Hawaiian Electric Industries (NYSE:HE) Downgraded to Sell Rating by StockNews.com

StockNews.com cut shares of Hawaiian Electric Industries (NYSE:HE) from a hold rating to a sell rating in a research report released on Wednesday morning.

HE has been the subject of a number of other reports. Jefferies Financial Group cut their price objective on Hawaiian Electric Industries from $11.50 to $10.50 and set a “hold” rating for the company in a report on Friday, January 3rd. Evercore ISI dropped their target price on Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating on the stock in a report on Tuesday, November 19th.

Hawaiian Electric Industries Stock Performance

Shares of Hawaiian Electric Industries stock opened at $8.80 on Wednesday. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 1.80. The stock has a fifty day simple moving average of $9.71 and a 200 day simple moving average of $11.04. Hawaiian Electric Industries has a 12-month low of $7.61 and a 12-month high of $18.19.

Hawaiian Electric Industries (NYSE:HE) last released its earnings results on Friday, November 8th. The utilities provider reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.07). Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%. The company had revenue of $983.38 million during the quarter. During the same quarter last year, the firm posted $0.37 EPS. The firm’s revenue was up 9.0% on a year-over-year basis. Sell-side analysts expect that Hawaiian Electric Industries will post 1.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hawaiian Electric Industries

Hedge funds have recently modified their holdings of the stock. Zimmer Partners LP purchased a new position in shares of Hawaiian Electric Industries in the third quarter valued at $145,200,000. FMR LLC increased its position in Hawaiian Electric Industries by 7,986.3% in the third quarter. FMR LLC now owns 5,340,679 shares of the utilities provider’s stock worth $51,698,000 after buying an additional 5,274,633 shares during the period. Franklin Resources Inc. increased its holdings in shares of Hawaiian Electric Industries by 656.7% in the 3rd quarter. Franklin Resources Inc. now owns 2,722,668 shares of the utilities provider’s stock worth $27,499,000 after acquiring an additional 2,362,863 shares during the period. Geode Capital Management LLC raised its holdings in shares of Hawaiian Electric Industries by 49.3% during the third quarter. Geode Capital Management LLC now owns 3,793,142 shares of the utilities provider’s stock valued at $36,725,000 after buying an additional 1,253,143 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Hawaiian Electric Industries by 79.0% in the second quarter. Millennium Management LLC now owns 1,870,088 shares of the utilities provider’s stock worth $16,868,000 after purchasing an additional 825,073 shares in the last quarter. 59.91% of the stock is owned by institutional investors and hedge funds.

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.