Hawaiian Electric Industries (NYSE:HE) Reaches New 52-Week Low - Here's What Happened

Key Points

• Hawaiian Electric Industries shares hit a new 52-week low, falling to $10.76 compared with the prior close of $11.09.
• Analyst sentiment is overwhelmingly negative: two analysts rate the stock Hold and three rate it Sell, producing a “Strong Sell” consensus and an average price target of $10.25.
• The company reported quarterly EPS of $0.13, missing the $0.21 consensus estimate, while revenue matched expectations at $939.7 million.

Hawaiian Electric Industries, Inc. (NYSE:HE - Get Free Report)'s stock price reached a new 52-week low on Tuesday . The company traded as low as $10.76 and last traded at $10.8780, with a volume of 166395 shares trading hands. The stock had previously closed at $11.09.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on HE shares. Zacks Research lowered Hawaiian Electric Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 11th. Jefferies Financial Group decreased their price objective on shares of 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 upgraded shares of Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. LADENBURG THALM/SH SH assumed coverage on shares of Hawaiian Electric Industries in a research report on Tuesday. They issued a "sell" rating and a $7.00 target price for the company. Finally, Barclays lowered their price target on Hawaiian Electric Industries from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Hawaiian Electric Industries has an average rating of "Strong Sell" and an average target price of $10.25.

Hawaiian Electric Industries Stock Performance

The business has a 50-day simple moving average of $12.52 and a 200 day simple moving average of $13.81. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $1.89 billion, a PE ratio of 8.39 and a beta of 0.48.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last posted 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). The company had revenue of $939.70 million for the quarter, compared to analysts' expectations of $939.70 million. Hawaiian Electric Industries had a net margin of 6.89% and a return on equity of 7.90%. During the same period in the previous year, the firm earned $0.15 earnings per share. Equities research analysts forecast that Hawaiian Electric Industries, Inc. will post 0.99 EPS for the current year.

Institutional Trading of Hawaiian Electric Industries

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its position in shares of Hawaiian Electric Industries by 111.6% during the first quarter. Bank of America Corp DE now owns 2,734,135 shares of the utilities provider's stock worth $40,575,000 after acquiring an additional 1,442,031 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new position in shares of Hawaiian Electric Industries during the first quarter valued at about $1,371,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Hawaiian Electric Industries in the first quarter worth about $2,697,000. First Trust Advisors LP lifted its position in shares of Hawaiian Electric Industries by 40.6% in the first quarter. First Trust Advisors LP now owns 285,453 shares of the utilities provider's stock worth $4,236,000 after buying an additional 82,439 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Hawaiian Electric Industries by 20.5% during the first quarter. Renaissance Technologies LLC now owns 663,200 shares of the utilities provider's stock valued at $9,842,000 after buying an additional 112,700 shares during the last quarter. 59.91% of the stock is currently owned by institutional investors.

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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