Bank of America Corp DE Invests $32.13 Million in Hawaiian Electric Industries, Inc. $HE

Key Points

• Bank of America acquired 2.38 million shares of Hawaiian Electric Industries in the second quarter, valued at approximately $32.1 million, giving it a 1.38% stake. Institutional investors and hedge funds collectively own 59.91% of the company.
• Analyst sentiment remains negative: HE has a consensus rating of “Strong Sell” from five analysts, with an average price target of $9.25.
• Hawaiian Electric reported quarterly EPS of $0.13, below the $0.21 consensus estimate, while the stock traded near its 52-week low at $9.63 and had a market capitalization of approximately $1.66 billion.

Bank of America Corp DE purchased a new position in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,375,093 shares of the utilities provider's stock, valued at approximately $32,135,000. Bank of America Corp DE owned 1.38% of Hawaiian Electric Industries as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Hawaiian Electric Industries in the second quarter worth approximately $358,318,000. 12 West Capital Management LP bought a new position in shares of Hawaiian Electric Industries in the fourth quarter valued at $22,755,000. Horizon Kinetics Asset Management LLC increased its holdings in shares of Hawaiian Electric Industries by 6.2% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 19,392,363 shares of the utilities provider's stock valued at $238,526,000 after buying an additional 1,134,646 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Hawaiian Electric Industries during the 2nd quarter worth $14,761,000. Finally, Legal & General Group Plc acquired a new position in shares of Hawaiian Electric Industries in the 2nd quarter valued at $8,620,000. 59.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on HE. Weiss Ratings upgraded shares of Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Jefferies Financial Group upgraded shares of Hawaiian Electric Industries to a "moderate sell" rating in a report on Thursday, September 17th. Barclays reduced their price target on shares of Hawaiian Electric Industries from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 11th. Zacks Research cut shares of Hawaiian Electric Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 11th. Finally, LADENBURG THALM/SH SH began coverage on shares of Hawaiian Electric Industries in a research report on Tuesday, September 8th. They set a "sell" rating and a $7.00 price objective on the stock. Two research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Strong Sell" and an average price target of $9.25.

Hawaiian Electric Industries Stock Performance

NYSE HE opened at $9.63 on Wednesday. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 7.41 and a beta of 0.48. Hawaiian Electric Industries, Inc. has a 52-week low of $9.56 and a 52-week high of $17.38. The company's fifty day moving average is $11.79 and its two-hundred day moving average is $13.38.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The utilities provider reported $0.13 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.08). The company had revenue of $939.70 million for the quarter, compared to the consensus estimate of $939.70 million. Hawaiian Electric Industries had a net margin of 6.89% and a return on equity of 7.90%. During the same period last year, the company earned $0.15 earnings per share. Equities research analysts forecast that Hawaiian Electric Industries, Inc. will post 0.8 EPS for the current year.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc NYSE: HE is a Hawaii-based holding company whose principal businesses are electric utility operations and banking. Through its utility subsidiaries, the company generates, purchases, transmits and distributes electricity to residential, commercial and industrial customers across the Hawaiian Islands.

Hawaiian Electric Company serves Oahu, while Maui Electric Company provides service on Maui, Molokai and Lanai. Hawaii Electric Light serves customers on the island of Hawaii.

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