Hawaiian Electric Industries, Inc. $HE Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its stake in Hawaiian Electric Industries by 6.9%, owning 352,500 shares worth approximately $3.86 million.
• Several other institutional investors increased their holdings, including Janney Montgomery Scott LLC which grew its investment by 269.7% in the same quarter.
• Analysts currently hold an average rating of "Hold" for Hawaiian Electric Industries, with a price target of $11.94, and the company's latest earnings report revealed a miss on EPS expectations.

Gabelli Funds LLC decreased its position in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 6.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 352,500 shares of the utilities provider's stock after selling 26,000 shares during the quarter. Gabelli Funds LLC owned approximately 0.20% of Hawaiian Electric Industries worth $3,860,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in HE. Zimmer Partners LP increased its position in Hawaiian Electric Industries by 1.4% during the 4th quarter. Zimmer Partners LP now owns 15,202,552 shares of the utilities provider's stock valued at $147,921,000 after purchasing an additional 202,552 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Hawaiian Electric Industries by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,687,636 shares of the utilities provider's stock worth $40,380,000 after buying an additional 216,114 shares in the last quarter. Voloridge Investment Management LLC lifted its holdings in Hawaiian Electric Industries by 22.6% during the fourth quarter. Voloridge Investment Management LLC now owns 2,398,817 shares of the utilities provider's stock worth $23,340,000 after buying an additional 442,504 shares during the period. Two Sigma Investments LP increased its holdings in shares of Hawaiian Electric Industries by 165.6% in the 4th quarter. Two Sigma Investments LP now owns 2,043,726 shares of the utilities provider's stock valued at $19,885,000 after acquiring an additional 1,274,119 shares during the period. Finally, Northern Trust Corp raised its position in shares of Hawaiian Electric Industries by 7.9% in the 4th quarter. Northern Trust Corp now owns 1,530,418 shares of the utilities provider's stock worth $14,891,000 after acquiring an additional 111,698 shares in the last quarter. 59.91% of the stock is owned by hedge funds and other institutional investors.

Hawaiian Electric Industries Trading Down 5.7%

Shares of NYSE HE traded down $0.74 during mid-day trading on Tuesday, reaching $12.23. 3,030,734 shares of the company's stock were exchanged, compared to its average volume of 2,306,150. The company's 50-day moving average is $11.15 and its 200-day moving average is $10.77. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of -12.12 and a beta of 0.69. Hawaiian Electric Industries, Inc. has a 52-week low of $8.14 and a 52-week high of $13.41.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.20 earnings per share 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 negative net margin of 3.66% and a positive return on equity of 10.76%. Analysts expect that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on HE. Wall Street Zen raised shares of Hawaiian Electric Industries from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. Jefferies Financial Group raised their target price on Hawaiian Electric Industries from $11.00 to $11.25 and gave the stock a "hold" rating in a report on Wednesday, May 28th. Finally, Barclays cut their price target on Hawaiian Electric Industries from $11.00 to $10.00 and set an "equal weight" rating for the company in a research note on Thursday, July 10th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company 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.