Hawaiian Electric Industries (NYSE:HE) Lowered to Strong Sell Rating by Zacks Research

Key Points

• Zacks Research downgraded Hawaiian Electric Industries to “strong sell” from “hold.” Jefferies and Barclays also reduced their price targets, while the stock’s consensus rating is “Reduce” with an $11.88 price target.
• HE shares opened at $11.90, below their 50-day and 200-day moving averages, after the company reported quarterly EPS of $0.13—missing the $0.21 analyst consensus—on revenue of $939.7 million.
• Institutional investors own approximately 59.91% of the company, with several investment firms recently increasing their positions or initiating new stakes.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Tuesday,Zacks.com reports.

A number of other research analysts have also recently issued reports on the company. Jefferies Financial Group cut their price target on Hawaiian Electric Industries from $13.75 to $11.75 and set an "underperform" rating for the company in a report on Monday, July 6th. Weiss Ratings raised shares of Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday. Finally, Barclays lowered their price objective on shares of Hawaiian Electric Industries from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $11.88.

Hawaiian Electric Industries Trading Up 0.4%

Shares of HE opened at $11.90 on Tuesday. The stock has a fifty day moving average price of $13.19 and a two-hundred day moving average price of $14.41. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.34 and a current ratio of 1.34. Hawaiian Electric Industries has a 52-week low of $10.79 and a 52-week high of $17.38. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 9.15 and a beta of 0.50.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.21 by ($0.08). The business had revenue of $939.70 million during the quarter, compared to analyst estimates of $939.70 million. Hawaiian Electric Industries had a return on equity of 8.10% and a net margin of 6.89%.During the same period in the prior year, the firm posted $0.15 EPS. Analysts predict that Hawaiian Electric Industries will post 0.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Hawaiian Electric Industries

Institutional investors and hedge funds have recently bought and sold shares of the company. Navalign LLC acquired a new position in shares of Hawaiian Electric Industries during the fourth quarter worth $25,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Hawaiian Electric Industries by 199,800.0% in the 4th 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 in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in 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 boosted its stake in Hawaiian Electric Industries by 242.2% in the third quarter. Larson Financial Group LLC now owns 2,741 shares of the utilities provider's stock valued at $30,000 after acquiring an additional 1,940 shares during the last quarter. Finally, Tucker Asset Management LLC bought a new position in shares of Hawaiian Electric Industries during the 4th quarter valued at approximately $32,000. Institutional investors own 59.91% of the company's stock.

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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