SummitTX Capital L.P. Has $5.19 Million Position in Heico Corporation $HEI

SummitTX Capital L.P. lessened its holdings in Heico Corporation (NYSE:HEI) by 45.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 18,929 shares of the aerospace company’s stock after selling 16,036 shares during the period. SummitTX Capital L.P.’s holdings in Heico were worth $5,190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in HEI. Acadian Asset Management LLC boosted its position in shares of Heico by 216.7% during the 1st quarter. Acadian Asset Management LLC now owns 1,381 shares of the aerospace company’s stock valued at $368,000 after acquiring an additional 945 shares in the last quarter. Worldquant Millennium Advisors LLC bought a new stake in Heico in the second quarter valued at about $2,338,000. PDT Partners LLC raised its position in Heico by 52.6% in the second quarter. PDT Partners LLC now owns 39,019 shares of the aerospace company’s stock worth $12,798,000 after purchasing an additional 13,443 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its position in Heico by 10.8% in the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 4,794 shares of the aerospace company’s stock worth $1,572,000 after purchasing an additional 468 shares in the last quarter. Finally, IHT Wealth Management LLC lifted its stake in Heico by 2.1% during the second quarter. IHT Wealth Management LLC now owns 5,717 shares of the aerospace company’s stock worth $1,875,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 27.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Truist Financial raised Heico to a “strong-buy” rating in a report on Friday, May 1st. Wall Street Zen raised Heico from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Citigroup restated a “buy” rating and set a $410.00 target price (up from $403.00) on shares of Heico in a research report on Wednesday, July 1st. Wells Fargo & Company set a $350.00 price target on Heico and gave the company an “equal weight” rating in a research note on Monday, June 1st. Finally, Morgan Stanley set a $370.00 price target on Heico in a research report on Wednesday, July 15th. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $374.56.

Insider Activity at Heico

In other news, CAO Bradley K. Rowen sold 1,326 shares of Heico stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $241.63, for a total value of $320,401.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.86% of the company’s stock.

Heico Price Performance

Shares of HEI stock opened at $357.60 on Tuesday. Heico Corporation has a 1 year low of $256.11 and a 1 year high of $369.48. The company has a current ratio of 2.92, a quick ratio of 1.36 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average is $336.89 and its 200-day moving average is $318.23. The firm has a market capitalization of $49.94 billion, a price-to-earnings ratio of 63.86, a PEG ratio of 3.62 and a beta of 1.03.

Heico (NYSE:HEI) last issued its quarterly earnings results on Wednesday, May 27th. The aerospace company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.33. Heico had a net margin of 16.08% and a return on equity of 17.52%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the business posted $1.12 earnings per share. Heico’s revenue for the quarter was up 25.3% compared to the same quarter last year. Sell-side analysts forecast that Heico Corporation will post 5.95 EPS for the current fiscal year.

Heico Dividend Announcement

The company also recently disclosed a dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were given a $0.13 dividend. This represents a yield of 7.0%. The ex-dividend date was Wednesday, July 1st. Heico’s dividend payout ratio (DPR) is presently 4.64%.

About Heico

HEICO Corporation is an aerospace, defense and electronics company that designs, manufactures, and sells a range of products and provides repair and aftermarket services. Headquartered in Hollywood, Florida, HEICO supplies replacement components, repair services and engineered systems for commercial and business aviation, military and space markets as well as for selected industrial and medical customers. The company’s offerings are focused on sustaining and improving the reliability and availability of complex equipment across its end markets.

HEICO operates through two principal business areas.