Heico Corporation (HEI) Cut to “Hold” at Zacks Investment Research
Heico Corporation (NYSE:HEI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
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 also recently commented on HEI. Deutsche Bank AG restated a “buy” rating and issued a $100.00 price target on shares of Heico Corporation in a research note on Wednesday, April 12th. Stephens started coverage on shares of Heico Corporation in a research note on Thursday, April 13th. They set an “equal weight” rating and a $87.00 price objective on the stock. Jefferies Group LLC increased their price objective on shares of Heico Corporation from $84.00 to $86.00 and gave the stock a “hold” rating in a research note on Wednesday, March 1st. Finally, Canaccord Genuity reiterated a “buy” rating and set a $80.00 price objective on shares of Heico Corporation in a research note on Monday, May 22nd. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Heico Corporation presently has an average rating of “Hold” and a consensus target price of $83.50.
Shares of Heico Corporation (NYSE:HEI) opened at 72.76 on Tuesday. The firm has a 50-day moving average of $73.03 and a 200 day moving average of $67.16. Heico Corporation has a 52-week low of $50.43 and a 52-week high of $75.17. The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of 36.18 and a beta of 0.67.
Heico Corporation (NYSE:HEI) last issued its quarterly earnings data on Tuesday, May 23rd. The aerospace company reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.03. Heico Corporation had a net margin of 12.08% and a return on equity of 15.89%. The company had revenue of $368.70 million for the quarter, compared to analyst estimates of $368.78 million. During the same period in the prior year, the firm earned $0.57 earnings per share. The company’s revenue was up 5.2% on a year-over-year basis. Analysts predict that Heico Corporation will post $2.09 EPS for the current year.
Several hedge funds have recently made changes to their positions in HEI. Suntrust Banks Inc. increased its stake in shares of Heico Corporation by 19.4% in the first quarter. Suntrust Banks Inc. now owns 12,724 shares of the aerospace company’s stock valued at $1,109,000 after buying an additional 2,067 shares during the period. Tygh Capital Management Inc. bought a new stake in shares of Heico Corporation during the first quarter valued at approximately $5,592,000. Advisors Asset Management Inc. increased its stake in shares of Heico Corporation by 36.3% in the first quarter. Advisors Asset Management Inc. now owns 38,461 shares of the aerospace company’s stock valued at $3,354,000 after buying an additional 10,243 shares during the period. First Trust Advisors LP increased its stake in shares of Heico Corporation by 1.7% in the first quarter. First Trust Advisors LP now owns 293,789 shares of the aerospace company’s stock valued at $25,618,000 after buying an additional 4,938 shares during the period. Finally, Concorde Asset Management LLC bought a new stake in shares of Heico Corporation during the first quarter valued at approximately $228,000. 21.26% of the stock is owned by institutional investors.
About Heico Corporation
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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