Hawaiian Electric Industries (NYSE:HE) Hits New 52-Week Low - What's Next?

Key Points

• Hawaiian Electric Industries fell to a new 52-week low of $8.34, continuing a decline below its 50-day and 200-day moving averages.
• Analyst sentiment is broadly negative: the stock has an average “Strong Sell” rating, with three Sell and two Hold ratings and an average price target of $7.67.
• The company missed quarterly earnings expectations, reporting $0.13 per share versus the $0.21 consensus estimate, while institutional investors own approximately 59.91% of the stock.

Hawaiian Electric Industries, Inc. (NYSE:HE - Get Free Report) reached a new 52-week low during trading on Wednesday. The stock traded as low as $8.34 and last traded at $8.3550, with a volume of 171,651 shares. The stock had previously closed at $8.53.

Wall Street Analysts Forecast Growth

HE has been the topic of several recent research reports. Weiss Ratings cut shares of Hawaiian Electric Industries from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, September 25th. Zacks Research raised shares of Hawaiian Electric Industries from a "strong sell" rating to a "hold" rating in a report on Friday, October 9th. Jefferies Financial Group cut their price objective on shares of 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. LADENBURG THALM/SH SH began coverage on shares of Hawaiian Electric Industries in a research note on Tuesday, September 8th. They set a "sell" rating and a $7.00 target price on the stock. Finally, Barclays reduced their target price on shares of Hawaiian Electric Industries from $12.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Wednesday, September 30th. Two equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Strong Sell" and an average price target of $7.67.

Hawaiian Electric Industries Price Performance

The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.57. The company has a market cap of $1.43 billion, a PE ratio of 6.37 and a beta of 0.49. The stock has a 50-day simple moving average of $10.48 and a 200 day simple moving average of $12.76.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last released its quarterly earnings results 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). The business had revenue of $939.70 million for the quarter, compared to analysts' expectations of $939.70 million. Hawaiian Electric Industries had a return on equity of 7.90% and a net margin of 6.89%. During the same quarter in the prior year, the company posted $0.15 earnings per share. Equities analysts expect that Hawaiian Electric Industries, Inc. will post 0.80 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its position in Hawaiian Electric Industries by 111.6% in the 1st quarter. Bank of America Corp DE now owns 2,734,135 shares of the utilities provider's stock valued at $40,575,000 after acquiring an additional 1,442,031 shares in the last quarter. Legal & General Group Plc purchased a new stake in Hawaiian Electric Industries during the second quarter worth about $8,620,000. Corient Private Wealth LP acquired a new stake in shares of Hawaiian Electric Industries during the second quarter worth about $6,713,000. Ieq Capital LLC acquired a new stake in shares of Hawaiian Electric Industries during the second quarter worth about $2,341,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Hawaiian Electric Industries during the first quarter worth about $2,697,000. Hedge funds and other institutional investors own 59.91% of the company's stock.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc NYSE: HE is a Hawaii-based holding company whose principal business is the generation, transmission, distribution and sale of electricity through its operating utility subsidiaries. Hawaiian Electric serves customers on the islands of Oahu, Maui, Molokai, Lanai and Hawaii Island.

The company's electric utilities include Hawaiian Electric Company, Hawaii Electric Light and Maui Electric. Their operations include maintaining the state's electric grid, integrating renewable energy resources and supporting the transition toward cleaner power generation.

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.