiscal year.

Hawaiian Electric Industries 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.

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