Heico Corporation (NYSE:HEI) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lessened its holdings in shares of Heico Corporation (NYSE:HEI) by 3.3% in the first quarter, Holdings Channel reports. The firm owned 3,385 shares of the aerospace company’s stock after selling 115 shares during the period. Pinnacle Associates Ltd.’s holdings in Heico were worth $904,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of HEI. Bain Capital Public Equity Management II LLC acquired a new stake in shares of Heico in the fourth quarter worth $110,503,000. Freestone Grove Partners LP purchased a new stake in Heico during the 4th quarter worth $71,030,000. Squarepoint Ops LLC increased its holdings in 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 in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Heico in the fourth quarter valued at about $16,578,000. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Heico by 81.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 143,579 shares of the aerospace company’s stock worth $34,134,000 after purchasing an additional 64,424 shares in the last quarter. Hedge funds and other institutional investors own 27.12% of the company’s stock.

Heico Trading Up 0.9%

HEI opened at $323.41 on Monday. Heico Corporation has a 12-month low of $216.68 and a 12-month high of $328.64. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.43 and a quick ratio of 1.56. The stock has a market capitalization of $44.99 billion, a PE ratio of 75.56, a P/E/G ratio of 4.03 and a beta of 1.08. The firm’s fifty day moving average price is $307.57 and its 200 day moving average price is $268.95.

Heico (NYSE:HEI) last issued its earnings results on Tuesday, May 27th. The aerospace company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.09. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. Heico had a net margin of 14.54% and a return on equity of 15.88%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.88 EPS. As a group, research 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 issued a dividend of $0.12 per share. This represents a yield of 0.1%. 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. Heico’s dividend payout ratio (DPR) is currently 5.61%.

Insider Transactions at Heico

In related 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 sale, the director directly owned 1,500 shares of the company’s stock, valued at approximately $448,650. This represents a 19.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Alan Schriesheim sold 35,000 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $298.36, for a total value of $10,442,600.00. Following the transaction, the director owned 122,197 shares in the company, valued at $36,458,696.92. This trade represents a 22.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,656 shares of company stock worth $28,534,115. 9.55% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

HEI has been the subject of a number of recent research reports. Barclays set a $280.00 target price on Heico and gave the company an “equal weight” rating in a research note on Monday, June 2nd. Truist Financial increased their price objective on shares of Heico from $323.00 to $352.00 and gave the company a “buy” rating in a research report on Friday, July 11th. UBS Group lifted their price objective on shares of Heico from $264.00 to $306.00 and gave the company a “neutral” rating in a research note on Thursday, May 29th. Bank of America upped their target price on shares of Heico from $320.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 3rd. Finally, Wall Street Zen downgraded shares of Heico from a “buy” rating to a “hold” rating in a research note on Friday, July 18th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $301.45.

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.