Jennison Associates LLC Lowers Position in HEICO Co. (NYSE:HEI)

Jennison Associates LLC trimmed its position in shares of HEICO Co. (NYSE:HEI) by 10.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 252,148 shares of the aerospace company’s stock after selling 29,409 shares during the quarter. Jennison Associates LLC owned approximately 0.18% of HEICO worth $65,932,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Andra AP fonden bought a new stake in shares of HEICO during the second quarter valued at approximately $45,000. Center for Financial Planning Inc. bought a new stake in shares of HEICO during the 2nd quarter valued at $52,000. American National Bank purchased a new stake in shares of HEICO in the 2nd quarter worth about $66,000. Strategic Financial Concepts LLC bought a new position in shares of HEICO in the 2nd quarter worth about $67,000. Finally, FSC Wealth Advisors LLC purchased a new position in HEICO during the 2nd quarter valued at about $73,000. Hedge funds and other institutional investors own 27.12% of the company’s stock.

HEICO Price Performance

HEI opened at $277.35 on Thursday. The company’s 50-day simple moving average is $260.75 and its two-hundred day simple moving average is $240.56. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.47 and a current ratio of 3.30. The stock has a market capitalization of $38.44 billion, a P/E ratio of 81.33, a P/E/G ratio of 3.28 and a beta of 1.23. HEICO Co. has a 52-week low of $167.56 and a 52-week high of $281.15.

HEICO (NYSE:HEI) last issued its earnings results on Monday, August 26th. The aerospace company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.05. The company had revenue of $992.20 million for the quarter, compared to analysts’ expectations of $995.34 million. HEICO had a net margin of 12.64% and a return on equity of 14.51%. The firm’s quarterly revenue was up 37.3% on a year-over-year basis. During the same quarter last year, the company posted $0.77 earnings per share. As a group, analysts predict that HEICO Co. will post 3.65 EPS for the current year.

Insider Buying and Selling

In other HEICO news, Director Alan Schriesheim sold 332 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $201.63, for a total transaction of $66,941.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank J. Schwitter purchased 475 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $252.26 per share, for a total transaction of $119,823.50. Following the purchase, the director now directly owns 1,730 shares in the company, valued at approximately $436,409.80. The trade was a 37.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 2,650 shares of company stock valued at $691,718 over the last 90 days. Company insiders own 8.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on HEI shares. Truist Financial upped their price objective on shares of HEICO from $264.00 to $282.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Stifel Nicolaus upped their price target on HEICO from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. Bank of America lifted their price objective on HEICO from $250.00 to $285.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Morgan Stanley increased their target price on HEICO from $245.00 to $265.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, Benchmark reiterated a “buy” rating and issued a $245.00 price target on shares of HEICO in a research note on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, HEICO has an average rating of “Moderate Buy” and a consensus price target of $270.70.

HEICO Profile

HEICO Corporation, through its subsidiaries, designs, manufactures, and sells aerospace, defense, and electronic related products and services in the United States and internationally. Its Flight Support Group segment provides jet engine and aircraft component replacement parts; thermal insulation blankets and parts; renewable/reusable insulation systems; and specialty components.