Hawaiian Electric Industries (NYSE:HE) Trading Down 5.8% – Here’s Why

Hawaiian Electric Industries, Inc. (NYSE:HE) shares dropped 5.8% during trading on Monday . The stock traded as low as $10.85 and last traded at $10.8950. Approximately 602,508 shares traded hands during trading, a decline of 72% from the average daily volume of 2,156,177 shares. The stock had previously closed at $11.57.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on HE shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Hawaiian Electric Industries in a research note on Wednesday, October 8th. Jefferies Financial Group upgraded Hawaiian Electric Industries to a “hold” rating in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $11.94.

Hawaiian Electric Industries Stock Performance

The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.52. The firm has a 50-day moving average of $11.65 and a two-hundred day moving average of $11.12. The company has a market capitalization of $1.93 billion, a PE ratio of -11.07 and a beta of 0.67.

Hawaiian Electric Industries (NYSE:HE) last released its quarterly earnings results on Friday, November 7th. The utilities provider reported $0.19 EPS for the quarter, beating the consensus estimate of ($0.20) by $0.39. The company had revenue of $790.61 million for the quarter. Hawaiian Electric Industries had a negative net margin of 3.66% and a positive return on equity of 10.76%. Research analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current year.

Institutional Investors Weigh In On Hawaiian Electric Industries

A number of hedge funds have recently modified their holdings of the company. Pekin Hardy Strauss Inc. purchased a new position in Hawaiian Electric Industries during the third quarter worth about $386,000. Syon Capital LLC grew its stake in shares of Hawaiian Electric Industries by 191.5% in the 3rd quarter. Syon Capital LLC now owns 40,746 shares of the utilities provider’s stock valued at $450,000 after buying an additional 26,768 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Hawaiian Electric Industries by 153.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,243,332 shares of the utilities provider’s stock worth $13,726,000 after buying an additional 753,549 shares during the last quarter. Caprock Group LLC purchased a new stake in shares of Hawaiian Electric Industries during the 3rd quarter valued at approximately $1,332,000. Finally, Stratos Wealth Partners LTD. raised its position in shares of Hawaiian Electric Industries by 6.8% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 20,217 shares of the utilities provider’s stock valued at $223,000 after buying an additional 1,280 shares during the period. Hedge funds and other institutional investors own 59.91% of the company’s stock.

About Hawaiian Electric Industries

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.