Corient Private Wealth LP Buys New Stake in Hawaiian Electric Industries, Inc. $HE

Corient Private Wealth LP purchased a new stake in Hawaiian Electric Industries, Inc. (NYSE:HE) during the second quarter, HoldingsChannel.com reports. The fund purchased 496,186 shares of the utilities provider’s stock, valued at approximately $6,713,000.

Several other hedge funds have also bought and sold shares of the stock. Caitong International Asset Management Co. Ltd increased its holdings in shares of Hawaiian Electric Industries by 199,800.0% in the fourth 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 during the last quarter. Navalign LLC purchased a new stake in shares of Hawaiian Electric Industries in the fourth quarter worth about $25,000. Northwestern Mutual Wealth Management Co. boosted its stake in Hawaiian Electric Industries by 142.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider’s stock valued at $26,000 after buying an additional 1,365 shares during the last quarter. Tucker Asset Management LLC bought a new position in Hawaiian Electric Industries during the fourth quarter valued at approximately $32,000. Finally, Smartleaf Asset Management LLC boosted its stake in Hawaiian Electric Industries by 334.4% during the fourth 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 during the last quarter. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Zacks Research downgraded Hawaiian Electric Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 11th. Barclays lowered their target price on Hawaiian Electric Industries from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 11th. Jefferies Financial Group reduced their price target on shares of Hawaiian Electric Industries from $13.75 to $11.75 and set an “underperform” rating on the stock in a research report on Monday, July 6th. Finally, Weiss Ratings raised shares of Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $11.88.

Hawaiian Electric Industries Trading Up 0.1%

HE opened at $11.41 on Monday. The stock has a 50-day moving average of $12.78 and a 200 day moving average of $14.04. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.57. Hawaiian Electric Industries, Inc. has a 12 month low of $10.79 and a 12 month high of $17.38. The firm has a market cap of $1.97 billion, a P/E ratio of 8.78 and a beta of 0.50.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.08). The company had revenue of $939.70 million for the quarter, compared to analysts’ expectations of $939.70 million. Hawaiian Electric Industries had a net margin of 6.89% and a return on equity of 7.90%. During the same quarter last year, the company earned $0.15 earnings per share. As a group, research analysts forecast that Hawaiian Electric Industries, Inc. will post 0.99 EPS for the current year.

Hawaiian Electric Industries 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.