Hawaiian Electric Industries (NYSE:HE) Posts Earnings Results, Misses Expectations By $0.04 EPS

Key Points

• Hawaiian Electric Industries reported quarterly earnings of $0.20 per share, missing analysts' expectations by $0.04, with revenues totaling $746.39 million.
• The company's stock opened at $11.03, and analysts have recently set mixed ratings, with a consensus rating of "Hold" and an average price target of $11.94.
• Hedge funds have shown increased interest, with several firms significantly raising their stakes in the company during the first quarter of the year.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) announced its quarterly earnings results on Thursday. The utilities provider reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.04), Zacks reports. The business had revenue of $746.39 million during the quarter. Hawaiian Electric Industries had a positive return on equity of 12.59% and a negative net margin of 42.60%.

Hawaiian Electric Industries Trading Down 0.2%

HE stock opened at $11.03 on Friday. The company has a market capitalization of $1.90 billion, a PE ratio of -0.85 and a beta of 0.64. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.25 and a quick ratio of 1.25. Hawaiian Electric Industries has a 12 month low of $8.14 and a 12 month high of $16.13. The firm's 50-day moving average is $10.69 and its 200 day moving average is $10.47.

Analysts Set New Price Targets

Several research firms have recently issued reports on HE. Barclays lowered their price objective on Hawaiian Electric Industries from $11.00 to $10.00 and set an "equal weight" rating for the company in a research note on Thursday, July 10th. Wall Street Zen raised shares of Hawaiian Electric Industries from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. Finally, Jefferies Financial Group upped their target price on Hawaiian Electric Industries from $11.00 to $11.25 and gave the company a "hold" rating in a research note on Wednesday, May 28th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $11.94.

Hedge Funds Weigh In On Hawaiian Electric Industries

A number of hedge funds have recently added to or reduced their stakes in HE. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Hawaiian Electric Industries by 36.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 491,366 shares of the utilities provider's stock valued at $5,380,000 after buying an additional 132,321 shares during the period. Royal Bank of Canada raised its stake in shares of Hawaiian Electric Industries by 51.9% during the 1st quarter. Royal Bank of Canada now owns 379,888 shares of the utilities provider's stock worth $4,159,000 after acquiring an additional 129,819 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Hawaiian Electric Industries by 16.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 121,582 shares of the utilities provider's stock valued at $1,331,000 after acquiring an additional 17,158 shares during the last quarter. Empowered Funds LLC boosted its stake in Hawaiian Electric Industries by 12.9% in the first quarter. Empowered Funds LLC now owns 26,690 shares of the utilities provider's stock valued at $292,000 after acquiring an additional 3,060 shares in the last quarter. Finally, Comerica Bank increased its position in shares of Hawaiian Electric Industries by 45.0% during the first quarter. Comerica Bank now owns 6,075 shares of the utilities provider's stock worth $67,000 after purchasing an additional 1,886 shares in the last quarter. 59.91% of the stock is currently owned by institutional investors.

Hawaiian Electric Industries Company 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.

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