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Following The Money: Institution’s Growing Stake In HEICO Corporation (NYSE: HEI)

January 12, 2023
in Finance

Capital Research & Management Co has recently announced that it has increased stake in HEICO Corporation (NYSE:HEI) by 0.00%. After grabbing 3.47 million shares, the institutional investor is now in possession of 23.0 shares of the Industrials Company. The new investment brought the stake of investor firm to 6.36% having worth around $562.81 million. Moreover, Riverbridge Partners LLC increased its share by 0.16 million to have a control over 1.22 million shares.

HEICO Corporation (HEI) concluded trading on 01/11/23 at a closing price of $163.08, with 0.43 million shares of worth about $69.69 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 22.62% during that period and on Wednesday the price saw a gain of about 3.59%. Currently the company’s common shares owned by public are about 136.53M shares, out of which, 116.36M shares are available for trading.

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Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $190.00 and could fall to a lowest price of $138.00. The stock’s current price level is -1.21% below of average price target set by the analysts, while a dip to estimated low would result in loss of -18.17% for the stock. However, touching the estimated high of $190.00 would mean a gain of 14.17% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 18 times over the past 12 months. They bought 2,436 shares in 2 of the transactions. In 16 selling transactions, insiders dumped 90,142 shares.

American Funds Growth Fund of Ame, BlackRock Mid Cap Growth Equity P, and Government Pension Fund – Global are the top 3 mutual funds which are holding stakes in HEICO Corporation American Funds Growth Fund of Ame is currently holding 2.97 million shares of worth totaling $482.06 million. The company recently came selling 2801.0 shares which brought its stake up to 5.45% of the company’s outstanding shares. BlackRock Mid Cap Growth Equity P sold 81331.0 shares, after which its hold over company’s outstanding shares shrunk to 2.77%, leaving 1.51 million shares with the mutual fund that have a worth of about $244.67 million. Government Pension Fund – Global, after buying 1.35 million shares, have now control over 2.47% of the stake in the company. It holds 0.35 million shares of worth $218.93 million.

HEICO Corporation (NYSE: HEI) started trading at $158.30, above $0.87 from concluding price of the previous day. However, the stock later moved at a day high price of 163.25, or with a gain of 3.59%. Stock saw a price change of 7.63% in past 5 days and over the past one month there was a price change of 3.85%. Year-to-date (YTD), HEI shares are showing a performance of 6.14% which increased to 9.97% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $126.95 but also hit the highest price of $165.79 during that period. The average intraday trading volume for HEICO Corporation shares is 302.51K. The stock is currently trading 5.75% above its 20-day simple moving average (SMA20), while that difference is up 3.36% for SMA50 and it goes to 9.31% higher than SMA200.

Capital Research & Management Co acquired 3.47 million shares of HEICO Corporation having value of about $562.81 million. Data submitted at the U.S SEC by Capital Research & Management Co revealed that the firm now holds 23.0 shares in the company valued at close to $3750.84, or have control over 0.00% stake in the company. HEICO Corporation (NYSE: HEI) currently have 136.53M outstanding shares and institutions hold larger chunk of about 70.50% of that. Holding of mutual funds in the company is about 28.71% while other institutional holders and individual stake holders have control over 42.30% and 27.85% of the stake respectively.

The stock has a current market capitalization of $18.66B and its 3Y-monthly beta is at 1.14. PE ratio of stock for trailing 12 months is 64.03, while it has posted earnings per share of $2.55 in the same period. Its PEG reads 4.55 and has Quick Ratio of 1.40 while making debt-to-equity ratio of 0.11. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for HEI, volatility over the week remained 2.55% while standing at 2.39% over the month.

Analysts are in expectations that HEICO Corporation (HEI) stock would likely to be making an EPS of $0.69 in the current quarter, while forecast for next quarter EPS is $0.71 and it is $3.03 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.65 which is $0.76 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.62 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 15.40% while it is estimated to increase by 12.11% in next year. EPS is likely to grow at an annualized rate of 14.06% for next 5-years, compared to annual growth of 13.20% made by the stock over the past 5-years.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Morgan Stanley on December 12, 2022 offering an Equal-weight rating for the stock and assigned a target price range of between $182 and $172 to it. Coverage by RBC Capital Mkts stated HEICO Corporation (HEI) stock as an Outperform in their note to investors on October 24, 2022, suggesting a price target of $175 for the stock. Stock get a Buy rating from Jefferies on September 19, 2022.

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