Assenagon Asset Management S.A. Trims Holdings in Hawaiian Electric Industries, Inc. $HE

Assenagon Asset Management S.A. trimmed its stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE) by 87.6% during the first quarter, HoldingsChannel.com reports. The firm owned 108,503 shares of the utilities provider’s stock after selling 768,318 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Hawaiian Electric Industries were worth $1,610,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its stake in Hawaiian Electric Industries by 199,800.0% in the 4th 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 in the last quarter. Navalign LLC bought a new stake in Hawaiian Electric Industries during the fourth quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. grew its stake in Hawaiian Electric Industries by 142.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider’s stock worth $26,000 after buying an additional 1,365 shares in the last quarter. Tucker Asset Management LLC purchased a new position in Hawaiian Electric Industries in the 4th quarter worth approximately $32,000. Finally, Smartleaf Asset Management LLC raised its position in shares of Hawaiian Electric Industries by 334.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,576 shares of the utilities provider’s stock valued at $32,000 after buying an additional 1,983 shares in the last quarter. 59.91% of the stock is owned by hedge funds and other institutional investors.

Hawaiian Electric Industries Stock Performance

NYSE:HE opened at $13.41 on Thursday. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.34 and a current ratio of 1.34. Hawaiian Electric Industries, Inc. has a fifty-two week low of $10.45 and a fifty-two week high of $17.38. The firm has a market cap of $2.31 billion, a PE ratio of 18.12 and a beta of 0.49. The business has a 50 day moving average price of $13.84 and a 200-day moving average price of $14.38.

Hawaiian Electric Industries (NYSE:HE) last posted its quarterly earnings results on Friday, May 8th. The utilities provider reported $0.18 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $746.45 million. Equities research analysts predict that Hawaiian Electric Industries, Inc. will post 1.06 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on HE. Zacks Research downgraded Hawaiian Electric Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Wall Street Zen downgraded Hawaiian Electric Industries from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Weiss Ratings downgraded shares of Hawaiian Electric Industries from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, June 15th. Finally, Barclays lowered their price objective on shares of Hawaiian Electric Industries from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, June 25th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $12.75.

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.