Corebridge Financial Inc. Buys 2,802 Shares of Hawaiian Electric Industries, Inc. $HE

Corebridge Financial Inc. increased its stake in Hawaiian Electric Industries, Inc. (NYSE:HE) by 3.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 85,174 shares of the utilities provider’s stock after acquiring an additional 2,802 shares during the quarter. Corebridge Financial Inc.’s holdings in Hawaiian Electric Industries were worth $933,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in HE. Janney Montgomery Scott LLC lifted its stake in shares of Hawaiian Electric Industries by 269.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 67,720 shares of the utilities provider’s stock valued at $742,000 after purchasing an additional 49,400 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in Hawaiian Electric Industries by 123.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 88,172 shares of the utilities provider’s stock worth $965,000 after purchasing an additional 48,792 shares in the last quarter. Rhumbline Advisers lifted its stake in Hawaiian Electric Industries by 1.1% in the first quarter. Rhumbline Advisers now owns 257,191 shares of the utilities provider’s stock valued at $2,816,000 after buying an additional 2,877 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Hawaiian Electric Industries by 41.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 82,070 shares of the utilities provider’s stock worth $799,000 after buying an additional 24,247 shares in the last quarter. Finally, Arizona State Retirement System grew its position in shares of Hawaiian Electric Industries by 3.7% during the 1st quarter. Arizona State Retirement System now owns 49,470 shares of the utilities provider’s stock worth $542,000 after buying an additional 1,771 shares during the period. 59.91% of the stock is currently owned by institutional investors.

Hawaiian Electric Industries Stock Performance

Shares of Hawaiian Electric Industries stock opened at $12.29 on Friday. Hawaiian Electric Industries, Inc. has a 52 week low of $8.14 and a 52 week high of $13.41. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.52. The business has a 50 day moving average price of $11.29 and a 200-day moving average price of $10.82. The company has a market cap of $2.12 billion, a PE ratio of -12.16 and a beta of 0.69.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). The company had revenue of $746.39 million for the quarter. Hawaiian Electric Industries had a positive return on equity of 10.76% and a negative net margin of 3.66%. Equities analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.71 earnings per share for the current fiscal year.

Analysts Set New Price Targets

HE has been the topic of several research reports. Wall Street Zen upgraded shares of Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a report on Monday, May 12th. Barclays lowered their target price on Hawaiian Electric Industries from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 10th. Finally, Jefferies Financial Group lifted their price target on shares of Hawaiian Electric Industries from $11.00 to $11.25 and gave the company a “hold” rating in a research report on Wednesday, May 28th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $11.94.

Hawaiian Electric Industries 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.