Panagora Asset Management Inc. Decreases Position in HEICO Co. (NYSE:HEI)

Panagora Asset Management Inc. trimmed its holdings in HEICO Co. (NYSE:HEI) by 68.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,653 shares of the aerospace company’s stock after selling 3,561 shares during the quarter. Panagora Asset Management Inc.’s holdings in HEICO were worth $370,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Capital World Investors boosted its holdings in shares of HEICO by 10.5% in the 4th quarter. Capital World Investors now owns 3,276,326 shares of the aerospace company’s stock valued at $586,036,000 after buying an additional 311,304 shares in the last quarter. EULAV Asset Management lifted its position in HEICO by 23.4% in the first quarter. EULAV Asset Management now owns 352,093 shares of the aerospace company’s stock valued at $67,250,000 after acquiring an additional 66,800 shares during the last quarter. TCW Group Inc. boosted its stake in HEICO by 3.0% in the second quarter. TCW Group Inc. now owns 200,008 shares of the aerospace company’s stock valued at $44,724,000 after acquiring an additional 5,779 shares in the last quarter. Azimuth Capital Investment Management LLC grew its holdings in shares of HEICO by 118.3% during the fourth quarter. Azimuth Capital Investment Management LLC now owns 93,108 shares of the aerospace company’s stock worth $16,654,000 after purchasing an additional 50,448 shares during the last quarter. Finally, Zeno Equity Partners LLP acquired a new stake in shares of HEICO during the fourth quarter worth about $11,365,000. 27.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on HEI. Robert W. Baird upped their target price on HEICO from $243.00 to $280.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Truist Financial increased their price objective on HEICO from $248.00 to $264.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Royal Bank of Canada lifted their target price on shares of HEICO from $250.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Deutsche Bank Aktiengesellschaft increased their price target on shares of HEICO from $209.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, May 21st. Finally, Stifel Nicolaus lifted their price objective on shares of HEICO from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 27th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $255.67.

HEICO Price Performance

Shares of NYSE:HEI opened at $247.57 on Wednesday. HEICO Co. has a 52 week low of $155.42 and a 52 week high of $259.04. The company has a 50-day moving average price of $234.32 and a 200 day moving average price of $214.98. The company has a market cap of $34.29 billion, a P/E ratio of 77.85, a PEG ratio of 3.72 and a beta of 1.20. The company has a quick ratio of 1.57, a current ratio of 3.30 and a debt-to-equity ratio of 0.63.

HEICO (NYSE:HEI) last posted its quarterly earnings results on Monday, August 26th. The aerospace company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.92 by $0.05. HEICO had a return on equity of 14.51% and a net margin of 12.64%. The business had revenue of $992.20 million during the quarter, compared to analysts’ expectations of $995.34 million. During the same period last year, the firm earned $0.77 EPS. The company’s quarterly revenue was up 37.3% compared to the same quarter last year. Research analysts predict that HEICO Co. will post 3.62 earnings per share for the current year.

HEICO Increases Dividend

The business also recently declared a Semi-Annual dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, July 1st were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Monday, July 1st. This is a boost from HEICO’s previous Semi-Annual dividend of $0.07. This represents a dividend yield of 0.1%. HEICO’s dividend payout ratio is 6.92%.

Insider Activity

In related news, insider Eric A. Mendelson sold 2,832 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $180.06, for a total transaction of $509,929.92. Following the sale, the insider now owns 246,060 shares of the company’s stock, valued at $44,305,563.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Eric A. Mendelson sold 53,510 shares of HEICO stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $182.02, for a total transaction of $9,739,890.20. Following the completion of the transaction, the insider now directly owns 168,891 shares of the company’s stock, valued at $30,741,539.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Eric A. Mendelson sold 2,832 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $180.06, for a total value of $509,929.92. Following the sale, the insider now owns 246,060 shares in the company, valued at $44,305,563.60. The disclosure for this sale can be found here. Insiders sold 85,206 shares of company stock worth $15,571,927 in the last 90 days. 8.10% of the stock is currently owned by corporate insiders.

About HEICO

HEICO Corporation, through its subsidiaries, designs, manufactures, and sells aerospace, defense, and electronic related products and services in the United States and internationally. Its Flight Support Group segment provides jet engine and aircraft component replacement parts; thermal insulation blankets and parts; renewable/reusable insulation systems; and specialty components.