Heico (NYSE:HEI) Shares Gap Up on Earnings Beat

Heico Corporation (NYSE:HEI) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $309.40, but opened at $346.71. Heico shares last traded at $348.7450, with a volume of 219,508 shares changing hands.

The aerospace company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.33. Heico had a net margin of 15.38% and a return on equity of 16.57%. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the company posted $1.12 earnings per share. The business’s revenue was up 25.3% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on HEI. Jefferies Financial Group set a $375.00 price target on Heico in a report on Sunday. BNP Paribas Exane raised shares of Heico from a “neutral” rating to an “outperform” rating in a report on Friday, February 27th. Weiss Ratings lowered shares of Heico from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 22nd. Wall Street Zen downgraded shares of Heico from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Finally, Truist Financial raised shares of Heico to a “strong-buy” rating in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Heico has an average rating of “Moderate Buy” and an average target price of $359.81.

Insider Activity at Heico

In related news, Director Julie Neitzel sold 676 shares of Heico stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $223.00, for a total transaction of $150,748.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 4.86% of the company’s stock.

Institutional Investors Weigh In On Heico

Several large investors have recently made changes to their positions in HEI. Acadian Asset Management LLC raised its stake in shares of Heico by 216.7% during the 1st quarter. Acadian Asset Management LLC now owns 1,381 shares of the aerospace company’s stock worth $368,000 after purchasing an additional 945 shares during the period. Worldquant Millennium Advisors LLC bought a new position in Heico during the second quarter valued at about $2,338,000. PDT Partners LLC grew its position in Heico by 52.6% during the second quarter. PDT Partners LLC now owns 39,019 shares of the aerospace company’s stock valued at $12,798,000 after buying an additional 13,443 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Heico by 10.8% during the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 4,794 shares of the aerospace company’s stock worth $1,572,000 after buying an additional 468 shares during the last quarter. Finally, IHT Wealth Management LLC increased its holdings in Heico by 2.1% during the second quarter. IHT Wealth Management LLC now owns 5,717 shares of the aerospace company’s stock worth $1,875,000 after buying an additional 117 shares during the last quarter. 27.12% of the stock is owned by hedge funds and other institutional investors.

Heico Trading Up 12.0%

The company has a quick ratio of 1.41, a current ratio of 3.06 and a debt-to-equity ratio of 0.55. The firm has a market cap of $48.33 billion, a P/E ratio of 68.74, a price-to-earnings-growth ratio of 3.78 and a beta of 0.95. The firm’s 50-day simple moving average is $284.36 and its 200 day simple moving average is $311.20.

About Heico

HEICO Corporation is an aerospace, defense and electronics company that designs, manufactures, and sells a range of products and provides repair and aftermarket services. Headquartered in Hollywood, Florida, HEICO supplies replacement components, repair services and engineered systems for commercial and business aviation, military and space markets as well as for selected industrial and medical customers. The company’s offerings are focused on sustaining and improving the reliability and availability of complex equipment across its end markets.

HEICO operates through two principal business areas.