Heico Corporation $HEI Shares Sold by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. lowered its holdings in Heico Corporation (NYSE:HEI) by 23.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,371 shares of the aerospace company’s stock after selling 3,768 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Heico were worth $3,751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Weitz Investment Management Inc. purchased a new stake in shares of Heico during the second quarter valued at $52,737,000. Bank of New York Mellon Corp bought a new stake in Heico in the 2nd quarter worth about $54,386,000. Freestone Grove Partners LP purchased a new position in Heico in the 2nd quarter worth about $50,276,000. Liontrust Investment Partners LLP purchased a new position in Heico in the 2nd quarter worth about $29,744,000. Finally, Bath Savings Trust Co lifted its stake in Heico by 5.4% during the 3rd quarter. Bath Savings Trust Co now owns 49,570 shares of the aerospace company’s stock valued at $15,029,000 after acquiring an additional 2,542 shares during the period. 27.12% of the stock is owned by institutional investors.

Heico Price Performance

HEI stock opened at $309.27 on Wednesday. Heico Corporation has a fifty-two week low of $256.11 and a fifty-two week high of $376.86. The business’s 50-day moving average is $314.75 and its two-hundred day moving average is $320.50.

Heico (NYSE:HEI) last released its quarterly earnings results on Tuesday, August 25th. The aerospace company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.16. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.36 billion. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.26 earnings per share. Equities research analysts forecast that Heico Corporation will post 6.29 earnings per share for the current fiscal year.

Insider Transactions at Heico

In other Heico news, Director Mark H. Hildebrandt bought 795 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The stock was bought at an average cost of $220.30 per share, for a total transaction of $175,138.50. Following the completion of the transaction, the director owned 50,218 shares of the company’s stock, valued at $11,063,025.40. This represents a 1.61% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Nanda Kumar Cheruvatath bought 795 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The shares were acquired at an average price of $220.30 per share, with a total value of $175,138.50. Following the completion of the transaction, the director directly owned 4,877 shares of the company’s stock, valued at $1,074,403.10. This trade represents a 19.48% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 5,362 shares of company stock worth $1,225,430. 4.86% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on HEI shares. Wall Street Zen downgraded shares of Heico from a “buy” rating to a “hold” rating in a report on Saturday, October 3rd. UBS Group reissued a “neutral” rating and set a $396.00 price objective (up from $382.00) on shares of Heico in a report on Thursday, August 27th. Jefferies Financial Group set a $430.00 price objective on shares of Heico and gave the company a “buy” rating in a report on Wednesday, August 26th. Stifel Nicolaus set a $410.00 price objective on shares of Heico in a research report on Thursday, August 27th. Finally, Truist Financial raised their target price on shares of Heico from $397.00 to $412.00 and gave the stock a “buy” rating in a report on Tuesday, September 8th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $387.33.

Heico Company Profile

HEICO Corporation (NYSE: HEI) is an aerospace, defense, electronics and specialty industrial company headquartered in Hollywood, Florida. Founded in 1957, the company serves commercial aviation, defense, space, medical, telecommunications and other specialized markets.

HEICO operates through two primary business groups. Its Flight Support Group produces and distributes FAA-approved aircraft replacement parts, jet-engine components, specialized aircraft equipment and other products used by commercial and military aircraft operators.