Hawaiian Electric Industries (NYSE:HE) Trading Up 9% – Here’s What Happened

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE) were up 9% during mid-day trading on Friday . The company traded as high as $14.97 and last traded at $14.8850. Approximately 2,043,868 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 3,320,382 shares. The stock had previously closed at $13.66.

Analyst Ratings Changes

HE has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Hawaiian Electric Industries in a research report on Monday, December 29th. Jefferies Financial Group restated a “hold” rating on shares of Hawaiian Electric Industries in a research note on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $12.13.

Hawaiian Electric Industries Price Performance

The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.35 and a current ratio of 1.35. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 184.44 and a beta of 0.64. The company has a 50-day moving average price of $11.85 and a 200-day moving average price of $11.53.

Hawaiian Electric Industries (NYSE:HE) last posted its earnings results on Friday, November 7th. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.39. The business had revenue of $790.61 million during the quarter. Hawaiian Electric Industries had a return on equity of 9.51% and a net margin of 0.56%. On average, equities research analysts expect that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Horizon Kinetics Asset Management LLC grew its position in Hawaiian Electric Industries by 28.6% during the second quarter. Horizon Kinetics Asset Management LLC now owns 16,281,709 shares of the utilities provider’s stock worth $173,075,000 after buying an additional 3,624,709 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Hawaiian Electric Industries by 1.2% in the second quarter. Geode Capital Management LLC now owns 4,093,753 shares of the utilities provider’s stock worth $43,522,000 after acquiring an additional 48,686 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Hawaiian Electric Industries by 1.3% in the second quarter. Franklin Resources Inc. now owns 2,744,843 shares of the utilities provider’s stock worth $29,178,000 after acquiring an additional 34,535 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Hawaiian Electric Industries by 10.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,061,759 shares of the utilities provider’s stock valued at $22,762,000 after purchasing an additional 195,327 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Hawaiian Electric Industries by 5.2% during the 3rd quarter. Bank of America Corp DE now owns 1,565,958 shares of the utilities provider’s stock valued at $17,288,000 after purchasing an additional 76,820 shares during the last quarter. Institutional investors own 59.91% of the company’s stock.

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.