Hawaiian Electric Industries, Inc. $HE Shares Bought by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase increased its stake in Hawaiian Electric Industries by 153.9% in Q3 to 1,243,332 shares (0.72% ownership), adding 753,549 shares and valuing its holding at about $13.73 million.
• Analysts are mixed—Jefferies cut to "underperform" and lowered its target to $12.50 while Barclays and others set higher targets or upgraded ratings, but the MarketBeat consensus remains a "Reduce" with a $13.25 price target.
• Shares opened at $14.69, with a one‑year range of $9.06–$17.38 and a market cap of $2.53 billion; Hawaiian Electric reported Q4 EPS of $0.24 (in line with estimates) and analysts expect ~1.71 EPS for the fiscal year.

JPMorgan Chase & Co. lifted its stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 153.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,243,332 shares of the utilities provider's stock after acquiring an additional 753,549 shares during the quarter. JPMorgan Chase & Co. owned 0.72% of Hawaiian Electric Industries worth $13,726,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Allworth Financial LP raised its position in shares of Hawaiian Electric Industries by 43.3% during the third quarter. Allworth Financial LP now owns 6,598 shares of the utilities provider's stock worth $73,000 after purchasing an additional 1,993 shares during the period. CIBC Bancorp USA Inc. acquired a new position in shares of Hawaiian Electric Industries in the 3rd quarter valued at $205,000. Dark Forest Capital Management LP boosted its position in shares of Hawaiian Electric Industries by 359.2% in the 3rd quarter. Dark Forest Capital Management LP now owns 214,310 shares of the utilities provider's stock valued at $2,366,000 after purchasing an additional 167,637 shares during the period. Polymer Capital Management US LLC purchased a new position in Hawaiian Electric Industries in the 3rd quarter worth about $312,000. Finally, Qube Research & Technologies Ltd purchased a new position in Hawaiian Electric Industries in the 3rd quarter worth about $1,498,000. 59.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on HE. Weiss Ratings raised shares of Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, March 2nd. Jefferies Financial Group downgraded shares of Hawaiian Electric Industries from a "hold" rating to an "underperform" rating and dropped their target price for the stock from $13.50 to $12.50 in a research report on Tuesday, January 20th. Barclays boosted their price target on shares of Hawaiian Electric Industries from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Monday, March 2nd. Wall Street Zen upgraded shares of Hawaiian Electric Industries from a "hold" rating to a "buy" rating in a research report on Saturday, March 7th. Finally, Zacks Research raised shares of Hawaiian Electric Industries to a "hold" rating in a research note on Monday, February 9th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $13.25.

Hawaiian Electric Industries Stock Down 2.0%

Shares of Hawaiian Electric Industries stock opened at $14.69 on Friday. Hawaiian Electric Industries, Inc. has a 1 year low of $9.06 and a 1 year high of $17.38. The company has a market cap of $2.53 billion, a P/E ratio of 20.68 and a beta of 0.62. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.74. The stock has a 50-day moving average price of $15.45 and a 200 day moving average price of $13.12.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last released its earnings results on Friday, February 27th. The utilities provider reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. The company had revenue of $805.82 million for the quarter. Hawaiian Electric Industries had a return on equity of 9.82% and a net margin of 4.09%. As a group, 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.