Hawaiian Electric Industries (NYSE:HE) Shares Down 12%

Hawaiian Electric Industries, Inc. (NYSE:HE) shares dropped 12% on Tuesday . The company traded as low as $9.16 and last traded at $9.38. Approximately 2,357,520 shares traded hands during trading, an increase of 6% from the average daily volume of 2,227,914 shares. The stock had previously closed at $10.66.

Wall Street Analysts Forecast Growth

Several research firms have commented on HE. StockNews.com raised shares of Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a research note on Monday. Evercore ISI boosted their price objective on shares of Hawaiian Electric Industries from $7.00 to $11.00 and gave the company an “in-line” rating in a research note on Thursday, February 15th. Two equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.50.

Hawaiian Electric Industries Price Performance

The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $1.08 billion, a PE ratio of 5.40 and a beta of 0.53. The company’s 50 day moving average price is $11.66 and its 200-day moving average price is $12.68.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Tuesday, February 13th. The utilities provider reported $0.48 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.48. Hawaiian Electric Industries had a net margin of 5.45% and a return on equity of 9.99%. The firm had revenue of $961.40 million during the quarter. During the same period last year, the company posted $0.52 earnings per share. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, sell-side analysts forecast that Hawaiian Electric Industries, Inc. will post 1.98 earnings per share for the current fiscal year.

Institutional Trading of Hawaiian Electric Industries

Institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC purchased a new stake in Hawaiian Electric Industries during the 2nd quarter worth $34,000. MUFG Americas Holdings Corp purchased a new stake in Hawaiian Electric Industries during the 3rd quarter worth $39,000. Gladius Capital Management LP boosted its position in Hawaiian Electric Industries by 686.9% in the 4th quarter. Gladius Capital Management LP now owns 2,109 shares of the utilities provider’s stock valued at $30,000 after buying an additional 1,841 shares during the last quarter. UMB Bank n.a. purchased a new position in Hawaiian Electric Industries in the 3rd quarter valued at about $27,000. Finally, Newbridge Financial Services Group Inc. purchased a new position in Hawaiian Electric Industries in the 3rd quarter valued at about $35,000. 59.91% of the stock is owned by hedge funds and other institutional investors.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc, together with its subsidiaries, engages in the electric utility businesses in the United States. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.