Fisher Asset Management Reduces Heico Corporation Stake by 22.3%

Fisher Asset Management LLC has reduced its stake in Heico Corporation (NYSE: HEI) by 22.3% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now owns 336,847 shares of the aerospace company’s stock after selling 96,743 shares in the quarter. This change reflects a current ownership of approximately 0.24% of Heico, valued at about $110.5 million.

Other institutional investors have also adjusted their positions in Heico. Notable transactions include Jefferies Financial Group Inc. acquiring a new stake valued at $488,000 in the first quarter. Costello Asset Management INC and Wolverine Asset Management LLC also entered the fray, with new stakes worth approximately $27,000 and $401,000, respectively. Additionally, Frank Rimerman Advisors LLC purchased shares valued at $222,000, while Benjamin Edwards Inc. increased its position by 16.1%, owning 6,757 shares valued at around $1.8 million after acquiring an additional 935 shares.

Analysts Provide Mixed Ratings on Heico’s Stock

A number of equities research analysts have weighed in on Heico’s stock, with mixed recommendations. Jefferies Financial Group reaffirmed a “buy” rating on August 18, 2023. Meanwhile, the Royal Bank of Canada set a target price of $350.00 for Heico in a research note on August 27, 2023. Weiss Ratings reiterated a “buy (b)” rating on November 24, 2023, while BNP Paribas established a price objective of $330.00 on November 18, 2023. Truist Financial also increased its target price from $352.00 to $366.00 on August 27, 2023, maintaining a “buy” rating.

Currently, ten analysts have rated Heico with a “buy” rating, while eight have assigned a “hold” rating. According to MarketBeat, the consensus rating for Heico is “Moderate Buy,” with an average price target of $343.62.

Heico’s Stock Performance and Insider Activities

On October 10, 2023, Heico shares opened at $309.92. The company’s stock has a 52-week low of $216.68 and a 52-week high of $338.92. Financial metrics show a current ratio of 3.35, a quick ratio of 1.51, and a debt-to-equity ratio of 0.58. Heico boasts a market capitalization of $43.14 billion, a PE ratio of 67.82, and a price-to-earnings-growth ratio of 3.64.

In related insider transactions, Director Carol F. Fine purchased 672 shares of Heico on October 10, 2023, at an average price of $243.93 per share, totaling approximately $163,920.96. Following this acquisition, Fine’s ownership of Heico stock increased significantly. Similarly, Director Julie Neitzel acquired 676 shares at the same average price, totaling around $164,896.68. These transactions were disclosed in filings with the SEC.

Over the last three months, company insiders have purchased a total of 4,448 shares valued at approximately $1.09 million. Insiders currently own 9.55% of Heico’s stock.

Overview of Heico Corporation

Heico Corporation, through its subsidiaries, designs, manufactures, and markets aerospace, defense, and electronic products and services both in the United States and internationally. Its Flight Support Group segment specializes in providing replacement parts for jet engines and aircraft components, as well as thermal insulation solutions and specialty components.

As Heico continues to navigate the complexities of the aerospace industry, investors are keenly observing these shifts in ownership and analyst opinions, which may influence the company’s market trajectory in the coming months.