Bank of New York Mellon Corp Invests $14.76 Million in Hawaiian Electric Industries, Inc. $HE

Key Points

• Bank of New York Mellon acquired 1.09 million shares of Hawaiian Electric Industries in the second quarter, valued at approximately $14.76 million and representing about 0.63% of the company.
• HE shares opened at $11.08, near their 12-month low of $10.79, after the company reported quarterly EPS of $0.13—below analysts’ $0.21 consensus estimate—despite revenue matching expectations at $939.7 million.
• Analyst sentiment remains cautious: ratings include two Holds and two Sells, producing a consensus “Reduce” rating and an average price target of $11.88. Institutional investors collectively own 59.91% of HE.

Bank of New York Mellon Corp acquired a new stake in Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 1,091,015 shares of the utilities provider's stock, valued at approximately $14,761,000. Bank of New York Mellon Corp owned approximately 0.63% of Hawaiian Electric Industries at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in HE. Comerica Bank increased its stake in Hawaiian Electric Industries by 45.0% in the 1st quarter. Comerica Bank now owns 6,075 shares of the utilities provider's stock valued at $67,000 after buying an additional 1,886 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Hawaiian Electric Industries by 51.9% during the 1st quarter. Royal Bank of Canada now owns 379,888 shares of the utilities provider's stock worth $4,159,000 after buying an additional 129,819 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Hawaiian Electric Industries by 16.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 121,582 shares of the utilities provider's stock valued at $1,331,000 after acquiring an additional 17,158 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Hawaiian Electric Industries by 12.9% in the 1st quarter. Empowered Funds LLC now owns 26,690 shares of the utilities provider's stock valued at $292,000 after acquiring an additional 3,060 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Hawaiian Electric Industries by 36.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 491,366 shares of the utilities provider's stock valued at $5,380,000 after acquiring an additional 132,321 shares during the last quarter. Institutional investors own 59.91% of the company's stock.

Hawaiian Electric Industries Trading Down 1.2%

Shares of HE stock opened at $11.08 on Wednesday. Hawaiian Electric Industries, Inc. has a 12-month low of $10.79 and a 12-month high of $17.38. The company has a market capitalization of $1.91 billion, a PE ratio of 8.52 and a beta of 0.48. The firm has a 50 day moving average price of $12.70 and a two-hundred day moving average price of $13.97. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.57.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last announced its earnings results on Friday, August 7th. The utilities provider reported $0.13 earnings per share 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 the consensus estimate of $939.70 million. Hawaiian Electric Industries had a return on equity of 7.90% and a net margin of 6.89%.During the same quarter last year, the business posted $0.15 EPS. As a group, analysts predict that Hawaiian Electric Industries, Inc. will post 0.99 earnings per share for the current year.

Wall Street Analysts Forecast Growth

HE has been the subject of several analyst reports. Jefferies Financial Group decreased their target price on shares of Hawaiian Electric Industries from $13.75 to $11.75 and set an "underperform" rating for the company in a research note on Monday, July 6th. Barclays lowered their price objective on shares of Hawaiian Electric Industries from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 11th. Zacks Research downgraded shares of Hawaiian Electric Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings raised Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Hawaiian Electric Industries currently has a consensus rating of "Reduce" and an average target price of $11.88.

Hawaiian Electric Industries Profile

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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