Congress Asset Management Co. Increases Stock Position in Heico Corporation $HEI

Key Points

• Congress Asset Management Co. increased its stake in Heico Corporation by 366.0%, owning 308,457 shares valued at approximately $101.17 million at the end of the reporting period.
• Heico reported $1.26 EPS for the last quarter, surpassing analysts' expectations of $1.12, and its revenue grew by 15.7% compared to the previous year.
• Several research firms have set price targets on Heico shares, with Goldman Sachs increasing its target to $382.00 and Robert W. Baird raising it to $400.00, reflecting a generally positive outlook on the stock.

Congress Asset Management Co. grew its position in Heico Corporation (NYSE:HEI - Free Report) by 366.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 308,457 shares of the aerospace company's stock after purchasing an additional 242,264 shares during the period. Congress Asset Management Co. owned about 0.22% of Heico worth $101,174,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ridgewood Investments LLC grew its position in Heico by 92.0% during the first quarter. Ridgewood Investments LLC now owns 96 shares of the aerospace company's stock valued at $26,000 after buying an additional 46 shares during the period. NBC Securities Inc. bought a new position in Heico during the first quarter valued at about $27,000. Costello Asset Management INC bought a new position in Heico during the first quarter valued at about $27,000. Caitong International Asset Management Co. Ltd grew its position in Heico by 17,800.0% during 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 period. Finally, Banque Transatlantique SA grew its position in Heico by 36.8% during the first quarter. Banque Transatlantique SA now owns 253 shares of the aerospace company's stock valued at $62,000 after buying an additional 68 shares during the period. Hedge funds and other institutional investors own 27.12% of the company's stock.

Heico Price Performance

HEI stock opened at $317.99 on Friday. The firm has a 50 day moving average of $317.78 and a 200-day moving average of $292.73. The company has a current ratio of 3.35, a quick ratio of 1.51 and a debt-to-equity ratio of 0.58. Heico Corporation has a 12 month low of $216.68 and a 12 month high of $338.92. The firm has a market capitalization of $44.27 billion, a P/E ratio of 69.58, a price-to-earnings-growth ratio of 3.73 and a beta of 1.08.

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

Insider Activity at Heico

In other news, Chairman Laurans A. Mendelson sold 56,300 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $319.45, for a total value of $17,985,035.00. Following the completion of the transaction, the chairman directly owned 1,253,127 shares in the company, valued at approximately $400,311,420.15. This trade represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.55% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on HEI. The Goldman Sachs Group restated a "buy" rating and set a $382.00 price target (up previously from $337.00) on shares of Heico in a research report on Wednesday, August 27th. Robert W. Baird increased their price target on shares of Heico from $360.00 to $400.00 and gave the company an "outperform" rating in a research report on Wednesday, August 27th. Stifel Nicolaus set a $360.00 target price on shares of Heico in a research report on Tuesday, August 26th. Morgan Stanley increased their target price on shares of Heico from $305.00 to $330.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Finally, Royal Bank Of Canada set a $350.00 target price on shares of Heico in a research report on Wednesday, August 27th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $346.09.

Heico Profile

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.

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