Allspring Global Investments Holdings LLC Takes Position in Hawaiian Electric Industries, Inc. $HE

Allspring Global Investments Holdings LLC acquired a new position in shares of Hawaiian Electric Industries, Inc. (NYSE:HE) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 177,186 shares of the utilities provider’s stock, valued at approximately $2,697,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Navalign LLC bought a new position in Hawaiian Electric Industries in the fourth quarter valued at $25,000. Caitong International Asset Management Co. Ltd raised its position in Hawaiian Electric Industries by 199,800.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,999 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 1,998 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Hawaiian Electric Industries by 142.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 1,365 shares during the last quarter. Larson Financial Group LLC lifted its stake in Hawaiian Electric Industries by 242.2% during the third quarter. Larson Financial Group LLC now owns 2,741 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 1,940 shares during the last quarter. Finally, Tucker Asset Management LLC purchased a new position in shares of Hawaiian Electric Industries in the 4th quarter worth about $32,000. 59.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on HE. Jefferies Financial Group reduced their price objective on Hawaiian Electric Industries from $13.75 to $11.75 and set an “underperform” rating on the stock in a research report on Monday, July 6th. Barclays cut their target price on Hawaiian Electric Industries from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, June 25th. Wall Street Zen cut shares of Hawaiian Electric Industries from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Zacks Research cut shares of Hawaiian Electric Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings raised shares of Hawaiian Electric Industries from a “sell (d)” rating to a “sell (d+)” rating in a research note on Monday, July 20th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Hawaiian Electric Industries presently has an average rating of “Reduce” and an average target price of $12.38.

Hawaiian Electric Industries Price Performance

Shares of Hawaiian Electric Industries stock opened at $13.51 on Friday. The company’s fifty day simple moving average is $13.43 and its two-hundred day simple moving average is $14.54. Hawaiian Electric Industries, Inc. has a 12-month low of $10.57 and a 12-month high of $17.38. The firm has a market cap of $2.33 billion, a PE ratio of 18.25 and a beta of 0.49. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.70.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings data on Friday, May 8th. The utilities provider reported $0.18 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.09). The firm had revenue of $746.45 million for the quarter, compared to the consensus estimate of $746.45 million. Hawaiian Electric Industries had a net margin of 4.19% and a return on equity of 9.03%. As a group, equities analysts expect that Hawaiian Electric Industries, Inc. will post 1.06 EPS for the current year.

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.