Hawaiian Electric Industries (NYSE:HE) Price Target Cut to $13.00 by Analysts at Barclays

Hawaiian Electric Industries (NYSE:HE) had its target price cut by analysts at Barclays from $14.00 to $13.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s target price suggests a potential downside of 1.40% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Zacks Research downgraded Hawaiian Electric Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Wall Street Zen cut Hawaiian Electric Industries from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Finally, Weiss Ratings downgraded Hawaiian Electric Industries from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, June 15th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $12.75.

Hawaiian Electric Industries Trading Down 1.0%

NYSE HE traded down $0.14 during mid-day trading on Thursday, reaching $13.19. 923,870 shares of the stock were exchanged, compared to its average volume of 2,392,783. Hawaiian Electric Industries has a one year low of $10.38 and a one year high of $17.38. The stock has a 50 day simple moving average of $14.05 and a 200-day simple moving average of $14.32. The stock has a market cap of $2.28 billion, a P/E ratio of 17.82 and a beta of 0.50. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.34 and a quick ratio of 1.34.

Hawaiian Electric Industries (NYSE:HE) last released its earnings results on Friday, May 8th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.09). Hawaiian Electric Industries had a net margin of 4.19% and a return on equity of 9.03%. The firm had revenue of $746.45 million during the quarter, compared to analyst estimates of $746.45 million. On average, analysts anticipate that Hawaiian Electric Industries will post 1.06 EPS for the current year.

Hedge Funds Weigh In On Hawaiian Electric Industries

A number of institutional investors have recently modified their holdings of the company. J. Derek Lewis & Associates Inc. acquired a new stake in Hawaiian Electric Industries in the 1st quarter valued at $171,000. Bank of America Corp DE raised its holdings in Hawaiian Electric Industries by 111.6% during the first quarter. Bank of America Corp DE now owns 2,734,135 shares of the utilities provider’s stock worth $40,575,000 after buying an additional 1,442,031 shares during the last quarter. Amundi bought a new position in shares of Hawaiian Electric Industries in the first quarter valued at $259,000. California State Teachers Retirement System grew its holdings in shares of Hawaiian Electric Industries by 25.7% during the first quarter. California State Teachers Retirement System now owns 205,094 shares of the utilities provider’s stock valued at $3,044,000 after buying an additional 41,885 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of Hawaiian Electric Industries by 63.0% during the first quarter. Royal Bank of Canada now owns 301,769 shares of the utilities provider’s stock valued at $4,478,000 after buying an additional 116,622 shares during the last quarter. 59.91% of the stock is owned by institutional investors and hedge funds.

About Hawaiian Electric Industries

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.