The Manufacturers Life Insurance Company Purchases New Holdings in Hawaiian Electric Industries, Inc. $HE

The Manufacturers Life Insurance Company acquired a new position in Hawaiian Electric Industries, Inc. (NYSE:HE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 81,194 shares of the utilities provider’s stock, valued at approximately $1,099,000.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Hawaiian Electric Industries during the second quarter valued at approximately $358,318,000. Vanguard Group Inc. raised its holdings in shares of 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 buying an additional 1,628,307 shares during the period. Horizon Kinetics Asset Management LLC lifted its stake in shares of 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 worth $238,526,000 after acquiring an additional 1,134,646 shares during the last quarter. State Street Corp lifted its stake 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 last quarter. Finally, Geode Capital Management LLC lifted its stake 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 last quarter. Institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Stock Down 0.1%

Shares of Hawaiian Electric Industries stock opened at $11.08 on Friday. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 8.52 and a beta of 0.48. The firm’s 50-day moving average is $12.57 and its two-hundred day moving average is $13.87. Hawaiian Electric Industries, Inc. has a 1 year low of $10.79 and a 1 year 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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $939.70 million. During the same quarter in the prior year, the firm posted $0.15 EPS. As a group, research analysts expect that Hawaiian Electric Industries, Inc. will post 0.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Barclays cut their price objective 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, August 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 report on Monday, July 6th. 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. Finally, Weiss Ratings upgraded shares of Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $11.88.

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.