Bank of America Corp DE Buys 1,442,031 Shares of Hawaiian Electric Industries, Inc. $HE

Key Points

• Bank of America more than doubled its Hawaiian Electric Industries stake in the first quarter, buying 1.44 million additional shares for a total of 2.73 million shares valued at approximately $40.6 million.
• Analyst sentiment remains negative: Hawaiian Electric has a consensus “Reduce” rating, with two Hold and two Sell ratings and an average price target of $11.88.
• Hawaiian Electric shares opened at $11.86, near their 52-week low, after the company reported quarterly EPS of $0.13—below the $0.21 analyst consensus—despite revenue meeting expectations at $939.7 million.

Bank of America Corp DE increased its stake in Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 111.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,734,135 shares of the utilities provider's stock after acquiring an additional 1,442,031 shares during the period. Bank of America Corp DE owned about 1.58% of Hawaiian Electric Industries worth $40,575,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Navalign LLC bought a new stake in Hawaiian Electric Industries in the fourth quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd grew its position in Hawaiian Electric Industries by 199,800.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,999 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 1,998 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Hawaiian Electric Industries by 142.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider's stock valued at $26,000 after purchasing an additional 1,365 shares in the last quarter. Larson Financial Group LLC increased its stake in Hawaiian Electric Industries by 242.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,741 shares of the utilities provider's stock valued at $30,000 after purchasing an additional 1,940 shares in the last quarter. Finally, Tucker Asset Management LLC purchased a new position in Hawaiian Electric Industries in the fourth quarter worth about $32,000. 59.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

HE has been the topic of several analyst reports. Zacks Research downgraded shares of Hawaiian Electric Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday. Barclays cut their target price on Hawaiian Electric Industries from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Tuesday. Weiss Ratings raised Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday. Finally, Jefferies Financial Group lowered their price target on Hawaiian Electric Industries from $13.75 to $11.75 and set an "underperform" rating on the stock in a report on Monday, July 6th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $11.88.

Hawaiian Electric Industries Stock Down 0.6%

NYSE:HE opened at $11.86 on Friday. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $2.05 billion, a P/E ratio of 9.12 and a beta of 0.50. The company's 50-day simple moving average is $13.16 and its 200-day simple moving average is $14.39. Hawaiian Electric Industries, Inc. has a fifty-two week low of $10.79 and a fifty-two week high of $17.38.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last posted its earnings results on Friday, August 7th. The utilities provider reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.21 by ($0.08). The firm had revenue of $939.70 million for the quarter, compared to analysts' expectations of $939.70 million. Hawaiian Electric Industries had a net margin of 6.89% and a return on equity of 8.10%. During the same period in the previous year, the company earned $0.15 EPS. On average, equities analysts anticipate that Hawaiian Electric Industries, Inc. will post 0.99 earnings per share for the current fiscal year.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc is a diversified holding company operating in the energy and financial services sectors in the state of Hawaii. Its principal subsidiary, Hawaiian Electric Company, provides generation, transmission, distribution and customer service to the island of Oahu, while its Maui Electric and Hawaii Electric Light Company subsidiaries serve Maui, Molokai, Lanai and Hawaii Island. The roots of the electric utility business trace back to 1891 when service first commenced in Honolulu.

Through its subsidiary Hawaii Gas, HEI extends its energy portfolio to include the distribution of natural gas and propane, supporting residential, commercial and industrial customers across the islands.

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