Hawaiian Electric Industries (NYSE:HE) Cut to “Strong Sell” at Zacks Research

Hawaiian Electric Industries (NYSE:HE) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Barclays lowered their price target on Hawaiian Electric Industries from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday. Jefferies Financial Group cut their price objective on shares of Hawaiian Electric Industries from $13.75 to $11.75 and set an “underperform” rating on the stock in a research report on Monday, July 6th. Finally, Weiss Ratings upgraded shares of Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Hawaiian Electric Industries has an average rating of “Reduce” and an average target price of $11.88.

Hawaiian Electric Industries Stock Performance

Shares of NYSE:HE opened at $11.90 on Tuesday. 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 company has a market cap of $2.06 billion, a price-to-earnings ratio of 9.15 and a beta of 0.50. Hawaiian Electric Industries has a 12 month low of $10.79 and a 12 month high of $17.38. The company has a 50-day moving average price of $13.19 and a 200-day moving average price of $14.41.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Friday, August 7th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.08). Hawaiian Electric Industries had a net margin of 6.89% and a return on equity of 8.10%. The business had revenue of $939.70 million for the quarter, compared to analysts’ expectations of $939.70 million. During the same quarter in the prior year, the firm earned $0.15 EPS. As a group, equities analysts anticipate that Hawaiian Electric Industries will post 0.99 EPS for the current year.

Institutional Investors Weigh In On Hawaiian Electric Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Navalign LLC bought a new stake in Hawaiian Electric Industries during the 4th quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Hawaiian Electric Industries by 199,800.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,999 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 1,998 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Hawaiian Electric Industries by 142.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 1,365 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Hawaiian Electric Industries by 242.2% in the third quarter. Larson Financial Group LLC now owns 2,741 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 1,940 shares in the last quarter. Finally, Tucker Asset Management LLC bought a new stake in shares of Hawaiian Electric Industries during the 4th quarter valued at $32,000. 59.91% of the stock is owned by hedge funds and other 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.