Legal & General Group Plc Invests $8.62 Million in Hawaiian Electric Industries, Inc. $HE

Legal & General Group Plc purchased a new stake in Hawaiian Electric Industries, Inc. (NYSE:HE) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 637,096 shares of the utilities provider’s stock, valued at approximately $8,620,000.

Other large investors also recently modified their holdings of the company. Navalign LLC bought a new stake in Hawaiian Electric Industries in the fourth quarter valued at $25,000. Caitong International Asset Management Co. Ltd raised its stake 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 acquiring an additional 1,998 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Hawaiian Electric Industries by 142.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 1,365 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Hawaiian Electric Industries by 242.2% during the third quarter. Larson Financial Group LLC now owns 2,741 shares of the utilities provider’s stock valued at $30,000 after acquiring an additional 1,940 shares during the period. Finally, Tucker Asset Management LLC acquired a new position in Hawaiian Electric Industries during the 4th quarter valued at about $32,000. 59.91% of the stock is currently owned by institutional investors.

Hawaiian Electric Industries Stock Down 1.2%

Shares of HE stock opened at $11.08 on Wednesday. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.99 and a current ratio of 0.99. The firm’s 50-day moving average is $12.70 and its 200-day moving average is $13.97. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 8.52 and a beta of 0.48. Hawaiian Electric Industries, Inc. has a 52-week low of $10.79 and a 52-week high of $17.38.

Hawaiian Electric Industries (NYSE:HE) last posted its quarterly 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). The business had revenue of $939.70 million for the quarter, compared to the consensus estimate of $939.70 million. Hawaiian Electric Industries had a return on equity of 7.90% and a net margin of 6.89%.During the same quarter in the previous year, the business posted $0.15 EPS. Sell-side analysts predict that Hawaiian Electric Industries, Inc. will post 0.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on HE. Weiss Ratings raised Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research note 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 for the company in a report on Monday, July 6th. Barclays decreased their price objective on Hawaiian Electric Industries from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, August 11th. Finally, Zacks Research lowered shares of Hawaiian Electric Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 11th. Two 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 company currently has an average rating of “Reduce” and an average price target of $11.88.

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.