Bank of America Corp DE Purchases Shares of 1,191,599 Kimball Electronics, Inc. $KE

Key Points

• Bank of America acquired 1,191,599 shares of Kimball Electronics in the second quarter, worth approximately $30.5 million and representing about 4.95% of the company.
• Several other institutional investors also initiated positions, contributing to institutional ownership of approximately 75.99% of Kimball Electronics’ outstanding stock.
• Kimball Electronics recently reported a quarterly loss of $0.01 per share, missing the $0.39 consensus estimate, while analysts maintain a “Moderate Buy” rating with an average price target of $32.00.

Bank of America Corp DE acquired a new position in Kimball Electronics, Inc. (NASDAQ:KE - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,191,599 shares of the electronics maker's stock, valued at approximately $30,505,000. Bank of America Corp DE owned approximately 4.95% of Kimball Electronics as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in KE. Man Group plc acquired a new stake in Kimball Electronics in the second quarter valued at approximately $3,325,000. Hsbc Holdings PLC acquired a new position in shares of Kimball Electronics during the second quarter worth $519,000. Canada Pension Plan Investment Board acquired a new position in shares of Kimball Electronics during the second quarter worth $671,000. Legal & General Group Plc purchased a new position in shares of Kimball Electronics in the second quarter valued at $119,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Kimball Electronics in the second quarter valued at $817,000. Hedge funds and other institutional investors own 75.99% of the company's stock.

Kimball Electronics Price Performance

Shares of KE stock opened at $26.66 on Wednesday. The firm has a fifty day moving average of $24.80 and a two-hundred day moving average of $25.02. The firm has a market cap of $639.04 million, a P/E ratio of 23.59, a P/E/G ratio of 1.09 and a beta of 1.20. Kimball Electronics, Inc. has a 1-year low of $21.01 and a 1-year high of $32.47. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.09 and a quick ratio of 1.27.

Kimball Electronics (NASDAQ:KE - Get Free Report) last issued its earnings results on Wednesday, August 12th. The electronics maker reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.40). Kimball Electronics had a net margin of 1.95% and a return on equity of 4.41%. The company had revenue of $371.57 million during the quarter, compared to analyst estimates of $373.63 million. As a group, research analysts anticipate that Kimball Electronics, Inc. will post 1.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

KE has been the subject of a number of recent analyst reports. Zacks Research raised shares of Kimball Electronics from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. Wall Street Zen cut shares of Kimball Electronics from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Weiss Ratings reissued a "hold (c)" rating on shares of Kimball Electronics in a research report on Tuesday, August 4th. Finally, KeyCorp assumed coverage on Kimball Electronics in a research note on Thursday, July 2nd. They set a "sector weight" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Kimball Electronics currently has an average rating of "Moderate Buy" and an average target price of $32.00.

Kimball Electronics Company Profile

Kimball Electronics, Inc NASDAQ: KE is a contract manufacturing services provider that designs and manufactures electronic and electromechanical products for customers in the automotive, medical, and industrial markets. The company supports customers from product development through production, offering engineering, supply chain management, manufacturing, testing, and final assembly services.

Its capabilities include the production of printed circuit board assemblies, electronic modules, cable and wire harnesses, medical devices, automotive components, and industrial control products.

Want to see what other hedge funds are holding KE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kimball Electronics, Inc. (NASDAQ:KE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.