Hawaiian Electric Industries (NYSE:HE) Hits New 1-Year Low - Here's Why

Key Points

• Hawaiian Electric Industries shares fell to a new 52-week low of $8.15 during Monday trading, down from the prior close of $8.41.
• Analysts remain broadly bearish: the consensus rating is “Strong Sell”, with an average price target of $7.67. Barclays and Jefferies recently lowered their targets to $9 and $7, respectively.
• The company’s latest quarterly earnings missed expectations, reporting $0.13 in EPS versus the $0.21 consensus estimate, while institutional investors own 59.91% of the stock.

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Get Free Report) hit a new 52-week low during mid-day trading on Monday. The company traded as low as $8.15 and last traded at $8.1850, with a volume of 4,381,904 shares. The stock had previously closed at $8.41.

Analysts Set New Price Targets

A number of equities research analysts have commented on HE shares. Barclays decreased their price target on Hawaiian Electric Industries from $12.00 to $9.00 and set an "equal weight" rating on the stock in a report on Wednesday, September 30th. Zacks Research raised Hawaiian Electric Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, October 9th. LADENBURG THALM/SH SH initiated coverage on Hawaiian Electric Industries in a research note on Tuesday, September 8th. They issued a "sell" rating and a $7.00 price objective for the company. Jefferies Financial Group cut their target price on Hawaiian Electric Industries from $8.75 to $7.00 and set an "underperform" rating for the company in a research report on Tuesday, October 6th. Finally, Weiss Ratings downgraded Hawaiian Electric Industries from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, October 14th. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, Hawaiian Electric Industries has a consensus rating of "Strong Sell" and an average price target of $7.67.

Hawaiian Electric Industries Stock Down 2.7%

The company has a market capitalization of $1.41 billion, a PE ratio of 6.30 and a beta of 0.49. The company's 50 day moving average is $9.92 and its two-hundred day moving average is $12.40. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.57.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The utilities provider reported $0.13 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.08). Hawaiian Electric Industries had a return on equity of 7.90% and a net margin of 6.89%. The company had revenue of $939.70 million during the quarter, compared to analysts' expectations of $939.70 million. During the same quarter in the previous year, the firm earned $0.15 EPS. On average, analysts anticipate that Hawaiian Electric Industries, Inc. will post 0.80 earnings per share for the current year.

Hedge Funds Weigh In On Hawaiian Electric Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HE. Elevation Wealth Partners LLC increased its stake in Hawaiian Electric Industries by 961.8% in the 3rd quarter. Elevation Wealth Partners LLC now owns 3,695 shares of the utilities provider's stock worth $33,000 after acquiring an additional 3,347 shares during the last quarter. Allworth Financial LP bought a new position in shares of Hawaiian Electric Industries during the 2nd quarter valued at approximately $63,000. Global Retirement Partners LLC bought a new position in shares of Hawaiian Electric Industries during the 2nd quarter valued at approximately $67,000. Kelleher Financial Advisors purchased a new position in shares of Hawaiian Electric Industries in the second quarter valued at $68,000. Finally, V Square Quantitative Management LLC purchased a new position in shares of Hawaiian Electric Industries in the third quarter valued at $54,000. 59.91% of the stock is owned by institutional investors.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc NYSE: HE is a Hawaii-based holding company whose principal business is providing electric utility service across the state. Through its regulated utility subsidiaries—Hawaiian Electric Company, Maui Electric Company and Hawaii Electric Light—the company generates, purchases, transmits, distributes and sells electricity to residential, commercial and industrial customers on the islands of Oahu, Maui, Molokai, Lanai and Hawaii.

The utility uses a combination of renewable and conventional energy resources and supports Hawaii's transition toward a cleaner electric system.

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