Hawaiian Electric Industries (NYSE:HE) Sees Strong Trading Volume – Time to Buy?

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE) saw unusually-strong trading volume on Monday . 2,272,061 shares were traded during trading, an increase of 1% from the previous session’s volume of 2,254,912 shares.The stock last traded at $11.8450 and had previously closed at $12.40.

Wall Street Analyst Weigh In

HE has been the topic of several analyst reports. Zacks Research downgraded Hawaiian Electric Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 6th. Weiss Ratings upgraded Hawaiian Electric Industries from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday, July 20th. Barclays reduced their price target on Hawaiian Electric Industries from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, Jefferies Financial Group decreased their price target on Hawaiian Electric Industries from $13.75 to $11.75 and set an “underperform” rating on the stock in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Hawaiian Electric Industries currently has a consensus rating of “Reduce” and an average price target of $11.88.

Hawaiian Electric Industries Trading Up 1.7%

The company has a debt-to-equity ratio of 1.70, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s 50 day moving average price is $13.22 and its 200 day moving average price is $14.43. The stock has a market capitalization of $2.05 billion, a P/E ratio of 9.13 and a beta of 0.50.

Hawaiian Electric Industries (NYSE:HE) last posted its earnings results on Friday, August 7th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.08). Hawaiian Electric Industries had a return on equity of 8.10% and a net margin of 6.89%.The business had revenue of $939.70 million during the quarter, compared to the consensus estimate of $939.70 million. During the same period in the previous year, the business earned $0.15 earnings per share. As a group, equities research analysts expect that Hawaiian Electric Industries, Inc. will post 1.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hawaiian Electric Industries

A number of large investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd raised its holdings in shares of Hawaiian Electric Industries by 199,800.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,999 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 1,998 shares in the last quarter. Navalign LLC bought a new stake in Hawaiian Electric Industries in the fourth quarter valued at $25,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Hawaiian Electric Industries by 142.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 1,365 shares in the last quarter. Tucker Asset Management LLC purchased a new position in Hawaiian Electric Industries during the 4th quarter valued at $32,000. Finally, Smartleaf Asset Management LLC increased its position in 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 purchasing an additional 1,983 shares during the period. 59.91% of the stock is currently owned by institutional investors.

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.