Indaba Capital Management Exits Position in Hawaiian Electric Industries (HE)

Hawaiian Electric Industries (HE) : Indaba Capital Management has sold out all of its stake in Hawaiian Electric Industries during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 670,477 shares of Hawaiian Electric Industries which is valued at $20,744,558.

Other Hedge Funds, Including , Boothbay Fund Management added HE to its portfolio by purchasing 19,143 company shares during the most recent quarter which is valued at $592,284. Hawaiian Electric Industries makes up approx 0.25% of Boothbay Fund Management’s portfolio. Pacer Advisors added HE to its portfolio by purchasing 9,176 company shares during the most recent quarter which is valued at $283,905. Hawaiian Electric Industries makes up approx 0.04% of Pacer Advisors’s portfolio. Hsbc Holdings Plc sold out all of its stake in HE during the most recent quarter. The investment firm sold 6,361 shares of HE which is valued $196,809.

Hawaiian Electric Industries closed down -0.52 points or -1.73% at $29.49 with 6,11,709 shares getting traded on Thursday. Post opening the session at $29.85, the shares hit an intraday low of $29.39 and an intraday high of $29.99 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Hawaiian Electric Industries reported $0.43 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.40. The company had revenue of $566.24 million for the quarter, compared to analysts expectations of $622.85 million. The company’s revenue was down -9.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.39 EPS.

Hawaiian Electric Industries Inc. (HEI) is a holding company with its principal subsidiaries engaged in electric utility and banking businesses operating primarily in the State of Hawaii. The Company operates through two segments: Electric utility and Bank. The Company operates its electric utility business through Hawaiian Electric Company Inc. (Hawaiian Electric) and its wholly owned subsidiaries Hawaii Electric Light Company Inc. (Hawaii Electric Light) and Maui Electric Company Limited (Maui Electric). The Electric utility segment is involved in the business of generating purchasing transmitting distributing and selling electric energy on all principal islands in Hawaii other than Kauai and operates on five separate grids. The Company operates its Bank segment through its bank subsidiaries ASB Hawaii Inc. (ASB Hawaii) and American Savings Bank F.S.B. (ASB). ASB provides a range of banking and other financial services to consumers and businesses.

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