Hawaiian Electric Industries, Inc. $HE Shares Bought by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Hawaiian Electric Industries stake by 20.5% in the first quarter, acquiring 112,700 additional shares for a total of 663,200 shares valued at approximately $9.84 million. Institutional investors collectively own 59.91% of the company.
• Hawaiian Electric shares opened at $12.91, near the lower end of their 52-week range of $10.60 to $17.38. The company reported quarterly EPS of $0.18, missing the $0.27 consensus estimate, while revenue matched expectations at $746.45 million.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating and a consensus price target of $12.38, with recent downgrades and target-price cuts from Jefferies and Barclays.

Renaissance Technologies LLC lifted its holdings in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 20.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 663,200 shares of the utilities provider's stock after acquiring an additional 112,700 shares during the quarter. Renaissance Technologies LLC owned 0.38% of Hawaiian Electric Industries worth $9,842,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. EverSource Wealth Advisors LLC increased its holdings in Hawaiian Electric Industries by 37.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,682 shares of the utilities provider's stock worth $33,000 after purchasing an additional 737 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of Hawaiian Electric Industries by 9.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 9,523 shares of the utilities provider's stock valued at $117,000 after buying an additional 816 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in shares of Hawaiian Electric Industries by 5.9% during the 4th quarter. Venturi Wealth Management LLC now owns 15,714 shares of the utilities provider's stock valued at $193,000 after buying an additional 871 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Hawaiian Electric Industries by 1.3% during the second quarter. Federated Hermes Inc. now owns 72,891 shares of the utilities provider's stock worth $775,000 after buying an additional 910 shares in the last quarter. Finally, Xponance LLC grew its position in shares of Hawaiian Electric Industries by 5.7% during the fourth quarter. Xponance LLC now owns 17,022 shares of the utilities provider's stock worth $209,000 after buying an additional 918 shares in the last quarter. Institutional investors and hedge funds own 59.91% of the company's stock.

Hawaiian Electric Industries Price Performance

Shares of NYSE:HE opened at $12.91 on Monday. The company has a market cap of $2.23 billion, a PE ratio of 17.45 and a beta of 0.49. Hawaiian Electric Industries, Inc. has a fifty-two week low of $10.60 and a fifty-two week high of $17.38. The firm has a 50-day simple moving average of $13.38 and a 200 day simple moving average of $14.52. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.70.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last issued its earnings results 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). Hawaiian Electric Industries had a return on equity of 9.03% and a net margin of 4.19%.The business had revenue of $746.45 million during the quarter, compared to the consensus estimate of $746.45 million. On average, sell-side analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.06 EPS for the current year.

Wall Street Analyst Weigh In

HE has been the topic of several recent analyst reports. Jefferies Financial Group cut their price target on shares of Hawaiian Electric Industries from $13.75 to $11.75 and set an "underperform" rating on the stock in a report on Monday, July 6th. Zacks Research lowered shares of Hawaiian Electric Industries from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 6th. Weiss Ratings raised shares of Hawaiian Electric Industries from a "sell (d)" rating to a "sell (d+)" rating in a research report on Monday, July 20th. Barclays cut their target price on shares of 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. Finally, Wall Street Zen cut shares of Hawaiian Electric Industries from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $12.38.

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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