Carderock Capital Management Inc. Sells 962 Shares of Heico Corporation $HEI

Key Points

• Carderock Capital Management Inc. reduced its holdings in Heico Corporation by 2.6%, now owning 35,610 shares valued at approximately $9.5 million, making it the fund's 11th largest investment.
• Analysts have upgraded Heico's price targets, with Truist Financial raising its target from $352 to $366, while Goldman Sachs increased it from $337 to $382, reflecting a consensus rating of "Moderate Buy."
• Heico recently reported a quarterly earnings per share (EPS) of $1.26, exceeding estimates by $0.14, with a revenue of $1.15 billion, up 15.7% from the previous year.

Carderock Capital Management Inc. reduced its position in Heico Corporation (NYSE:HEI - Free Report) by 2.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,610 shares of the aerospace company's stock after selling 962 shares during the quarter. Heico accounts for about 2.5% of Carderock Capital Management Inc.'s holdings, making the stock its 11th largest holding. Carderock Capital Management Inc.'s holdings in Heico were worth $9,515,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ridgewood Investments LLC boosted its holdings in Heico by 92.0% during the 1st quarter. Ridgewood Investments LLC now owns 96 shares of the aerospace company's stock valued at $26,000 after acquiring an additional 46 shares during the period. NBC Securities Inc. purchased a new stake in Heico during the 1st quarter valued at about $27,000. Costello Asset Management INC purchased a new stake in Heico during the 1st quarter valued at about $27,000. Caitong International Asset Management Co. Ltd boosted its holdings in Heico by 17,800.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 179 shares of the aerospace company's stock valued at $48,000 after acquiring an additional 178 shares during the period. Finally, Banque Transatlantique SA boosted its holdings in Heico by 36.8% during the 1st quarter. Banque Transatlantique SA now owns 253 shares of the aerospace company's stock valued at $62,000 after acquiring an additional 68 shares during the period. 27.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on HEI shares. Barclays increased their price objective on Heico from $280.00 to $300.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd. Jefferies Financial Group reiterated a "buy" rating on shares of Heico in a report on Monday, August 18th. Bank of America increased their price objective on Heico from $355.00 to $400.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Royal Bank Of Canada set a $350.00 price objective on Heico in a report on Wednesday, August 27th. Finally, Wall Street Zen upgraded Heico from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Nine research 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 presently has a consensus rating of "Moderate Buy" and a consensus target price of $346.09.

Heico Stock Up 0.8%

HEI traded up $2.55 during trading on Tuesday, hitting $325.99. 140,104 shares of the company's stock traded hands, compared to its average volume of 505,490. The company's 50 day simple moving average is $317.51 and its two-hundred day simple moving average is $290.03. 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 stock has a market capitalization of $45.38 billion, a price-to-earnings ratio of 71.23, a PEG ratio of 3.77 and a beta of 1.08.

Heico (NYSE:HEI - Get Free Report) last released 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 firm had revenue of $1.15 billion for 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 company's revenue for the quarter was up 15.7% on a year-over-year basis. During the same period last year, the business posted $0.97 EPS. Analysts predict that Heico Corporation will post 4.2 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Laurans A. Mendelson sold 56,300 shares of the firm's stock in a transaction 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 transaction, the chairman directly owned 1,253,127 shares in the company, valued at $400,311,420.15. This trade represents a 4.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 9.55% of the stock is currently owned by company insiders.

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.