Hawaiian Electric Industries (NYSE:HE) Rating Lowered to Underweight at JPMorgan Chase & Co.

Hawaiian Electric Industries (NYSE:HE) was downgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report released on Friday, Marketbeat reports. They currently have a $38.00 price target on the utilities provider’s stock, up from their previous price target of $37.00. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 14.41% from the stock’s current price.

Separately, Zacks Investment Research lowered shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating and set a $44.00 price objective on the stock. in a report on Wednesday, May 29th.

Shares of HE stock traded down $0.65 during trading hours on Friday, hitting $44.40. The company had a trading volume of 269,531 shares, compared to its average volume of 370,118. The business’s fifty day moving average is $44.24. The company has a quick ratio of 0.07, a current ratio of 0.08 and a debt-to-equity ratio of 0.96. Hawaiian Electric Industries has a fifty-two week low of $34.52 and a fifty-two week high of $45.19. The firm has a market capitalization of $4.91 billion, a PE ratio of 24.00, a PEG ratio of 4.17 and a beta of 0.23.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings data on Friday, August 2nd. The utilities provider reported $0.39 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.05). Hawaiian Electric Industries had a return on equity of 9.47% and a net margin of 7.07%. The company had revenue of $715.49 million during the quarter, compared to analyst estimates of $592.84 million. During the same quarter in the prior year, the company posted $0.42 earnings per share. Equities research analysts expect that Hawaiian Electric Industries will post 1.95 earnings per share for the current year.

Several hedge funds have recently modified their holdings of HE. Norges Bank acquired a new stake in Hawaiian Electric Industries during the 4th quarter worth approximately $24,278,000. Acadian Asset Management LLC lifted its holdings in Hawaiian Electric Industries by 21.8% during the 2nd quarter. Acadian Asset Management LLC now owns 1,747,639 shares of the utilities provider’s stock worth $76,107,000 after buying an additional 312,280 shares in the last quarter. BlackRock Inc. lifted its holdings in Hawaiian Electric Industries by 3.1% during the 1st quarter. BlackRock Inc. now owns 10,144,712 shares of the utilities provider’s stock worth $413,600,000 after buying an additional 305,064 shares in the last quarter. FMR LLC lifted its holdings in Hawaiian Electric Industries by 96.6% during the 1st quarter. FMR LLC now owns 567,340 shares of the utilities provider’s stock worth $23,131,000 after buying an additional 278,694 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Hawaiian Electric Industries by 26.4% during the 2nd quarter. First Trust Advisors LP now owns 1,135,603 shares of the utilities provider’s stock worth $49,456,000 after buying an additional 237,394 shares in the last quarter. Hedge funds and other institutional investors own 53.14% of the company’s stock.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc, through its subsidiaries, engages in the electric utility and banking businesses primarily in the state of Hawaii. The company's Electric Utility segment is involved in generating, purchasing, transmitting, distributing, and selling electric energy. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other bio fuels.

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