Hawaiian Electric Industries (NYSE:HE) Sees Strong Trading Volume - Here's What Happened

Key Points

• Hawaiian Electric Industries shares fell 5.7% to $11.845, while trading volume reached approximately 2.27 million shares, slightly above the prior session.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce” and an average price target of $12.38, with recent target cuts from Barclays and Jefferies.
• The company reported quarterly earnings of $0.13 per share, missing the $0.21 consensus estimate, while revenue of $939.7 million matched expectations. Institutional investors own approximately 59.91% of the company.

Hawaiian Electric Industries, Inc. (NYSE:HE - Get Free Report) saw unusually-high trading volume on Monday . Approximately 2,272,061 shares were traded during mid-day trading, an increase of 1% from the previous session's volume of 2,254,912 shares.The stock last traded at $11.8450 and had previously closed at $12.40.

Analysts Set New Price Targets

Several brokerages have issued reports on HE. Weiss Ratings raised shares of Hawaiian Electric Industries from a "sell (d)" rating to a "sell (d+)" rating in a research report on Monday, July 20th. Barclays decreased their target price on shares of Hawaiian Electric Industries from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Thursday, June 25th. Zacks Research lowered Hawaiian Electric Industries from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 6th. Finally, Jefferies Financial Group reduced their price objective on Hawaiian Electric Industries from $13.75 to $11.75 and set an "underperform" rating for the company in a research note on Monday, July 6th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Hawaiian Electric Industries has a consensus rating of "Reduce" and a consensus target price of $12.38.

Hawaiian Electric Industries Trading Down 5.7%

The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.70. The business has a 50 day moving average price of $13.28 and a 200-day moving average price of $14.47. The firm has a market capitalization of $2.02 billion, a PE ratio of 9.00 and a beta of 0.50.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.21 by ($0.08). Hawaiian Electric Industries had a return on equity of 8.10% and a net margin of 6.89%.The business had revenue of $939.70 million for the quarter, compared to analyst estimates of $939.70 million. During the same period in the prior year, the company earned $0.15 EPS. Analysts expect that Hawaiian Electric Industries, Inc. will post 1.06 earnings per share for the current year.

Institutional Trading of Hawaiian Electric Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its holdings in Hawaiian Electric Industries by 37.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,682 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 737 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Hawaiian Electric Industries by 9.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 9,523 shares of the utilities provider's stock worth $117,000 after buying an additional 816 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Hawaiian Electric Industries by 5.9% during the 4th quarter. Venturi Wealth Management LLC now owns 15,714 shares of the utilities provider's stock worth $193,000 after buying an additional 871 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Hawaiian Electric Industries by 1.3% during the 2nd quarter. Federated Hermes Inc. now owns 72,891 shares of the utilities provider's stock worth $775,000 after buying an additional 910 shares during the period. Finally, Xponance LLC grew its stake in Hawaiian Electric Industries by 5.7% in the 4th quarter. Xponance LLC now owns 17,022 shares of the utilities provider's stock valued at $209,000 after buying an additional 918 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source