Hawaiian Electric Industries (NYSE:HE) Downgraded to Sell at StockNews.com

Hawaiian Electric Industries (NYSE:HE - Get Free Report) was downgraded by investment analysts at StockNews.com from a "hold" rating to a "sell" rating in a note issued to investors on Wednesday.

Several other research analysts have also issued reports on the stock. Evercore ISI reduced their target price on shares of Hawaiian Electric Industries from $16.00 to $9.00 and set an "in-line" rating on the stock in a research note on Tuesday. Wells Fargo & Company raised shares of Hawaiian Electric Industries from an "underweight" rating to an "equal weight" rating and set a $14.00 target price for the company in a report on Friday, August 23rd.

Hawaiian Electric Industries Price Performance

NYSE:HE traded up $0.08 during mid-day trading on Wednesday, reaching $9.98. 11,149,520 shares of the company were exchanged, compared to its average volume of 3,350,059. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.62. The stock has a market cap of $1.10 billion, a PE ratio of 5.92 and a beta of 0.55. Hawaiian Electric Industries has a 12 month low of $7.61 and a 12 month high of $18.19. The company has a fifty day moving average of $13.20 and a 200 day moving average of $11.37.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last released its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.05). Hawaiian Electric Industries had a negative net margin of 31.76% and a positive return on equity of 10.69%. The company had revenue of $792.30 million for the quarter. The company's revenue was down .2% compared to the same quarter last year.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several institutional investors have recently modified their holdings of HE. Treasurer of the State of North Carolina raised its position in shares of Hawaiian Electric Industries by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 159,290 shares of the utilities provider's stock valued at $2,260,000 after acquiring an additional 984 shares during the period. Abich Financial Wealth Management LLC raised its holdings in Hawaiian Electric Industries by 54.4% in the first quarter. Abich Financial Wealth Management LLC now owns 3,226 shares of the utilities provider's stock worth $36,000 after purchasing an additional 1,137 shares during the period. IMS Capital Management boosted its position in shares of Hawaiian Electric Industries by 2.5% during the second quarter. IMS Capital Management now owns 51,957 shares of the utilities provider's stock worth $469,000 after purchasing an additional 1,257 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Hawaiian Electric Industries by 17.0% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 12,172 shares of the utilities provider's stock valued at $137,000 after buying an additional 1,766 shares during the period. Finally, Signaturefd LLC increased its position in shares of Hawaiian Electric Industries by 30.8% in the 2nd quarter. Signaturefd LLC now owns 8,437 shares of the utilities provider's stock valued at $76,000 after buying an additional 1,986 shares in the last quarter. 59.91% of the stock is currently owned by institutional investors and hedge funds.

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.