Hawaiian Electric Industries (NYSE:HE) Hits New 12-Month Low – Here’s Why

Hawaiian Electric Industries, Inc. (NYSE:HE) shares reached a new 52-week low during trading on Thursday. The company traded as low as $8.68 and last traded at $8.6550, with a volume of 414,455 shares trading hands. The stock had previously closed at $8.77.

Wall Street Analysts Forecast Growth

HE has been the topic of several recent research reports. LADENBURG THALM/SH SH initiated coverage on Hawaiian Electric Industries in a research note on Tuesday, September 8th. They issued a “sell” rating and a $7.00 price target on the stock. Jefferies Financial Group lowered their price objective on Hawaiian Electric Industries from $8.75 to $7.00 and set an “underperform” rating for the company in a research report on Tuesday. Barclays dropped 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 report on Wednesday, September 30th. Zacks Research downgraded shares of Hawaiian Electric Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings lowered shares of Hawaiian Electric Industries from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. One investment analyst has rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Strong Sell” and an average price target of $7.67.

Hawaiian Electric Industries Stock Performance

The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.99 and a current ratio of 0.99. The business has a 50-day moving average price of $10.64 and a 200 day moving average price of $12.86. The stock has a market capitalization of $1.51 billion, a P/E ratio of 6.74 and a beta of 0.49.

Hawaiian Electric Industries (NYSE:HE) 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 the consensus estimate 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 last year, the business earned $0.15 EPS. As a group, sell-side analysts forecast that Hawaiian Electric Industries, Inc. will post 0.80 EPS for the current fiscal year.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several institutional investors and hedge funds have recently modified their holdings of HE. Elevation Wealth Partners LLC boosted its stake in Hawaiian Electric Industries by 961.8% in the 3rd quarter. Elevation Wealth Partners LLC now owns 3,695 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 3,347 shares in the last quarter. Allworth Financial LP bought a new stake in Hawaiian Electric Industries during the 2nd quarter valued at about $63,000. Global Retirement Partners LLC bought a new stake in Hawaiian Electric Industries during the 2nd quarter valued at about $67,000. Kelleher Financial Advisors purchased a new position in Hawaiian Electric Industries in the second quarter worth about $68,000. Finally, Integrated Wealth Concepts LLC purchased a new position in Hawaiian Electric Industries in the second quarter worth about $87,000. 59.91% of the stock is currently owned by institutional investors.

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.