Hawaiian Electric Industries (NYSE:HE) Trading Down 9.6% After Earnings Miss

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE) traded down 9.6% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.57 and last traded at $9.62. 1,599,651 shares were traded during trading, a decline of 53% from the average session volume of 3,403,281 shares. The stock had previously closed at $10.64.

The utilities provider reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.07). The firm had revenue of $983.38 million during the quarter. Hawaiian Electric Industries had a negative net margin of 31.76% and a positive return on equity of 10.69%. The firm’s revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.37 EPS.

Wall Street Analyst Weigh In

HE has been the topic of a number of recent analyst reports. Evercore ISI raised their target price on Hawaiian Electric Industries from $9.00 to $11.00 and gave the stock an “in-line” rating in a report on Monday. StockNews.com cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Friday, October 4th. Finally, Wells Fargo & Company reduced their target price on Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating on the stock in a report on Monday, September 30th.

Hedge Funds Weigh In On Hawaiian Electric Industries

Institutional investors have recently modified their holdings of the business. New Covenant Trust Company N.A. bought a new position in shares of Hawaiian Electric Industries during the 1st quarter valued at about $32,000. Abich Financial Wealth Management LLC lifted its holdings in shares of Hawaiian Electric Industries by 54.4% during the 1st quarter. Abich Financial Wealth Management LLC now owns 3,226 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 1,137 shares in the last quarter. KBC Group NV lifted its holdings in shares of Hawaiian Electric Industries by 34.8% during the 3rd quarter. KBC Group NV now owns 3,956 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 1,021 shares in the last quarter. UMB Bank n.a. bought a new position in shares of Hawaiian Electric Industries during the 3rd quarter valued at about $42,000. Finally, Quest Partners LLC lifted its holdings in shares of Hawaiian Electric Industries by 126.1% during the 3rd quarter. Quest Partners LLC now owns 7,983 shares of the utilities provider’s stock valued at $77,000 after purchasing an additional 4,453 shares in the last quarter. Institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Price Performance

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 firm has a market cap of $1.10 billion, a P/E ratio of -0.84 and a beta of 0.53. The company has a fifty day moving average price of $10.44 and a two-hundred day moving average price of $11.15.

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.