Heico Corporation $HEI Shares Sold by Gateway Investment Advisers LLC

Key Points

• Gateway Investment Advisers LLC reduced its holdings in Heico Corporation by 12% during the 2nd quarter, now owning 25,268 shares valued at approximately $8.29 million.
• Heico reported an earnings per share (EPS) of $1.26 for the last quarter, exceeding analysts' expectations and showing a 15.7% year-over-year revenue increase.
• Several analysts raised their price targets for Heico, with Bank of America increasing it from $355 to $400, reflecting a strong investment outlook for the stock.

Gateway Investment Advisers LLC lessened its holdings in Heico Corporation (NYSE:HEI - Free Report) by 12.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,268 shares of the aerospace company's stock after selling 3,443 shares during the quarter. Gateway Investment Advisers LLC's holdings in Heico were worth $8,288,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Aaron Wealth Advisors LLC purchased a new position in Heico in the 2nd quarter worth $251,000. Value Partners Investments Inc. grew its holdings in Heico by 12.9% in the 2nd quarter. Value Partners Investments Inc. now owns 2,552 shares of the aerospace company's stock worth $836,000 after acquiring an additional 291 shares during the last quarter. Kera Capital Partners Inc. bought a new stake in Heico in the 2nd quarter worth $467,000. Acadian Asset Management LLC grew its holdings in Heico by 216.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,381 shares of the aerospace company's stock worth $368,000 after acquiring an additional 945 shares during the last quarter. Finally, Interval Partners LP bought a new stake in Heico in the 1st quarter worth $3,127,000. Hedge funds and other institutional investors own 27.12% of the company's stock.

Heico Stock Down 1.0%

Heico stock traded down $3.33 during midday trading on Friday, hitting $318.41. 452,312 shares of the company's stock were exchanged, compared to its average volume of 421,321. Heico Corporation has a 12 month low of $216.68 and a 12 month high of $338.92. The company has a market cap of $44.33 billion, a PE ratio of 69.67, a P/E/G ratio of 3.75 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.51 and a current ratio of 3.35. The firm has a 50-day moving average of $317.87 and a two-hundred day moving average of $291.35.

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

Analyst Ratings Changes

Several brokerages recently issued reports on HEI. Zacks Research upgraded shares of Heico to a "hold" rating in a research report on Monday, August 11th. Stifel Nicolaus set a $360.00 price objective on shares of Heico in a report on Tuesday, August 26th. Morgan Stanley boosted their price objective on shares of Heico from $305.00 to $330.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Truist Financial upped their target price on shares of Heico from $352.00 to $366.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Finally, Royal Bank Of Canada set a $350.00 price target on shares of Heico in a research report on Wednesday, August 27th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $346.09.

Insider Transactions at Heico

In related news, Chairman Laurans A. Mendelson sold 56,300 shares of Heico stock in a transaction 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 sale, the chairman owned 1,253,127 shares of the company's stock, valued at approximately $400,311,420.15. This trade represents a 4.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 9.55% of the company's stock.

Heico Company 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.