Ghisallo Capital Management LLC Reduces Position in Hawaiian Electric Industries, Inc. $HE

Key Points

• Ghisallo Capital Management LLC reduced its stake in Hawaiian Electric Industries by 64.9%, selling 1,847,780 shares and now owning 1,000,000 shares, which comprise 1.0% of its portfolio.
• Several institutional investors significantly increased their positions in Hawaiian Electric Industries, with Allworth Financial LP raising its stake by 379.3%.
• The company reported a quarterly EPS of $0.20, missing the consensus estimate of $0.24, and analysts expect a total EPS of 1.71 for the current fiscal year.

Ghisallo Capital Management LLC decreased its position in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 64.9% 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 1,847,780 shares during the period. Hawaiian Electric Industries comprises about 1.0% of Ghisallo Capital Management LLC's holdings, making the stock its 29th largest holding. Ghisallo Capital Management LLC owned about 0.58% of Hawaiian Electric Industries worth $10,950,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in HE. Raymond James Financial Inc. purchased a new position in shares of Hawaiian Electric Industries during the 4th quarter worth approximately $342,000. Dimensional Fund Advisors LP grew its stake in shares of Hawaiian Electric Industries by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,052,117 shares of the utilities provider's stock worth $10,237,000 after buying an additional 126,614 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Hawaiian Electric Industries by 3.4% in the 4th quarter. MetLife Investment Management LLC now owns 98,268 shares of the utilities provider's stock worth $956,000 after buying an additional 3,277 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Hawaiian Electric Industries by 88.4% in the 4th quarter. Hsbc Holdings PLC now owns 64,476 shares of the utilities provider's stock worth $633,000 after buying an additional 30,244 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Hawaiian Electric Industries by 18.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 139,848 shares of the utilities provider's stock worth $1,361,000 after buying an additional 21,873 shares during the last quarter. Hedge funds and other institutional investors own 59.91% of the company's stock.

Hawaiian Electric Industries Stock Performance

Shares of NYSE HE traded up $0.16 during midday trading on Wednesday, hitting $12.42. 2,162,782 shares of the stock traded hands, compared to its average volume of 2,136,756. Hawaiian Electric Industries, Inc. has a one year low of $8.14 and a one year high of $13.41. The firm has a 50-day moving average of $11.22 and a two-hundred day moving average of $10.79. The firm has a market capitalization of $2.14 billion, a P/E ratio of -12.29 and a beta of 0.69. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.07 and a current ratio of 1.07.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.04). The business had revenue of $746.39 million during the quarter. Hawaiian Electric Industries had a positive return on equity of 10.76% and a negative net margin of 3.66%. On average, equities analysts forecast that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on HE shares. Wall Street Zen upgraded Hawaiian Electric Industries from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. Jefferies Financial Group upped their price objective 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. Finally, Barclays lowered their price objective on Hawaiian Electric Industries from $11.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $11.94.

Hawaiian Electric Industries 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.