Panagora Asset Management Inc. Buys Shares of 8,103 Heico Corporation $HEI

Key Points

• Panagora Asset Management Inc. acquired 8,103 shares of Heico Corporation during Q1, valued at approximately $2.165 million.
• Heico recently reported quarterly earnings with an EPS of $1.26, surpassing analyst expectations and showing a year-over-year revenue increase of 15.7%.
• The company announced a semi-annual dividend increase to $0.12 per share, up from $0.11, reflecting a payout ratio of 5.25%.

Panagora Asset Management Inc. bought a new position in shares of Heico Corporation (NYSE:HEI - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 8,103 shares of the aerospace company's stock, valued at approximately $2,165,000.

A number of other hedge funds and other institutional investors have also modified their holdings of HEI. Ridgewood Investments LLC grew its stake in Heico by 92.0% in the first quarter. Ridgewood Investments LLC now owns 96 shares of the aerospace company's stock worth $26,000 after purchasing an additional 46 shares in the last quarter. Costello Asset Management INC bought a new stake in Heico in the first quarter valued at about $27,000. NBC Securities Inc. bought a new stake in Heico in the first quarter valued at about $27,000. Caitong International Asset Management Co. Ltd increased its holdings in Heico by 17,800.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 179 shares of the aerospace company's stock valued at $48,000 after buying an additional 178 shares during the last quarter. Finally, Atwood & Palmer Inc. bought a new stake in Heico in the first quarter valued at about $80,000. 27.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Bank of America boosted their price objective on Heico from $355.00 to $400.00 and gave the company a "buy" rating in a report on Friday. Stifel Nicolaus set a $360.00 price objective on Heico in a report on Tuesday, August 26th. Royal Bank Of Canada set a $350.00 price objective on Heico in a report on Wednesday, August 27th. UBS Group lifted their target price on Heico from $346.00 to $375.00 and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Finally, Robert W. Baird lifted their target price on Heico from $360.00 to $400.00 and gave the company an "outperform" rating in a research note on Wednesday, August 27th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Heico currently has an average rating of "Moderate Buy" and an average price target of $346.09.

Insiders Place Their Bets

In other Heico news, Chairman Laurans A. Mendelson sold 56,300 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $319.45, for a total value of $17,985,035.00. Following the completion of the sale, the chairman directly owned 1,253,127 shares in the company, valued at $400,311,420.15. This represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.55% of the stock is owned by company insiders.

Heico Price Performance

HEI traded up $0.20 during trading on Friday, reaching $322.49. The stock had a trading volume of 491,647 shares, compared to its average volume of 430,384. The firm has a market capitalization of $44.86 billion, a price-to-earnings ratio of 70.57, a price-to-earnings-growth ratio of 3.94 and a beta of 1.08. The company has a quick ratio of 1.51, a current ratio of 3.35 and a debt-to-equity ratio of 0.58. Heico Corporation has a 1-year low of $216.68 and a 1-year high of $338.92. The stock has a 50 day moving average of $318.13 and a two-hundred day moving average of $286.27.

Heico (NYSE:HEI - Get Free Report) last released its earnings results on Monday, August 25th. The aerospace company reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.12 by $0.14. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.11 billion. Heico had a return on equity of 16.29% and a net margin of 14.96%.The firm's revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 earnings per share. As a group, equities analysts anticipate that Heico Corporation will post 4.2 EPS for the current fiscal year.

Heico Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were given a $0.12 dividend. This represents a yield of 10.0%. This is a positive change from Heico's previous semi-annual dividend of $0.11. The ex-dividend date was Tuesday, July 1st. Heico's payout ratio is currently 5.25%.

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.