Hawaiian Electric Industries (NYSE:HE) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $13.07 and traded as high as $14.75. Hawaiian Electric Industries shares last traded at $14.5680, with a volume of 2,259,276 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on HE shares. Weiss Ratings upgraded Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 2nd. Barclays increased their price objective on Hawaiian Electric Industries from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. Jefferies Financial Group cut shares of Hawaiian Electric Industries from a “hold” rating to an “underperform” rating and cut their target price for the stock from $13.50 to $12.50 in a report on Tuesday, January 20th. Wall Street Zen raised shares of Hawaiian Electric Industries from a “hold” rating to a “buy” rating in a research note on Saturday, March 7th. Finally, Zacks Research upgraded shares of Hawaiian Electric Industries to a “hold” rating in a report on Monday, February 9th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Hawaiian Electric Industries has a consensus rating of “Reduce” and an average target price of $13.25.

Hawaiian Electric Industries Price Performance

The business has a 50-day simple moving average of $15.41 and a 200 day simple moving average of $13.07. The firm has a market cap of $2.51 billion, a P/E ratio of 20.52 and a beta of 0.62. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.32 and a current ratio of 1.32.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings data on Friday, February 27th. The utilities provider reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Hawaiian Electric Industries had a return on equity of 9.82% and a net margin of 4.09%.The firm had revenue of $805.82 million for the quarter. On average, analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.71 earnings per share for the current fiscal year.

Institutional Trading of Hawaiian Electric Industries

Several large investors have recently added to or reduced their stakes in HE. Comerica Bank lifted its position in shares of Hawaiian Electric Industries by 45.0% in the 1st quarter. Comerica Bank now owns 6,075 shares of the utilities provider’s stock worth $67,000 after purchasing an additional 1,886 shares during the period. Royal Bank of Canada increased its position in shares of Hawaiian Electric Industries by 51.9% during the first quarter. Royal Bank of Canada now owns 379,888 shares of the utilities provider’s stock valued at $4,159,000 after buying an additional 129,819 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Hawaiian Electric Industries by 16.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 121,582 shares of the utilities provider’s stock valued at $1,331,000 after buying an additional 17,158 shares during the period. Empowered Funds LLC raised its stake in Hawaiian Electric Industries by 12.9% in the first quarter. Empowered Funds LLC now owns 26,690 shares of the utilities provider’s stock worth $292,000 after buying an additional 3,060 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Hawaiian Electric Industries by 36.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 491,366 shares of the utilities provider’s stock worth $5,380,000 after buying an additional 132,321 shares during the period. Institutional investors own 59.91% of the company’s stock.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc is a diversified holding company operating in the energy and financial services sectors in the state of Hawaii. Its principal subsidiary, Hawaiian Electric Company, provides generation, transmission, distribution and customer service to the island of Oahu, while its Maui Electric and Hawaii Electric Light Company subsidiaries serve Maui, Molokai, Lanai and Hawaii Island. The roots of the electric utility business trace back to 1891 when service first commenced in Honolulu.

Through its subsidiary Hawaii Gas, HEI extends its energy portfolio to include the distribution of natural gas and propane, supporting residential, commercial and industrial customers across the islands.