Bayforest Capital Ltd Buys 80,350 Shares of Hawaiian Electric Industries, Inc. $HE

Key Points

• Bayforest Capital Ltd has significantly increased its stake in Hawaiian Electric Industries, by 335.4%, now holding shares worth approximately $1.14 million.
• Multiple hedge funds have also increased their holdings in Hawaiian Electric, with Allworth Financial LP raising its position by 379.3%.
• The stock currently has a consensus rating of "Hold" with a target price of $11.94, following mixed ratings from research analysts.

Bayforest Capital Ltd increased its stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 335.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 104,303 shares of the utilities provider's stock after buying an additional 80,350 shares during the period. Hawaiian Electric Industries comprises about 0.5% of Bayforest Capital Ltd's holdings, making the stock its 22nd biggest position. Bayforest Capital Ltd owned about 0.06% of Hawaiian Electric Industries worth $1,142,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in HE. Janney Montgomery Scott LLC increased its stake in shares of Hawaiian Electric Industries by 269.7% in the first quarter. Janney Montgomery Scott LLC now owns 67,720 shares of the utilities provider's stock worth $742,000 after purchasing an additional 49,400 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Hawaiian Electric Industries by 123.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 88,172 shares of the utilities provider's stock worth $965,000 after purchasing an additional 48,792 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Hawaiian Electric Industries by 1.1% in the first quarter. Rhumbline Advisers now owns 257,191 shares of the utilities provider's stock worth $2,816,000 after purchasing an additional 2,877 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Hawaiian Electric Industries by 41.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 82,070 shares of the utilities provider's stock worth $799,000 after purchasing an additional 24,247 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Hawaiian Electric Industries by 3.7% in the first quarter. Arizona State Retirement System now owns 49,470 shares of the utilities provider's stock worth $542,000 after purchasing an additional 1,771 shares in the last quarter. Hedge funds and other institutional investors own 59.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on HE. Jefferies Financial Group lifted their target price on shares of Hawaiian Electric Industries from $11.00 to $11.25 and gave the stock a "hold" rating in a research note 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 note on Thursday, July 10th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $11.94.

Hawaiian Electric Industries Price Performance

NYSE:HE traded down $0.04 during mid-day trading on Friday, hitting $12.11. 1,115,857 shares of the stock traded hands, compared to its average volume of 2,126,863. The business's 50-day moving average price is $11.40 and its 200 day moving average price is $10.86. The company has a market cap of $2.09 billion, a PE ratio of -11.99 and a beta of 0.69. Hawaiian Electric Industries, Inc. has a 12-month low of $8.14 and a 12-month high of $13.41. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.52.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.20 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.04). The firm had revenue of $746.39 million for the quarter. Hawaiian Electric Industries had a negative net margin of 3.66% and a positive return on equity of 10.76%. On average, analysts expect 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.