Hawaiian Electric Industries, Inc. $HE Shares Bought by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in Hawaiian Electric Industries by 56.8% in the first quarter, buying an additional 467,312 shares and bringing its total holding to 1.29 million shares worth about $19.1 million.
• Other institutional investors also boosted positions in HE, and overall institutional ownership stands at 59.91%, indicating significant hedge fund and fund interest in the stock.
• Analysts remain cautious on the company: recent rating cuts and lower price targets have left Hawaiian Electric with a consensus “Reduce” rating and an average price target of $12.38, below its recent trading level of $13.57.

Principal Financial Group Inc. lifted its holdings in Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 56.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,290,105 shares of the utilities provider's stock after buying an additional 467,312 shares during the quarter. Principal Financial Group Inc. owned approximately 0.75% of Hawaiian Electric Industries worth $19,145,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of HE. Comerica Bank lifted its holdings in Hawaiian Electric Industries by 45.0% in the first quarter. Comerica Bank now owns 6,075 shares of the utilities provider's stock worth $67,000 after acquiring an additional 1,886 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Hawaiian Electric Industries by 51.9% during the first quarter. Royal Bank of Canada now owns 379,888 shares of the utilities provider's stock valued at $4,159,000 after purchasing an additional 129,819 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Hawaiian Electric Industries by 16.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 121,582 shares of the utilities provider's stock worth $1,331,000 after purchasing an additional 17,158 shares during the period. Empowered Funds LLC raised its position in shares of Hawaiian Electric Industries by 12.9% during the 1st quarter. Empowered Funds LLC now owns 26,690 shares of the utilities provider's stock worth $292,000 after purchasing an additional 3,060 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Hawaiian Electric Industries by 36.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 491,366 shares of the utilities provider's stock worth $5,380,000 after purchasing an additional 132,321 shares during the last quarter. 59.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Zacks Research lowered Hawaiian Electric Industries from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 6th. Barclays cut their target price on Hawaiian Electric Industries from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Thursday, June 25th. Jefferies Financial Group reduced their price target on shares of Hawaiian Electric Industries from $13.75 to $11.75 and set an "underperform" rating for the company in a report on Monday, July 6th. Wall Street Zen lowered shares of Hawaiian Electric Industries from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Finally, Weiss Ratings raised shares of Hawaiian Electric Industries from a "sell (d)" rating to a "sell (d+)" rating in a report on Monday. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $12.38.

Hawaiian Electric Industries Stock Performance

Shares of NYSE HE opened at $13.57 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.70. The stock has a 50 day simple moving average of $13.42 and a 200-day simple moving average of $14.54. The company has a market cap of $2.34 billion, a PE ratio of 18.34 and a beta of 0.49. Hawaiian Electric Industries, Inc. has a 12-month low of $10.57 and a 12-month high of $17.38.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.09). The business had revenue of $746.45 million during the quarter, compared to the consensus estimate of $746.45 million. Hawaiian Electric Industries had a return on equity of 9.03% and a net margin of 4.19%. On average, equities research analysts forecast that Hawaiian Electric Industries, Inc. will post 1.06 EPS for the current 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.