Zacks Investment Research Upgrades Heico (HEI) to “Buy”
Heico (NYSE:HEI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $99.00 target price on the aerospace company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.22% from the company’s previous close.
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. “
Several other research firms have also issued reports on HEI. Canaccord Genuity lifted their price target on Heico from $92.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 24th. SunTrust Banks boosted their target price on Heico to $96.00 and gave the stock a “buy” rating in a research report on Monday. Deutsche Bank lowered Heico from a “buy” rating to a “hold” rating and boosted their target price for the stock from $80.00 to $86.00 in a research report on Wednesday, August 16th. Seaport Global Securities began coverage on Heico in a research report on Tuesday, September 12th. They issued a “neutral” rating and a $90.00 target price for the company. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $98.00 target price (up previously from $85.00) on shares of Heico in a research report on Tuesday, August 29th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Heico presently has a consensus rating of “Buy” and an average price target of $92.78.
In other news, VP Thomas S. Irwin sold 20,000 shares of the company’s stock in a transaction dated 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 owns 31,110 shares of the company’s stock, valued at approximately $2,373,070.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark H. Hildebrandt purchased 1,316 shares of Heico stock in a transaction dated Thursday, October 5th. The shares were acquired at an average cost of $76.13 per share, with a total value of $100,187.08. The disclosure for this purchase can be found here. 9.76% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in HEI. First Trust Advisors LP increased its position in shares of Heico by 42.7% during the 2nd quarter. First Trust Advisors LP now owns 419,333 shares of the aerospace company’s stock valued at $30,125,000 after purchasing an additional 125,544 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in shares of Heico during the 2nd quarter valued at about $7,379,000. Artisan Partners Limited Partnership increased its position in shares of Heico by 54.9% during the 2nd quarter. Artisan Partners Limited Partnership now owns 283,149 shares of the aerospace company’s stock valued at $20,341,000 after purchasing an additional 100,315 shares during the last quarter. Fred Alger Management Inc. increased its position in shares of Heico by 23.7% during the 2nd quarter. Fred Alger Management Inc. now owns 380,992 shares of the aerospace company’s stock valued at $27,370,000 after purchasing an additional 72,901 shares during the last quarter. Finally, Tygh Capital Management Inc. increased its position in shares of Heico by 72.8% during the 2nd quarter. Tygh Capital Management Inc. now owns 110,793 shares of the aerospace company’s stock valued at $7,959,000 after purchasing an additional 46,665 shares during the last quarter. 26.97% of the stock is owned by hedge funds and other institutional investors.
Heico 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.
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