Ieq Capital LLC Purchases New Shares in Hawaiian Electric Industries, Inc. $HE

Ieq Capital LLC acquired a new stake in shares of Hawaiian Electric Industries, Inc. (NYSE:HE) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 173,001 shares of the utilities provider’s stock, valued at approximately $2,341,000.

Several other institutional investors and hedge funds have also recently modified their holdings of HE. BlackRock Inc. purchased a new position in shares of Hawaiian Electric Industries during the second quarter valued at about $358,318,000. Vanguard Group Inc. boosted its position 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 valued at $238,747,000 after acquiring an additional 1,628,307 shares in the last quarter. Horizon Kinetics Asset Management LLC boosted its position 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 acquiring an additional 1,134,646 shares in the last quarter. State Street Corp grew its holdings in shares of Hawaiian Electric Industries by 56.9% during the 4th quarter. State Street Corp now owns 7,005,768 shares of the utilities provider’s stock worth $86,171,000 after acquiring an additional 2,540,134 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Hawaiian Electric Industries by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 4,125,284 shares of the utilities provider’s stock worth $50,750,000 after acquiring an additional 209,192 shares during the period. 59.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on HE. 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 note on Tuesday, August 11th. Weiss Ratings upgraded Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. 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 report on Monday, July 6th. Finally, Zacks Research cut shares of Hawaiian Electric Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $11.88.

Hawaiian Electric Industries Stock Down 0.3%

HE opened at $11.37 on Wednesday. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 8.75 and a beta of 0.50. The firm has a 50 day moving average price of $12.87 and a 200-day moving average price of $14.16. Hawaiian Electric Industries, Inc. has a twelve month low of $10.79 and a twelve month high of $17.38. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.57.

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

About Hawaiian Electric Industries

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.