Hawaiian Electric Industries, Inc. (HE) Sees Large Growth in Short Interest
Hawaiian Electric Industries, Inc. (NYSE:HE) was the recipient of a large growth in short interest during the month of October. As of October 13th, there was short interest totalling 4,605,185 shares, a growth of 45.8% from the September 29th total of 3,158,482 shares. Approximately 4.3% of the shares of the company are short sold. Based on an average daily volume of 460,953 shares, the days-to-cover ratio is currently 10.0 days.
Hawaiian Electric Industries (HE) opened at 36.18 on Tuesday. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of 16.11 and a beta of 0.47. The company has a 50 day moving average of $34.31 and a 200 day moving average of $33.39. Hawaiian Electric Industries has a 12 month low of $28.43 and a 12 month high of $36.28.
Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.03). The business had revenue of $556.90 million during the quarter, compared to analyst estimates of $568.00 million. Hawaiian Electric Industries had a net margin of 9.91% and a return on equity of 8.83%. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period last year, the company earned $0.43 earnings per share. On average, equities analysts predict that Hawaiian Electric Industries will post $1.63 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Crossmark Global Holdings Inc. acquired a new position in Hawaiian Electric Industries in the third quarter valued at approximately $421,000. Aperio Group LLC boosted its holdings in Hawaiian Electric Industries by 31.6% in the third quarter. Aperio Group LLC now owns 170,199 shares of the utilities provider’s stock valued at $5,680,000 after purchasing an additional 40,880 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in Hawaiian Electric Industries in the third quarter valued at approximately $294,000. Verition Fund Management LLC boosted its holdings in Hawaiian Electric Industries by 128.9% in the second quarter. Verition Fund Management LLC now owns 35,068 shares of the utilities provider’s stock valued at $1,136,000 after purchasing an additional 19,750 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its holdings in Hawaiian Electric Industries by 1.5% in the second quarter. Ameritas Investment Partners Inc. now owns 32,544 shares of the utilities provider’s stock valued at $1,054,000 after purchasing an additional 488 shares in the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.
HE has been the subject of several research analyst reports. Zacks Investment Research raised shares of Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, July 26th. BidaskClub raised shares of Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. J P Morgan Chase & Co increased their price objective on shares of Hawaiian Electric Industries from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, October 12th. Finally, Bank of America Corporation initiated coverage on shares of Hawaiian Electric Industries in a research report on Tuesday, October 24th. They issued an “underperform” rating and a $34.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. Hawaiian Electric Industries has an average rating of “Sell” and an average target price of $32.33.
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Hawaiian Electric Industries Company Profile
Hawaiian Electric Industries, Inc is a holding company with its principal subsidiaries engaged in electric utility and banking businesses operating primarily in the State of Hawaii. The Company’s subsidiaries include Hawaiian Electric Company, Inc (Hawaiian Electric) and ASB Hawaii, Inc (ASB Hawaii).
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