Hawaiian Electric Industries, Inc. $HE Shares Sold by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in Hawaiian Electric Industries by 8.5%, now holding approximately $118.47 million in shares after selling over 1 million shares in the first quarter.
• Other institutional investors, including LPL Financial and Wells Fargo, have also adjusted their positions, with Wells Fargo increasing its holdings by 23.5% during the last quarter.
• Hawaiian Electric Industries reported a loss in the most recent earnings report, with earnings per share at $0.20, missing estimates by $0.04.

T. Rowe Price Investment Management Inc. decreased its position in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 8.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,818,655 shares of the utilities provider's stock after selling 1,001,410 shares during the period. T. Rowe Price Investment Management Inc. owned 6.27% of Hawaiian Electric Industries worth $118,465,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in HE. Allworth Financial LP raised its holdings in shares of Hawaiian Electric Industries by 379.3% in the first quarter. Allworth Financial LP now owns 2,574 shares of the utilities provider's stock worth $27,000 after buying an additional 2,037 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Hawaiian Electric Industries by 3,797.8% in the 1st quarter. Farther Finance Advisors LLC now owns 3,469 shares of the utilities provider's stock valued at $38,000 after buying an additional 3,380 shares in the last quarter. Comerica Bank increased its stake in Hawaiian Electric Industries by 69.3% during the 4th quarter. Comerica Bank now owns 4,189 shares of the utilities provider's stock worth $41,000 after buying an additional 1,715 shares in the last quarter. Byrne Asset Management LLC boosted its stake in shares of Hawaiian Electric Industries by 34.0% in the first quarter. Byrne Asset Management LLC now owns 3,887 shares of the utilities provider's stock worth $43,000 after acquiring an additional 987 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of Hawaiian Electric Industries by 51.2% during the first quarter. US Bancorp DE now owns 4,293 shares of the utilities provider's stock worth $47,000 after purchasing an additional 1,453 shares in the last quarter. Hedge funds and other institutional investors own 59.91% of the company's stock.

Hawaiian Electric Industries Trading Up 4.6%

HE stock traded up $0.5370 during midday trading on Friday, hitting $12.1770. 2,884,973 shares of the company's stock were exchanged, compared to its average volume of 1,870,141. The business has a 50-day simple moving average of $10.88 and a two-hundred day simple moving average of $10.67. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.52. The stock has a market capitalization of $2.10 billion, a PE ratio of -12.06 and a beta of 0.64. Hawaiian Electric Industries, Inc. has a 1-year low of $8.14 and a 1-year high of $13.18.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last posted its earnings results on Thursday, August 7th. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). The business had revenue of $746.39 million for the quarter. Hawaiian Electric Industries had a positive return on equity of 10.76% and a negative net margin of 3.66%. On average, sell-side analysts predict that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Hawaiian Electric Industries from a "sell" rating to a "hold" rating in a report on Monday, May 12th. Jefferies Financial Group raised their price target on shares of Hawaiian Electric Industries from $11.00 to $11.25 and gave the stock a "hold" rating in a research note on Wednesday, May 28th. Finally, Barclays decreased their price target on shares of Hawaiian Electric Industries from $11.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 10th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price 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.