Heico Corp (HEI) Lowered to Hold at Zacks Investment Research
Heico Corp (NYSE:HEI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Heico Corporation is engaged primarily in certain niche segments of the aviation, defense, space and electronics industries through its Hollywood, FL-based HEICO Aerospace Holdings Corp. subsidiary and its Miami, FL-based HEICO Electronic Technologies Corp. subsidiary. HEICO’s customers include a majority of the world’s airlines and airmotives as well as numerous defense and space contractors and military agencies worldwide in addition to telecommunications, electronics and medical equipment manufacturers. “
A number of other brokerages have also weighed in on HEI. Canaccord Genuity reissued a “buy” rating and issued a $91.00 price objective (up from $80.00) on shares of Heico Corp in a report on Thursday, August 10th. Deutsche Bank AG lowered Heico Corp from a “buy” rating to a “hold” rating and increased their price objective for the company from $80.00 to $86.00 in a report on Wednesday, August 16th. Seaport Global Securities began coverage on Heico Corp in a report on Tuesday, September 12th. They issued a “neutral” rating and a $90.00 price objective on the stock. Credit Suisse Group reissued an “outperform” rating and issued a $98.00 price objective (up from $85.00) on shares of Heico Corp in a report on Tuesday, August 29th. Finally, Bank of America Corporation raised Heico Corp from a “neutral” rating to a “buy” rating and increased their price objective for the company from $75.00 to $95.00 in a report on Tuesday, August 29th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Heico Corp presently has an average rating of “Hold” and a consensus price target of $90.89.
Heico Corp (NYSE HEI) traded up 3.70% during midday trading on Monday, reaching $87.70. The company had a trading volume of 304,579 shares. The firm has a 50-day moving average of $84.21 and a 200 day moving average of $75.11. Heico Corp has a 1-year low of $52.56 and a 1-year high of $87.90. The company has a market capitalization of $7.41 billion, a P/E ratio of 42.95 and a beta of 0.76.
Heico Corp (NYSE:HEI) last announced its earnings results on Wednesday, August 23rd. The aerospace company reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.01. Heico Corp had a return on equity of 16.96% and a net margin of 13.15%. The company had revenue of $391.50 million for the quarter, compared to analyst estimates of $390.55 million. During the same period in the prior year, the company posted $0.62 EPS. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities research analysts forecast that Heico Corp will post $2.10 EPS for the current year.
A number of hedge funds have recently modified their holdings of the business. Parkside Financial Bank & Trust lifted its position in shares of Heico Corp by 23.6% in the second quarter. Parkside Financial Bank & Trust now owns 1,482 shares of the aerospace company’s stock valued at $106,000 after acquiring an additional 283 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of Heico Corp by 24.7% in the second quarter. D.A. Davidson & CO. now owns 2,536 shares of the aerospace company’s stock valued at $182,000 after acquiring an additional 502 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Heico Corp in the first quarter valued at approximately $202,000. Brown Advisory Securities LLC purchased a new position in shares of Heico Corp in the first quarter valued at approximately $202,000. Finally, Comerica Bank purchased a new position in shares of Heico Corp in the second quarter valued at approximately $209,000. Institutional investors own 26.41% of the company’s stock.
About Heico Corp
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.
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