Hawaiian Electric Industries, Inc. (NYSE:HE) Sees Large Decline in Short Interest

Hawaiian Electric Industries, Inc. (NYSE:HE) was the target of a large drop in short interest in August. As of August 31st, there was short interest totalling 13,160,000 shares, a drop of 6.1% from the August 15th total of 14,020,000 shares. Based on an average trading volume of 4,340,000 shares, the short-interest ratio is currently 3.0 days.

Wall Street Analyst Weigh In

HE has been the subject of several research reports. StockNews.com downgraded shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research note on Monday. Wells Fargo & Company raised shares of Hawaiian Electric Industries from an “underweight” rating to an “equal weight” rating and set a $14.00 price objective for the company in a research note on Friday, August 23rd. Finally, Evercore ISI reissued an “in-line” rating and issued a $16.00 price objective on shares of Hawaiian Electric Industries in a research note on Wednesday, August 14th.

Hedge Funds Weigh In On Hawaiian Electric Industries

A number of hedge funds have recently bought and sold shares of the company. IMS Capital Management raised its stake in 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 buying an additional 1,257 shares during the last quarter. Truist Financial Corp raised its stake in Hawaiian Electric Industries by 87.5% during the second quarter. Truist Financial Corp now owns 44,326 shares of the utilities provider’s stock worth $400,000 after buying an additional 20,680 shares during the last quarter. Creative Planning raised its stake in Hawaiian Electric Industries by 203.2% during the second quarter. Creative Planning now owns 70,683 shares of the utilities provider’s stock worth $638,000 after buying an additional 47,372 shares during the last quarter. Algert Global LLC raised its stake in Hawaiian Electric Industries by 116.8% during the second quarter. Algert Global LLC now owns 167,484 shares of the utilities provider’s stock worth $1,511,000 after buying an additional 90,234 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Hawaiian Electric Industries by 225.3% during the second quarter. The Manufacturers Life Insurance Company now owns 59,640 shares of the utilities provider’s stock worth $538,000 after buying an additional 41,305 shares during the last quarter. Institutional investors own 59.91% of the company’s stock.

Hawaiian Electric Industries Trading Down 0.6 %

Shares of HE stock traded down $0.07 during trading hours on Wednesday, hitting $12.17. 244,958 shares of the company’s stock traded hands, compared to its average volume of 3,070,167. The stock’s 50 day simple moving average is $13.20 and its 200 day simple moving average is $11.40. The stock has a market cap of $1.34 billion, a PE ratio of 7.25 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 quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.62.

Hawaiian Electric Industries (NYSE:HE) last released its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.05). The business had revenue of $792.30 million for 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 quarterly revenue was down .2% on a year-over-year basis.

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.