Royal Bank of Canada Boosts Holdings in Hawaiian Electric Industries, Inc. $HE

Key Points

• Royal Bank of Canada increased its Hawaiian Electric Industries stake by 63% in the first quarter, acquiring 116,622 additional shares for a total holding of 301,769 shares valued at approximately $4.48 million.
• Hawaiian Electric reported quarterly EPS of $0.13, missing the $0.21 consensus estimate, while revenue matched expectations at $939.7 million. The company’s stock opened at $11.86, near its 52-week low.
• Analyst sentiment remains negative: ratings include two Holds and two Sells, resulting in a consensus “Reduce” rating and an average price target of $11.88.

Royal Bank of Canada lifted its stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 63.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 301,769 shares of the utilities provider's stock after acquiring an additional 116,622 shares during the period. Royal Bank of Canada owned 0.17% of Hawaiian Electric Industries worth $4,478,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Caitong International Asset Management Co. Ltd increased its position in Hawaiian Electric Industries by 199,800.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,999 shares of the utilities provider's stock worth $25,000 after purchasing an additional 1,998 shares during the last quarter. Navalign LLC acquired a new position in shares of Hawaiian Electric Industries in the 4th quarter valued at $25,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Hawaiian Electric Industries by 142.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider's stock valued at $26,000 after purchasing an additional 1,365 shares during the last quarter. Tucker Asset Management LLC purchased a new stake in shares of Hawaiian Electric Industries during the 4th quarter valued at $32,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Hawaiian Electric Industries by 334.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,576 shares of the utilities provider's stock valued at $32,000 after buying an additional 1,983 shares during the period. 59.91% of the stock is owned by institutional investors and hedge funds.

Hawaiian Electric Industries Price Performance

Hawaiian Electric Industries stock opened at $11.86 on Friday. Hawaiian Electric Industries, Inc. has a 52-week low of $10.79 and a 52-week high of $17.38. The firm has a fifty day moving average of $13.16 and a 200-day moving average of $14.39. The firm has a market capitalization of $2.05 billion, a P/E ratio of 9.12 and a beta of 0.50. 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 posted its earnings results on Friday, August 7th. The utilities provider reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.08). Hawaiian Electric Industries had a net margin of 6.89% and a return on equity of 8.10%. The business had revenue of $939.70 million for the quarter, compared to analyst estimates of $939.70 million. During the same quarter in the previous year, the firm posted $0.15 EPS. As a group, analysts predict that Hawaiian Electric Industries, Inc. will post 0.99 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Zacks Research lowered Hawaiian Electric Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Barclays lowered their price target on Hawaiian Electric Industries from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Tuesday. Weiss Ratings upgraded Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday. Finally, Jefferies Financial Group cut their price objective on Hawaiian Electric Industries from $13.75 to $11.75 and set an "underperform" rating on the stock in a report on Monday, July 6th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Hawaiian Electric Industries has a consensus rating of "Reduce" and an average price target of $11.88.

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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