Prudential PLC Lowers Position in Heico Corporation (NYSE:HEI)

Key Points

• Prudential PLC has reduced its stake in Heico Corporation by 42.8%, now owning only 3,834 shares worth approximately $1.02 million.
• Several other investors have increased their holdings, with Ridgewood Investments lifting its position by 92.0% in the first quarter.
• Heico recently announced a dividend increase from $0.11 to $0.12 per share, reflecting a yield of 10.0%.

Prudential PLC cut its stake in shares of Heico Corporation (NYSE:HEI - Free Report) by 42.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,834 shares of the aerospace company's stock after selling 2,873 shares during the period. Prudential PLC's holdings in Heico were worth $1,024,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in HEI. Ridgewood Investments LLC lifted its position in shares of Heico by 92.0% in the first quarter. Ridgewood Investments LLC now owns 96 shares of the aerospace company's stock valued at $26,000 after acquiring an additional 46 shares in the last quarter. NBC Securities Inc. purchased a new position in shares of Heico in the first quarter valued at about $27,000. Costello Asset Management INC purchased a new position in shares of Heico in the first quarter valued at about $27,000. Banque Transatlantique SA purchased a new position in shares of Heico in the fourth quarter valued at about $44,000. Finally, Atwood & Palmer Inc. purchased a new position in shares of Heico in the first quarter valued at about $80,000. 27.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

HEI has been the topic of several research analyst reports. Barclays set a $280.00 price objective on Heico and gave the company an "equal weight" rating in a research report on Monday, June 2nd. Wells Fargo & Company boosted their price objective on Heico from $244.00 to $278.00 and gave the company an "equal weight" rating in a research report on Friday, May 30th. Bank of America boosted their target price on Heico from $320.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Stifel Nicolaus set a $352.00 target price on Heico and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Finally, Truist Financial boosted their target price on Heico from $323.00 to $352.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $301.45.

Insiders Place Their Bets

In other news, Director Frank J. Schwitter sold 356 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 1,500 shares of the company's stock, valued at approximately $448,650. This represents a 19.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Alan Schriesheim sold 35,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $298.36, for a total value of $10,442,600.00. Following the transaction, the director directly owned 122,197 shares in the company, valued at approximately $36,458,696.92. This represents a 22.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 91,656 shares of company stock valued at $28,534,115 over the last ninety days. 9.55% of the stock is owned by insiders.

Heico Trading Down 1.1%

Shares of NYSE HEI opened at $307.73 on Friday. The business's 50 day moving average is $317.19 and its two-hundred day moving average is $277.23. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.43 and a quick ratio of 1.56. Heico Corporation has a 1-year low of $216.68 and a 1-year high of $338.92. The stock has a market capitalization of $42.81 billion, a P/E ratio of 71.90, a PEG ratio of 3.87 and a beta of 1.11.

Heico (NYSE:HEI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 27th. The aerospace company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.09. Heico had a return on equity of 15.88% and a net margin of 14.54%. The company had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the previous year, the firm posted $0.88 earnings per share. The firm's revenue for the quarter was up 14.9% on a year-over-year basis. As a group, research analysts expect that Heico Corporation will post 4.2 EPS for the current year.

Heico Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This is an increase from Heico's previous semi-annual dividend of $0.11. This represents a yield of 10.0%. Heico's payout ratio is presently 5.61%.

About Heico

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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