Corient Private Wealth LP Makes New $6.71 Million Investment in Hawaiian Electric Industries, Inc. $HE

Key Points

• Corient Private Wealth LP acquired 496,186 shares of Hawaiian Electric Industries in the second quarter, valued at approximately $6.71 million and representing a 0.29% stake. Institutional investors collectively own 59.91% of the company.
• Analyst sentiment remains cautious: Hawaiian Electric has an average “Reduce” rating, with two Hold and two Sell ratings and a consensus price target of $11.88. Barclays and Jefferies recently lowered their price targets.
• The stock opened at $11.41, near its 52-week low of $10.79, after the company reported quarterly EPS of $0.13—below the $0.21 consensus estimate—while revenue matched expectations at $939.7 million.

Corient Private Wealth LP purchased a new stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 496,186 shares of the utilities provider's stock, valued at approximately $6,713,000. Corient Private Wealth LP owned 0.29% of Hawaiian Electric Industries as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bank of America Corp DE grew its position in Hawaiian Electric Industries by 111.6% during the first quarter. Bank of America Corp DE now owns 2,734,135 shares of the utilities provider's stock valued at $40,575,000 after buying an additional 1,442,031 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Hawaiian Electric Industries during the first quarter valued at approximately $2,697,000. Illinois Municipal Retirement Fund bought a new position in Hawaiian Electric Industries in the first quarter worth approximately $1,371,000. First Trust Advisors LP raised its position in Hawaiian Electric Industries by 40.6% in the first quarter. First Trust Advisors LP now owns 285,453 shares of the utilities provider's stock worth $4,236,000 after acquiring an additional 82,439 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in shares of Hawaiian Electric Industries by 8.3% during the 1st quarter. Quantinno Capital Management LP now owns 3,512,517 shares of the utilities provider's stock worth $52,126,000 after acquiring an additional 270,546 shares during the last quarter. Hedge funds and other institutional investors own 59.91% of the company's stock.

Wall Street Analysts Forecast Growth

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

Hawaiian Electric Industries Price Performance

Shares of Hawaiian Electric Industries stock opened at $11.41 on Monday. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 8.78 and a beta of 0.50. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.57. The stock's 50-day simple moving average is $12.78 and its 200-day simple moving average is $14.04. Hawaiian Electric Industries, Inc. has a 52 week low of $10.79 and a 52 week high of $17.38.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last released its earnings results on Friday, August 7th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.08). The business had revenue of $939.70 million for the quarter, compared to analysts' expectations of $939.70 million. Hawaiian Electric Industries had a return on equity of 7.90% and a net margin of 6.89%.During the same quarter in the prior year, the business posted $0.15 EPS. As a group, analysts expect that Hawaiian Electric Industries, Inc. will post 0.99 earnings per share 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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