Hawaiian Electric Industries (NYSE:HE) Stock Price Down 5.7% – Here’s What Happened

Hawaiian Electric Industries, Inc. (NYSE:HE) dropped 5.7% during mid-day trading on Thursday . The stock traded as low as $10.23 and last traded at $10.24. Approximately 3,599,096 shares changed hands during mid-day trading, an increase of 16% from the average daily volume of 3,095,902 shares. The stock had previously closed at $10.85.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. StockNews.com lowered Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Tuesday. Barclays started coverage on shares of Hawaiian Electric Industries in a report on Thursday, February 6th. They set an “equal weight” rating and a $10.00 price target for the company. Evercore ISI dropped their price objective on shares of Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating on the stock in a report on Tuesday, November 19th. Finally, Jefferies Financial Group reduced their target price on shares of Hawaiian Electric Industries from $11.50 to $10.50 and set a “hold” rating for the company in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, Hawaiian Electric Industries presently has an average rating of “Hold” and an average target price of $10.50.

Hawaiian Electric Industries Stock Down 4.5 %

The company has a market cap of $1.79 billion, a price-to-earnings ratio of -0.88 and a beta of 0.53. The stock has a 50-day simple moving average of $9.54 and a 200-day simple moving average of $10.69. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 1.80.

Institutional Trading of Hawaiian Electric Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC bought a new position in shares of Hawaiian Electric Industries in the third quarter valued at approximately $821,000. FORA Capital LLC acquired a new stake in Hawaiian Electric Industries in the third quarter worth approximately $692,000. Franklin Resources Inc. lifted its position in Hawaiian Electric Industries by 656.7% in the third quarter. Franklin Resources Inc. now owns 2,722,668 shares of the utilities provider’s stock worth $27,499,000 after purchasing an additional 2,362,863 shares during the period. Seven Grand Managers LLC bought a new position in Hawaiian Electric Industries during the 3rd quarter valued at $4,888,000. Finally, FMR LLC increased its position in shares of Hawaiian Electric Industries by 7,986.3% during the 3rd quarter. FMR LLC now owns 5,340,679 shares of the utilities provider’s stock valued at $51,698,000 after purchasing an additional 5,274,633 shares during the period. 59.91% of the stock is currently owned by institutional investors.

About Hawaiian Electric Industries

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.