Hawaiian Electric Industries (NYSE:HE) Shares Gap Up - Should You Buy?

Hawaiian Electric Industries, Inc. (NYSE:HE - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $9.75, but opened at $10.13. Hawaiian Electric Industries shares last traded at $10.10, with a volume of 1,795,090 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on HE. Wells Fargo & Company decreased their price objective on Hawaiian Electric Industries from $14.00 to $11.50 and set an "equal weight" rating for the company in a report on Monday, September 30th. StockNews.com downgraded shares of Hawaiian Electric Industries from a "hold" rating to a "sell" rating in a research report on Friday, October 4th. Finally, Evercore ISI lowered their price target on shares of Hawaiian Electric Industries from $16.00 to $9.00 and set an "in-line" rating for the company in a research report on Tuesday, September 24th.

Hawaiian Electric Industries Trading Up 3.2 %

The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.62. The stock has a market capitalization of $1.11 billion, a P/E ratio of -0.96 and a beta of 0.54. The company has a 50-day moving average price of $10.64 and a 200 day moving average price of $11.16.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Trust & Banking Corp grew its position in Hawaiian Electric Industries by 31.2% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 13,265 shares of the utilities provider's stock worth $147,000 after purchasing an additional 3,156 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Hawaiian Electric Industries during the first quarter valued at $42,000. State Board of Administration of Florida Retirement System increased its position in shares of Hawaiian Electric Industries by 18.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 156,734 shares of the utilities provider's stock valued at $1,766,000 after acquiring an additional 24,328 shares during the period. Vanguard Group Inc. raised its stake in Hawaiian Electric Industries by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 11,059,244 shares of the utilities provider's stock worth $124,638,000 after acquiring an additional 160,815 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in Hawaiian Electric Industries by 470.4% in the 1st quarter. Acadian Asset Management LLC now owns 10,780 shares of the utilities provider's stock worth $121,000 after acquiring an additional 8,890 shares during the last quarter. 59.91% of the stock is currently owned by hedge funds and other institutional investors.

About Hawaiian Electric Industries

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.