Hawaiian Electric Industries (NYSE:HE) Trading Down 5.7% – What’s Next?

Hawaiian Electric Industries, Inc. (NYSE:HE) shares dropped 5.7% during mid-day trading on Thursday . The stock traded as low as $10.23 and last traded at $10.24. Approximately 3,599,096 shares were traded during trading, an increase of 16% from the average daily volume of 3,095,902 shares. The stock had previously closed at $10.85.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on HE shares. Jefferies Financial Group dropped their price target on shares of Hawaiian Electric Industries from $11.50 to $10.50 and set a “hold” rating on the stock in a report on Friday, January 3rd. Evercore ISI cut their target price on shares of Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating for the company in a research report on Tuesday, November 19th. Barclays started coverage on Hawaiian Electric Industries in a research note on Thursday, February 6th. They issued an “equal weight” rating and a $10.00 price target on the stock. Finally, StockNews.com cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $10.50.

Hawaiian Electric Industries Trading Down 1.9 %

The stock has a fifty day moving average of $9.54 and a 200 day moving average of $10.69. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.18 and a current ratio of 0.18. The company has a market capitalization of $1.75 billion, a P/E ratio of -0.86 and a beta of 0.53.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several large investors have recently added to or reduced their stakes in HE. Zimmer Partners LP purchased a new position in shares of Hawaiian Electric Industries in the third quarter worth $145,200,000. T. Rowe Price Investment Management Inc. purchased a new stake in Hawaiian Electric Industries in the 4th quarter worth $115,010,000. FMR LLC boosted its holdings in shares of Hawaiian Electric Industries by 7,986.3% during the 3rd quarter. FMR LLC now owns 5,340,679 shares of the utilities provider’s stock valued at $51,698,000 after purchasing an additional 5,274,633 shares during the last quarter. Horizon Kinetics Asset Management LLC bought a new position in shares of Hawaiian Electric Industries during the 4th quarter valued at about $23,153,000. Finally, Franklin Resources Inc. grew its position in shares of Hawaiian Electric Industries by 656.7% during the third quarter. Franklin Resources Inc. now owns 2,722,668 shares of the utilities provider’s stock valued at $27,499,000 after purchasing an additional 2,362,863 shares in the last quarter. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Company Profile

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.