Royal Bank of Canada Grows Stock Position in Hawaiian Electric Industries, Inc. $HE

Royal Bank of Canada raised its position in Hawaiian Electric Industries, Inc. (NYSE:HE) by 63.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 301,769 shares of the utilities provider’s stock after acquiring an additional 116,622 shares during the quarter. Royal Bank of Canada’s holdings in Hawaiian Electric Industries were worth $4,478,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in HE. State Street Corp lifted its position in shares of Hawaiian Electric Industries by 56.9% during the fourth quarter. State Street Corp now owns 7,005,768 shares of the utilities provider’s stock worth $86,171,000 after purchasing an additional 2,540,134 shares in the last quarter. 12 West Capital Management LP acquired a new stake in Hawaiian Electric Industries during the 4th quarter valued at $22,755,000. Vanguard Group Inc. increased its stake in Hawaiian Electric Industries by 9.2% during the 4th quarter. Vanguard Group Inc. now owns 19,410,325 shares of the utilities provider’s stock worth $238,747,000 after buying an additional 1,628,307 shares during the period. Horizon Kinetics Asset Management LLC lifted its holdings in Hawaiian Electric Industries by 6.2% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 19,392,363 shares of the utilities provider’s stock worth $238,526,000 after buying an additional 1,134,646 shares in the last quarter. Finally, Public Sector Pension Investment Board purchased a new position in Hawaiian Electric Industries in the 4th quarter valued at about $7,348,000. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Weiss Ratings raised Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday. Zacks Research downgraded Hawaiian Electric Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday. Jefferies Financial Group lowered their price objective 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. Finally, Barclays cut their target price 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. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Hawaiian Electric Industries currently has a consensus rating of “Reduce” and an average target price of $11.88.

Hawaiian Electric Industries Trading Down 0.6%

Shares of NYSE HE opened at $11.86 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.70. The stock’s 50 day moving average price is $13.16 and its two-hundred day moving average price is $14.39. Hawaiian Electric Industries, Inc. has a 52-week low of $10.79 and a 52-week high of $17.38. The stock has a market capitalization of $2.05 billion, a P/E ratio of 9.12 and a beta of 0.50.

Hawaiian Electric Industries (NYSE:HE) last issued its earnings results on Friday, August 7th. The utilities provider reported $0.13 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 firm had revenue of $939.70 million during the quarter, compared to analyst estimates of $939.70 million. During the same quarter in the previous year, the business posted $0.15 EPS. On average, analysts anticipate that Hawaiian Electric Industries, Inc. will post 0.99 earnings per share 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.