Allspring Global Investments Holdings LLC Invests $2.70 Million in Hawaiian Electric Industries, Inc. $HE

Key Points

• Allspring Global Investments Holdings LLC bought a new stake in Hawaiian Electric Industries in the first quarter, acquiring 177,186 shares worth about $2.7 million. The position represented roughly 0.10% of the company.
• Hawaiian Electric Industries’ stock was down slightly, opening at $13.51, with a market value of about $2.33 billion. The shares have traded between a 52-week low of $10.57 and a high of $17.38.
• The company recently missed earnings expectations, reporting $0.18 EPS versus the expected $0.27, and analysts remain cautious. The stock currently carries a consensus rating of “Reduce” with an average price target of $12.38.

Allspring Global Investments Holdings LLC acquired a new stake in Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 177,186 shares of the utilities provider's stock, valued at approximately $2,697,000. Allspring Global Investments Holdings LLC owned approximately 0.10% of Hawaiian Electric Industries as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd boosted its stake in shares of Hawaiian Electric Industries by 199,800.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,999 shares of the utilities provider's stock worth $25,000 after buying an additional 1,998 shares during the last quarter. Navalign LLC purchased a new position in Hawaiian Electric Industries in the fourth quarter worth $25,000. Northwestern Mutual Wealth Management Co. boosted its position in Hawaiian Electric Industries by 142.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider's stock worth $26,000 after purchasing an additional 1,365 shares during the last quarter. Tucker Asset Management LLC bought a new position in Hawaiian Electric Industries in the 4th quarter valued at $32,000. Finally, Smartleaf Asset Management LLC grew its stake in Hawaiian Electric Industries by 334.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,576 shares of the utilities provider's stock valued at $32,000 after purchasing an additional 1,983 shares during the period. Institutional investors and hedge funds own 59.91% of the company's stock.

Hawaiian Electric Industries Stock Down 0.2%

HE opened at $13.51 on Friday. The firm has a market capitalization of $2.33 billion, a P/E ratio of 18.25 and a beta of 0.49. Hawaiian Electric Industries, Inc. has a one year low of $10.57 and a one year high of $17.38. The company has a fifty day moving average price of $13.43 and a 200-day moving average price of $14.54. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.34 and a quick ratio of 1.34.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.09). Hawaiian Electric Industries had a return on equity of 9.03% and a net margin of 4.19%.The business had revenue of $746.45 million during the quarter, compared to analysts' expectations of $746.45 million. Equities research analysts expect that Hawaiian Electric Industries, Inc. will post 1.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wall Street Zen cut Hawaiian Electric Industries from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Jefferies Financial Group decreased their price objective 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 shares of Hawaiian Electric Industries from a "sell (d)" rating to a "sell (d+)" rating in a research report on Monday, July 20th. Barclays lowered their price objective on shares of Hawaiian Electric Industries from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Thursday, June 25th. Finally, Zacks Research downgraded shares of Hawaiian Electric Industries from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $12.38.

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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