Burkehill Global Management LP Sells 1,000,000 Shares of Hawaiian Electric Industries, Inc. (NYSE:HE)

Key Points

• Burkehill Global Management LP has cut its stake in Hawaiian Electric Industries by 50%, selling 1 million shares and now holds approximately 0.58% of the company valued at $10.95 million.
• Other institutional investors have increased their holdings, with Janney Montgomery Scott LLC raising its position by 269.7% in the same quarter.
• Hawaiian Electric Industries' most recent earnings report showed an EPS of $0.20, falling short of analysts' estimates by $0.04.

Burkehill Global Management LP decreased its holdings in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 50.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,000,000 shares of the utilities provider's stock after selling 1,000,000 shares during the period. Burkehill Global Management LP owned 0.58% of Hawaiian Electric Industries worth $10,950,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. LPL Financial LLC raised its position in shares of Hawaiian Electric Industries by 13.1% in the 4th quarter. LPL Financial LLC now owns 47,444 shares of the utilities provider's stock valued at $462,000 after purchasing an additional 5,489 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Hawaiian Electric Industries by 192.0% during the 4th quarter. JPMorgan Chase & Co. now owns 900,831 shares of the utilities provider's stock valued at $8,765,000 after purchasing an additional 592,289 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Hawaiian Electric Industries by 45.2% in the fourth quarter. Alliancebernstein L.P. now owns 168,930 shares of the utilities provider's stock worth $1,644,000 after buying an additional 52,580 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Hawaiian Electric Industries by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 3,925,882 shares of the utilities provider's stock worth $38,208,000 after buying an additional 132,740 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Hawaiian Electric Industries during the fourth quarter valued at $455,000. 59.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on HE shares. Wall Street Zen raised Hawaiian Electric Industries from a "sell" rating to a "hold" rating in a report on Monday, May 12th. Barclays decreased their price objective on Hawaiian Electric Industries from $11.00 to $10.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. Finally, Jefferies Financial Group boosted their target price on Hawaiian Electric Industries from $11.00 to $11.25 and gave the company a "hold" rating in a research report on Wednesday, May 28th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Hawaiian Electric Industries has a consensus rating of "Hold" and a consensus target price of $11.94.

Hawaiian Electric Industries Stock Down 0.7%

HE stock traded down $0.08 during trading on Wednesday, reaching $11.40. The stock had a trading volume of 1,874,265 shares, compared to its average volume of 2,306,032. The firm has a fifty day moving average price of $10.71 and a 200 day moving average price of $10.52. Hawaiian Electric Industries, Inc. has a 1-year low of $8.14 and a 1-year high of $13.88. The company has a market capitalization of $1.97 billion, a P/E ratio of -11.29 and a beta of 0.64. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.52.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.20 earnings per share for the quarter, missing analysts' consensus estimates 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. On average, equities analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.71 earnings per share for the current year.

About Hawaiian Electric Industries

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.