Trust Point Inc. Reduces Stake in Heico Corporation $HEI

Key Points

• Trust Point Inc. reduced its stake in Heico Corporation by 38.6%, selling 1,791 shares in Q2, leaving them with a total of 2,843 shares valued at $933,000.
• Chairman Laurans A. Mendelson sold 56,300 shares at an average price of $319.45, reducing his ownership by 4.30% and retaining approximately 1.25 million shares valued at $400 million.
• Analyst price targets for Heico have been raised, with Bank of America and Robert W. Baird setting targets at $400.00, while overall the stock holds a "+Moderate Buy+" average rating.

Trust Point Inc. lessened its position in shares of Heico Corporation (NYSE:HEI - Free Report) by 38.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,843 shares of the aerospace company's stock after selling 1,791 shares during the quarter. Trust Point Inc.'s holdings in Heico were worth $933,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in HEI. Nomura Holdings Inc. purchased a new position in Heico during the 4th quarter worth approximately $222,000. Man Group plc purchased a new position in shares of Heico in the 4th quarter valued at approximately $265,000. Tidal Investments LLC grew its stake in shares of Heico by 5.2% in the 4th quarter. Tidal Investments LLC now owns 1,638 shares of the aerospace company's stock valued at $389,000 after purchasing an additional 81 shares during the last quarter. Squarepoint Ops LLC grew its stake in shares of Heico by 2,203.0% in the 4th quarter. Squarepoint Ops LLC now owns 87,030 shares of the aerospace company's stock valued at $20,691,000 after purchasing an additional 83,251 shares during the last quarter. Finally, GTS Securities LLC purchased a new position in shares of Heico in the 4th quarter valued at approximately $443,000. Hedge funds and other institutional investors own 27.12% of the company's stock.

Insider Buying and Selling at Heico

In other news, Chairman Laurans A. Mendelson sold 56,300 shares of the business'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 completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Morgan Stanley lifted their target price on Heico from $305.00 to $330.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Bank of America raised their price target on Heico from $355.00 to $400.00 and gave the company a "buy" rating in a report on Friday, September 5th. Robert W. Baird raised their price target on Heico from $360.00 to $400.00 and gave the company an "outperform" rating in a report on Wednesday, August 27th. Wells Fargo & Company raised their price target on Heico from $244.00 to $278.00 and gave the company an "equal weight" rating in a report on Friday, May 30th. Finally, Truist Financial raised their price target on Heico from $352.00 to $366.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $346.09.

Heico Stock Performance

Shares of HEI stock opened at $321.70 on Friday. The stock has a fifty day moving average price of $317.80 and a 200 day moving average price of $290.83. The stock has a market cap of $44.78 billion, a PE ratio of 70.39, a P/E/G ratio of 3.73 and a beta of 1.08. Heico Corporation has a 1 year low of $216.68 and a 1 year high of $338.92. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.51 and a current ratio of 3.35.

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

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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