Wells Fargo & Company Cuts Heico (NYSE:HEI) Price Target to $335.00

Heico (NYSE:HEI) had its price target trimmed by Wells Fargo & Company from $350.00 to $335.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the aerospace company’s stock.

HEI has been the subject of several other reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $491.00 target price on shares of Heico in a research report on Monday, August 31st. Jefferies Financial Group set a $430.00 price target on Heico and gave the company a “buy” rating in a research note on Wednesday, August 26th. UBS Group restated a “neutral” rating and set a $396.00 price objective (up from $382.00) on shares of Heico in a research report on Thursday, August 27th. Stifel Nicolaus set a $410.00 price objective on Heico in a research note on Thursday, August 27th. Finally, Deutsche Bank Aktiengesellschaft set a $421.00 target price on shares of Heico and gave the company a “buy” rating in a research report on Wednesday, August 19th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $391.07.

Heico Stock Down 1.2%

NYSE:HEI opened at $302.81 on Wednesday. Heico has a one year low of $256.11 and a one year high of $376.86. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.72 and a quick ratio of 1.27. The company has a market cap of $42.32 billion, a PE ratio of 50.39, a P/E/G ratio of 2.58 and a beta of 1.09. The firm’s 50 day simple moving average is $335.38 and its 200 day simple moving average is $319.21.

Heico (NYSE:HEI) last announced its quarterly earnings results on Tuesday, August 25th. The aerospace company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.16. Heico had a net margin of 16.38% and a return on equity of 18.00%. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same period in the prior year, the company posted $1.26 EPS. The company’s revenue was up 23.1% on a year-over-year basis. On average, research analysts anticipate that Heico will post 6.25 earnings per share for the current year.

Institutional Investors Weigh In On Heico

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Diamant Asset Management Inc. boosted its position in shares of Heico by 25,698.9% during the 1st quarter. Diamant Asset Management Inc. now owns 763,647 shares of the aerospace company’s stock worth $209,392,000 after purchasing an additional 760,687 shares in the last quarter. Munro Partners raised its stake in Heico by 44.2% during the 4th quarter. Munro Partners now owns 284,898 shares of the aerospace company’s stock worth $92,190,000 after buying an additional 87,265 shares during the period. Bank of New York Mellon Corp bought a new position in Heico in the second quarter worth approximately $54,386,000. Weitz Investment Management Inc. acquired a new stake in Heico in the second quarter valued at approximately $52,737,000. Finally, Freestone Grove Partners LP acquired a new stake in Heico in the second quarter valued at approximately $50,276,000. 27.12% of the stock is owned by institutional investors.

About Heico

HEICO Corporation is an aerospace, defense, and electronics company that designs, manufactures, and distributes specialized products for commercial aviation, defense, space, medical, telecommunications, and other industrial markets. Founded in 1957, the company is headquartered in Hollywood, Florida, and serves customers worldwide, including airlines, original equipment manufacturers, government agencies, and defense contractors.

HEICO operates through two primary segments. Its Flight Support Group produces FAA-approved replacement parts for jet engines and aircraft components, as well as provides aircraft and engine component repair, overhaul, and maintenance services.