State of Alaska Department of Revenue Purchases 87,895 Shares of Hawaiian Electric Industries, Inc. $HE

Key Points

• State of Alaska Department of Revenue dramatically increased its stake in Hawaiian Electric Industries by 1,548% in Q4, purchasing 87,895 shares to hold 93,573 shares worth about $1.15 million (roughly 0.05% of the company).
• Analyst sentiment is mixed — MarketBeat shows a consensus Hold with an average target of $13.25 after recent moves including Jefferies cutting to underperform, Barclays raising its target to $14, and Zacks upgrading to strong-buy.
• HE shares opened at $15.45 (52-week range $10.03–$17.38) with a market cap of $2.67 billion; Q4 EPS of $0.24 met estimates on $805.8 million revenue, and institutional investors own about 59.9% of the stock.

State of Alaska Department of Revenue increased its position in Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 1,548.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 93,573 shares of the utilities provider's stock after purchasing an additional 87,895 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.05% of Hawaiian Electric Industries worth $1,150,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised 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 period. Larson Financial Group LLC raised its holdings in shares of Hawaiian Electric Industries by 242.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,741 shares of the utilities provider's stock valued at $30,000 after purchasing an additional 1,940 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Hawaiian Electric Industries by 37.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,125 shares of the utilities provider's stock valued at $46,000 after purchasing an additional 1,125 shares during the period. SJS Investment Consulting Inc. bought a new stake in shares of Hawaiian Electric Industries in the 3rd quarter valued at about $46,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Hawaiian Electric Industries in the 3rd quarter valued at about $55,000. 59.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on HE. Wall Street Zen cut shares of Hawaiian Electric Industries from a "buy" rating to a "hold" rating in a report on Saturday, April 11th. Jefferies Financial Group lowered shares of Hawaiian Electric Industries from a "hold" rating to an "underperform" rating and decreased their price target for the company from $13.50 to $12.50 in a research note on Tuesday, January 20th. Weiss Ratings upgraded shares of Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, March 2nd. Zacks Research upgraded shares of Hawaiian Electric Industries from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 7th. Finally, Barclays upped their price target on shares of Hawaiian Electric Industries from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Hawaiian Electric Industries currently has a consensus rating of "Hold" and an average target price of $13.25.

Hawaiian Electric Industries Stock Down 2.2%

Shares of HE opened at $15.45 on Wednesday. Hawaiian Electric Industries, Inc. has a 52 week low of $10.03 and a 52 week high of $17.38. The firm has a market cap of $2.67 billion, a P/E ratio of 21.75 and a beta of 0.55. The firm's 50-day simple moving average is $15.37 and its 200 day simple moving average is $13.59. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.32 and a current ratio of 1.32.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last announced its quarterly earnings results on Friday, February 27th. The utilities provider reported $0.24 EPS for the quarter, meeting analysts' consensus estimates of $0.24. Hawaiian Electric Industries had a net margin of 4.09% and a return on equity of 9.82%. The business had revenue of $805.82 million for the quarter. On average, analysts forecast that Hawaiian Electric Industries, Inc. will post 1.06 earnings per share for the current year.

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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