Hawaiian Electric Industries (NYSE:HE) Trading Up 3.4% – Still a Buy?

Hawaiian Electric Industries, Inc. (NYSE:HE) shot up 3.4% on Friday . The company traded as high as $10.22 and last traded at $10.17. 1,279,088 shares were traded during trading, a decline of 63% from the average session volume of 3,411,921 shares. The stock had previously closed at $9.84.

Analysts Set New Price Targets

A number of research analysts have commented on HE shares. Wells Fargo & Company reduced their target price on Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating on the stock in a report on Monday, September 30th. Evercore ISI raised their price objective on Hawaiian Electric Industries from $9.00 to $11.00 and gave the stock an “in-line” rating in a research note on Monday. Finally, StockNews.com downgraded Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Friday, October 4th.

Hawaiian Electric Industries Price Performance

The company has a quick ratio of 0.11, a current ratio of 0.18 and a debt-to-equity ratio of 1.80. The stock’s 50-day moving average price is $10.34 and its 200-day moving average price is $11.14. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -0.90 and a beta of 0.53.

Hawaiian Electric Industries (NYSE:HE) last issued its earnings results on Friday, November 8th. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.07). The firm had revenue of $983.38 million during the quarter. Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%. The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.37 earnings per share.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several hedge funds and other institutional investors have recently made changes to their positions in HE. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Hawaiian Electric Industries by 31.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 13,265 shares of the utilities provider’s stock valued at $147,000 after purchasing an additional 3,156 shares during the period. State Board of Administration of Florida Retirement System increased its position in shares of Hawaiian Electric Industries by 18.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 156,734 shares of the utilities provider’s stock worth $1,766,000 after purchasing an additional 24,328 shares during the period. Vanguard Group Inc. lifted its position in Hawaiian Electric Industries by 1.5% during the first quarter. Vanguard Group Inc. now owns 11,059,244 shares of the utilities provider’s stock worth $124,638,000 after purchasing an additional 160,815 shares during the period. Seven Grand Managers LLC acquired a new stake in Hawaiian Electric Industries during the third quarter worth about $4,888,000. Finally, Acadian Asset Management LLC increased its holdings in Hawaiian Electric Industries by 470.4% in the 1st quarter. Acadian Asset Management LLC now owns 10,780 shares of the utilities provider’s stock valued at $121,000 after buying an additional 8,890 shares during the period. 59.91% of the stock is owned by institutional investors.

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.