Zimmer Partners LP Invests $145.20 Million in Hawaiian Electric Industries, Inc. (NYSE:HE)

Zimmer Partners LP purchased a new position in shares of Hawaiian Electric Industries, Inc. (NYSE:HE) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,000,000 shares of the utilities provider’s stock, valued at approximately $145,200,000. Hawaiian Electric Industries makes up about 2.6% of Zimmer Partners LP’s portfolio, making the stock its 13th biggest holding. Zimmer Partners LP owned 13.60% of Hawaiian Electric Industries at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in Hawaiian Electric Industries by 52.8% in the second quarter. AQR Capital Management LLC now owns 6,693,424 shares of the utilities provider’s stock valued at $60,308,000 after buying an additional 2,312,950 shares during the period. FMR LLC raised its stake in Hawaiian Electric Industries by 7,986.3% in the 3rd quarter. FMR LLC now owns 5,340,679 shares of the utilities provider’s stock valued at $51,698,000 after acquiring an additional 5,274,633 shares during the period. State Street Corp raised its position in shares of Hawaiian Electric Industries by 19.8% in the third quarter. State Street Corp now owns 3,368,096 shares of the utilities provider’s stock valued at $32,603,000 after purchasing an additional 556,747 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Hawaiian Electric Industries by 20.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,021,649 shares of the utilities provider’s stock valued at $29,250,000 after purchasing an additional 514,989 shares during the period. Finally, Millennium Management LLC raised its position in shares of Hawaiian Electric Industries by 79.0% in the second quarter. Millennium Management LLC now owns 1,870,088 shares of the utilities provider’s stock valued at $16,868,000 after purchasing an additional 825,073 shares during the period. 59.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Evercore ISI lowered their price target 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. Wells Fargo & Company lowered their target price on Hawaiian Electric Industries from $14.00 to $11.50 and set an “equal weight” rating on the stock in a research note on Monday, September 30th. StockNews.com cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Finally, Jefferies Financial Group started coverage on Hawaiian Electric Industries in a research report on Tuesday. They set a “hold” rating and a $11.50 price objective on the stock.

Hawaiian Electric Industries Stock Performance

Hawaiian Electric Industries stock opened at $10.66 on Friday. The stock’s fifty day moving average price is $10.14 and its two-hundred day moving average price is $11.12. Hawaiian Electric Industries, Inc. has a one year low of $7.61 and a one year high of $18.19. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.18 and a current ratio of 0.18.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings results on Friday, November 8th. The utilities provider reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.07). Hawaiian Electric Industries had a positive return on equity of 11.12% and a negative net margin of 35.38%. The company had revenue of $983.38 million during the quarter. During the same quarter in the prior year, the firm earned $0.37 EPS. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. Analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current year.

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.