Mackenzie Financial Corp Makes New $40.95 Million Investment in Heico Corporation (NYSE:HEI)

Key Points

• Mackenzie Financial Corp has made a significant investment of approximately $40.95 million in Heico Corporation by purchasing 153,259 shares, representing about 0.11% of the company's stock.
• Heico recently announced a semi-annual dividend increase, raising the payout from $0.11 to $0.12 per share, reflecting a modest dividend yield of 0.1%.
• The company reported $1.12 earnings per share for the last quarter, surpassing analysts' estimates, alongside a revenue growth of 14.9% compared to the previous year.

Mackenzie Financial Corp acquired a new position in shares of Heico Corporation (NYSE:HEI - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 153,259 shares of the aerospace company's stock, valued at approximately $40,949,000. Mackenzie Financial Corp owned approximately 0.11% of Heico at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Artemis Investment Management LLP purchased a new stake in shares of Heico during the first quarter worth approximately $7,612,000. Freedom Day Solutions LLC purchased a new position in Heico in the 1st quarter valued at $2,653,000. Praxis Investment Management Inc. boosted its stake in Heico by 24.9% during the 1st quarter. Praxis Investment Management Inc. now owns 8,830 shares of the aerospace company's stock worth $2,359,000 after purchasing an additional 1,760 shares during the last quarter. Vantage Investment Partners LLC grew its holdings in shares of Heico by 1.1% during the first quarter. Vantage Investment Partners LLC now owns 162,145 shares of the aerospace company's stock worth $43,324,000 after buying an additional 1,772 shares in the last quarter. Finally, Eos Management L.P. raised its position in shares of Heico by 117.0% in the first quarter. Eos Management L.P. now owns 15,534 shares of the aerospace company's stock valued at $4,151,000 after buying an additional 8,376 shares during the last quarter. 27.12% of the stock is currently owned by hedge funds and other institutional investors.

Heico Trading Down 0.4%

Shares of NYSE HEI traded down $1.36 during mid-day trading on Friday, reaching $325.44. 371,374 shares of the company's stock were exchanged, compared to its average volume of 335,053. The company's 50-day moving average is $312.82 and its 200-day moving average is $271.74. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.56 and a current ratio of 3.43. The firm has a market capitalization of $45.27 billion, a price-to-earnings ratio of 76.04, a PEG ratio of 4.07 and a beta of 1.11. Heico Corporation has a 52-week low of $216.68 and a 52-week high of $328.64.

Heico (NYSE:HEI - Get Free Report) last posted its earnings results on Tuesday, May 27th. The aerospace company reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.09. Heico had a net margin of 14.54% and a return on equity of 15.88%. The company had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the prior year, the company posted $0.88 earnings per share. Heico's revenue for the quarter was up 14.9% compared to the same quarter last year. Analysts expect 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. The ex-dividend date of this dividend was Tuesday, July 1st. This is a positive change from Heico's previous semi-annual dividend of $0.11. This represents a yield of 10.0%. Heico's dividend payout ratio is presently 5.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus set a $352.00 price target on shares of Heico and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Barclays set a $280.00 target price on Heico and gave the stock an "equal weight" rating in a report on Monday, June 2nd. Wall Street Zen cut Heico from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Wells Fargo & Company boosted their price objective on Heico from $244.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Friday, May 30th. Finally, UBS Group upped their target price on Heico from $264.00 to $306.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $301.45.

Insider Buying and Selling at Heico

In other news, Director Frank J. Schwitter sold 356 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $299.10, for a total transaction of $106,479.60. Following the completion of the transaction, the director directly owned 1,500 shares in the company, valued at $448,650. This trade represents a 19.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the chairman directly owned 1,253,127 shares of the company's stock, valued at $400,311,420.15. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 91,656 shares of company stock valued at $28,534,115 over the last quarter. 9.55% of the stock is 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.