Chicago Partners Boosts Hawaiian Electric Holdings by 60.5%

Chicago Partners Investment Group LLC has significantly increased its investment in Hawaiian Electric Industries, Inc. (NYSE: HE), boosting its holdings by 60.5% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now owns 23,152 shares of the utilities provider, following the acquisition of an additional 8,731 shares during this period. The total value of Chicago Partners’ stake in Hawaiian Electric is approximately $251,000.

Other institutional investors have also adjusted their positions in Hawaiian Electric. Notably, Allworth Financial LP increased its stake by 379.3% in the first quarter, now holding 2,574 shares valued at $27,000 after purchasing an additional 2,037 shares. Similarly, US Bancorp DE raised its investment by 51.2%, acquiring 4,293 shares valued at $47,000 after adding 1,453 shares.

In addition, Ameritas Advisory Services LLC entered the market with a new stake in Hawaiian Electric valued at about $47,000 in the second quarter. Byrne Asset Management LLC increased its holdings by 28.1%, now owning 4,981 shares worth $53,000. Comerica Bank also expanded its position by 45.0%, owning 6,075 shares valued at $67,000. Collectively, institutional investors and hedge funds now own 59.91% of Hawaiian Electric’s stock.

Stock Performance and Analyst Insights

On the trading front, shares of Hawaiian Electric opened at $11.87 on Friday. The company reports a debt-to-equity ratio of 1.52, a quick ratio of 1.07, and a current ratio of 1.07. The stock’s performance includes a 50-day moving average price of $11.74 and a 200-day moving average of $10.99. The firm has a market capitalization of $2.05 billion, a price-to-earnings (P/E) ratio of -11.75, and a beta of 0.66. Over the past year, shares have fluctuated between a low of $8.14 and a high of $13.41.

Recent assessments by financial analysts have influenced market perceptions of Hawaiian Electric. Barclays recently reduced its target price from $11.00 to $10.00, maintaining an “equal weight” rating. Conversely, Jefferies Financial Group upgraded Hawaiian Electric to a “hold” rating. In another report, Weiss Ratings reiterated a “sell (e+)” rating. Currently, one analyst rates the stock as a Buy, three as Hold, and one as Sell, leading to a consensus rating of “Hold” with a target price of $11.94, according to data from MarketBeat.com.

Overview of Hawaiian Electric Industries

Hawaiian Electric Industries, Inc. is a prominent player in the electric utility sector in the United States, operating three main segments: Electric Utility, Bank, and Other. The Electric Utility segment is responsible for the production, purchase, transmission, distribution, and sale of electricity across several Hawaiian islands, including Oahu, Maui, Lanai, and Molokai.

For ongoing updates and insights on institutional investments, investors can follow the latest 13F filings and insider trades related to Hawaiian Electric Industries.