Legal & General Group Plc Takes Position in Hawaiian Electric Industries, Inc. $HE

Key Points

• Legal & General Group Plc purchased 637,096 shares of Hawaiian Electric Industries in the second quarter, valued at approximately $8.62 million and representing a 0.37% stake. Institutional investors collectively own 59.91% of the company.
• Hawaiian Electric reported quarterly EPS of $0.13, missing analysts’ $0.21 estimate, while revenue matched expectations at $939.7 million. Analysts expect full-year EPS of approximately $0.99.
• Shares opened at $11.08, near the 52-week low of $10.79. Analyst sentiment remains weak, with a consensus “Reduce” rating and an average price target of $11.88.

Legal & General Group Plc purchased a new position in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 637,096 shares of the utilities provider's stock, valued at approximately $8,620,000. Legal & General Group Plc owned 0.37% of Hawaiian Electric Industries at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Hawaiian Electric Industries in the 2nd quarter valued at about $358,318,000. Vanguard Group Inc. increased its position in shares of Hawaiian Electric Industries by 9.2% during the fourth quarter. Vanguard Group Inc. now owns 19,410,325 shares of the utilities provider's stock worth $238,747,000 after acquiring an additional 1,628,307 shares during the last quarter. Horizon Kinetics Asset Management LLC lifted its stake in shares of Hawaiian Electric Industries by 6.2% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 19,392,363 shares of the utilities provider's stock worth $238,526,000 after acquiring an additional 1,134,646 shares in the last quarter. State Street Corp lifted its stake in shares of Hawaiian Electric Industries by 56.9% in the fourth quarter. State Street Corp now owns 7,005,768 shares of the utilities provider's stock worth $86,171,000 after acquiring an additional 2,540,134 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Hawaiian Electric Industries by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 4,125,284 shares of the utilities provider's stock valued at $50,750,000 after purchasing an additional 209,192 shares during the last quarter. Institutional investors and hedge funds own 59.91% of the company's stock.

Hawaiian Electric Industries Price Performance

HE opened at $11.08 on Wednesday. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 8.52 and a beta of 0.48. Hawaiian Electric Industries, Inc. has a fifty-two week low of $10.79 and a fifty-two week high of $17.38. The company's 50-day moving average price is $12.70 and its 200 day moving average price is $13.97. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.57.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last posted its earnings results on Friday, August 7th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.21 by ($0.08). Hawaiian Electric Industries had a net margin of 6.89% and a return on equity of 7.90%. The company had revenue of $939.70 million during the quarter, compared to the consensus estimate of $939.70 million. During the same quarter in the previous year, the business posted $0.15 earnings per share. As a group, sell-side analysts expect that Hawaiian Electric Industries, Inc. will post 0.99 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Zacks Research downgraded Hawaiian Electric Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 11th. Jefferies Financial Group reduced their target price on Hawaiian Electric Industries from $13.75 to $11.75 and set an "underperform" rating for the company in a research note on Monday, July 6th. Weiss Ratings upgraded shares of Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Finally, Barclays cut their price target on shares of Hawaiian Electric Industries from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 11th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Hawaiian Electric Industries currently has a consensus rating of "Reduce" and a consensus target price of $11.88.

About Hawaiian Electric Industries

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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