Fred Alger Management Inc. Boosts Stake in Heico Corporation (HEI)
Fred Alger Management Inc. grew its stake in shares of Heico Corporation (NYSE:HEI) by 23.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 380,992 shares of the aerospace company’s stock after acquiring an additional 72,901 shares during the period. Fred Alger Management Inc. owned about 1.13% of Heico Corporation worth $27,370,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Nicholas Investment Partners LP lifted its position in shares of Heico Corporation by 111.4% during the 2nd quarter. Nicholas Investment Partners LP now owns 78,821 shares of the aerospace company’s stock valued at $5,662,000 after acquiring an additional 41,530 shares during the period. AGF Investments Inc. lifted its position in shares of Heico Corporation by 25.0% during the 2nd quarter. AGF Investments Inc. now owns 62,500 shares of the aerospace company’s stock valued at $4,492,000 after acquiring an additional 12,500 shares during the period. Artemis Investment Management LLP acquired a new stake in shares of Heico Corporation during the 2nd quarter valued at approximately $7,379,000. Westpac Banking Corp lifted its position in shares of Heico Corporation by 8.5% during the 2nd quarter. Westpac Banking Corp now owns 80,174 shares of the aerospace company’s stock valued at $5,760,000 after acquiring an additional 6,274 shares during the period. Finally, Eagle Asset Management Inc. lifted its position in shares of Heico Corporation by 9.8% during the 2nd quarter. Eagle Asset Management Inc. now owns 128,789 shares of the aerospace company’s stock valued at $9,252,000 after acquiring an additional 11,458 shares during the period. Institutional investors own 26.41% of the company’s stock.
HEI has been the subject of a number of research reports. Jefferies Group LLC reiterated a “hold” rating and set a $75.00 price target on shares of Heico Corporation in a research report on Monday, June 26th. Canaccord Genuity reiterated a “buy” rating and set a $91.00 price target (up from $80.00) on shares of Heico Corporation in a research report on Thursday, August 10th. Deutsche Bank AG downgraded shares of Heico Corporation from a “buy” rating to a “hold” rating and lifted their price target for the company from $80.00 to $86.00 in a research report on Wednesday, August 16th. BidaskClub downgraded shares of Heico Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 18th. Finally, Zacks Investment Research downgraded shares of Heico Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 23rd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $91.33.
ILLEGAL ACTIVITY WARNING: This article was first reported by Watch List News and is owned by of Watch List News. If you are accessing this article on another publication, it was illegally copied and republished in violation of international copyright and trademark law. The original version of this article can be accessed at https://www.watchlistnews.com/fred-alger-management-inc-boosts-stake-in-heico-corporation-hei/1610368.html.
Shares of Heico Corporation (NYSE HEI) traded up 0.32% on Thursday, hitting $89.64. 30,316 shares of the stock were exchanged. The firm’s 50-day moving average is $86.17 and its 200-day moving average is $77.10. Heico Corporation has a one year low of $52.56 and a one year high of $91.32. The company has a market cap of $7.57 billion, a P/E ratio of 43.90 and a beta of 0.74.
Heico Corporation (NYSE:HEI) last released its earnings results on Wednesday, August 23rd. The aerospace company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Heico Corporation had a net margin of 12.04% and a return on equity of 15.56%. The business had revenue of $391.50 million during the quarter, compared to analyst estimates of $390.55 million. During the same period in the prior year, the business earned $0.62 earnings per share. The business’s quarterly revenue was up 9.9% on a year-over-year basis. On average, equities analysts forecast that Heico Corporation will post $2.10 EPS for the current fiscal year.
In related news, VP Thomas S. Irwin sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $76.28, for a total transaction of $1,525,600.00. Following the completion of the sale, the vice president now directly owns 31,110 shares of the company’s stock, valued at $2,373,070.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.76% of the stock is owned by corporate insiders.
Heico Corporation Company Profile
HEICO Corporation manufactures Federal Aviation Administration (FAA)-approved jet engine and aircraft component replacement parts, other than the original equipment manufacturers (OEMs) and their subcontractors. The Company also manufactures various types of electronic equipment for the aviation, medical, telecommunications and electronics industries.
Receive News & Ratings for Heico Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heico Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.