Hawaiian Electric Industries, Inc. $HE Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE) by 56.8% during the first quarter, Holdings Channel reports. The institutional investor owned 1,290,105 shares of the utilities provider’s stock after acquiring an additional 467,312 shares during the period. Principal Financial Group Inc.’s holdings in Hawaiian Electric Industries were worth $19,145,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in HE. State Street Corp boosted its holdings in shares of Hawaiian Electric Industries by 56.9% in the fourth quarter. State Street Corp now owns 7,005,768 shares of the utilities provider’s stock valued at $86,171,000 after acquiring an additional 2,540,134 shares in the last quarter. 12 West Capital Management LP acquired a new stake in Hawaiian Electric Industries in the fourth quarter worth approximately $22,755,000. Vanguard Group Inc. lifted its position in Hawaiian Electric Industries by 9.2% in the fourth quarter. Vanguard Group Inc. now owns 19,410,325 shares of the utilities provider’s stock worth $238,747,000 after purchasing an additional 1,628,307 shares during the period. Horizon Kinetics Asset Management LLC boosted its stake in Hawaiian Electric Industries by 6.2% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 19,392,363 shares of the utilities provider’s stock valued at $238,526,000 after purchasing an additional 1,134,646 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Hawaiian Electric Industries by 153.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,243,332 shares of the utilities provider’s stock valued at $13,726,000 after purchasing an additional 753,549 shares in the last quarter. 59.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on HE shares. Zacks Research cut Hawaiian Electric Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Wall Street Zen lowered Hawaiian Electric Industries from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Jefferies Financial Group decreased their target price on Hawaiian Electric Industries from $13.75 to $11.75 and set an “underperform” rating for the company in a research note on Monday, July 6th. Barclays lowered their target price on Hawaiian Electric Industries from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of Hawaiian Electric Industries from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $12.38.

Hawaiian Electric Industries Trading Up 0.7%

Hawaiian Electric Industries stock opened at $13.57 on Thursday. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 18.34 and a beta of 0.49. Hawaiian Electric Industries, Inc. has a 1 year low of $10.57 and a 1 year high of $17.38. The firm’s 50 day moving average price is $13.42 and its two-hundred day moving average price is $14.54. 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 (NYSE:HE) last announced its quarterly earnings data on Friday, May 8th. The utilities provider reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.09). The company had revenue of $746.45 million for the quarter, compared to analyst estimates of $746.45 million. Hawaiian Electric Industries had a net margin of 4.19% and a return on equity of 9.03%. On average, research analysts predict that Hawaiian Electric Industries, Inc. will post 1.06 EPS for the current fiscal 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.