Illinois Municipal Retirement Fund Buys New Shares in Hawaiian Electric Industries, Inc. $HE

Key Points

• Illinois Municipal Retirement Fund opened a new position in Hawaiian Electric Industries, buying 92,360 shares valued at about $1.37 million in the first quarter.
• Several analysts remain cautious on HE: recent actions included price-target cuts and rating downgrades, and the stock now carries an average consensus rating of “Reduce” with a $12.38 target.
• Hawaiian Electric Industries shares were trading around $13.47, after the company recently reported quarterly EPS of $0.18, below expectations, while revenue matched estimates.

Illinois Municipal Retirement Fund purchased a new stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 92,360 shares of the utilities provider's stock, valued at approximately $1,371,000. Illinois Municipal Retirement Fund owned 0.05% of Hawaiian Electric Industries as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in shares of 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 valued at $33,000 after buying an additional 737 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in Hawaiian Electric Industries by 9.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 9,523 shares of the utilities provider's stock worth $117,000 after acquiring an additional 816 shares in the last quarter. Venturi Wealth Management LLC raised its stake in 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 worth $193,000 after acquiring an additional 871 shares during the period. Federated Hermes Inc. raised its stake in Hawaiian Electric Industries by 1.3% during the 2nd quarter. Federated Hermes Inc. now owns 72,891 shares of the utilities provider's stock worth $775,000 after acquiring an additional 910 shares during the period. Finally, Xponance LLC lifted its holdings in Hawaiian Electric Industries by 5.7% during the fourth quarter. Xponance LLC now owns 17,022 shares of the utilities provider's stock valued at $209,000 after purchasing an additional 918 shares in the last quarter. Hedge funds and other institutional investors own 59.91% of the company's stock.

Analysts Set New Price Targets

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

Hawaiian Electric Industries Trading Up 1.9%

HE stock opened at $13.47 on Wednesday. Hawaiian Electric Industries, Inc. has a 1-year low of $10.57 and a 1-year high of $17.38. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of 18.21 and a beta of 0.49. The business has a 50 day simple moving average of $13.42 and a two-hundred day simple moving average of $14.53.

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

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