CI Investments Inc. Decreases Holdings in Heico Corporation $HEI

Key Points

• CI Investments Inc. cut its Heico stake by 95.4% in the first quarter, selling 156,467 shares and ending with 7,569 shares valued at about $2.1 million.
• Heico’s latest earnings topped expectations, with quarterly EPS of $1.66 versus the $1.33 estimate and revenue of $1.38 billion, up 25.3% year over year.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $374.56, even as some firms maintain neutral or equal-weight views.

CI Investments Inc. trimmed its stake in Heico Corporation (NYSE:HEI - Free Report) by 95.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,569 shares of the aerospace company's stock after selling 156,467 shares during the quarter. CI Investments Inc.'s holdings in Heico were worth $2,075,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of HEI. IFC & Insurance Marketing Inc. purchased a new position in Heico in the fourth quarter valued at approximately $26,000. CBIZ Investment Advisory Services LLC increased its position in Heico by 1,000.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 88 shares of the aerospace company's stock worth $28,000 after buying an additional 80 shares during the last quarter. Birchwood Financial Partners Inc. bought a new stake in shares of Heico in the fourth quarter valued at $32,000. V Square Quantitative Management LLC bought a new stake in shares of Heico in the fourth quarter valued at $37,000. Finally, FNY Investment Advisers LLC lifted its position in shares of Heico by 862.5% during the 4th quarter. FNY Investment Advisers LLC now owns 154 shares of the aerospace company's stock valued at $49,000 after buying an additional 138 shares during the last quarter. 27.12% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HEI. Wells Fargo & Company set a $350.00 price objective on Heico and gave the company an "equal weight" rating in a research note on Monday, June 1st. Zacks Research upgraded shares of Heico from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 9th. Morgan Stanley set a $370.00 price target on shares of Heico in a research report on Wednesday, July 15th. UBS Group restated a "neutral" rating and set a $390.00 price target (up from $371.00) on shares of Heico in a research note on Monday, June 1st. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $410.00 price objective (up from $375.00) on shares of Heico in a report on Thursday, May 28th. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Heico presently has a consensus rating of "Moderate Buy" and an average target price of $374.56.

Heico Price Performance

Shares of NYSE HEI opened at $349.34 on Friday. The stock's 50-day simple moving average is $335.62 and its two-hundred day simple moving average is $318.32. Heico Corporation has a twelve month low of $256.11 and a twelve month high of $369.48. The firm has a market capitalization of $48.79 billion, a P/E ratio of 62.38, a P/E/G ratio of 3.53 and a beta of 1.03. The company has a quick ratio of 1.36, a current ratio of 2.92 and a debt-to-equity ratio of 0.53.

Heico (NYSE:HEI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 27th. The aerospace company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.33 by $0.33. Heico had a return on equity of 17.52% and a net margin of 16.08%.The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm earned $1.12 earnings per share. Heico's revenue was up 25.3% on a year-over-year basis. As a group, equities analysts anticipate that Heico Corporation will post 5.95 EPS for the current fiscal year.

Heico Announces Dividend

The business also recently announced a dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a $0.13 dividend. The ex-dividend date was Wednesday, July 1st. This represents a yield of 7.0%. Heico's payout ratio is 4.64%.

Insider Buying and Selling

In other Heico news, CAO Bradley K. Rowen sold 1,326 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $241.63, for a total transaction of $320,401.38. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.86% of the stock is currently owned by corporate insiders.

About Heico

HEICO Corporation is an aerospace, defense and electronics company that designs, manufactures, and sells a range of products and provides repair and aftermarket services. Headquartered in Hollywood, Florida, HEICO supplies replacement components, repair services and engineered systems for commercial and business aviation, military and space markets as well as for selected industrial and medical customers. The company's offerings are focused on sustaining and improving the reliability and availability of complex equipment across its end markets.

HEICO operates through two principal business areas.

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