Gateway Investment Advisers Reduces Stake in Heico Corporation

Gateway Investment Advisers LLC has reduced its stake in Heico Corporation (NYSE: HEI) by 12.0%, according to a recent filing with the Securities and Exchange Commission. The firm now holds 25,268 shares of the aerospace company, having sold 3,443 shares during the second quarter. The total value of Gateway’s holdings in Heico amounts to approximately $8.29 million.

This divestment comes amid similar actions from other institutional investors. Artemis Investment Management LLP acquired a new position in Heico valued at around $7.61 million during the first quarter. Additionally, Baker Avenue Asset Management LP and Freedom Day Solutions LLC made new investments worth $345,000 and $2.65 million, respectively.

Praxis Investment Management Inc. increased its holdings in Heico by 24.9%, now owning 8,830 shares valued at $2.36 million. Furthermore, Vantage Investment Partners LLC lifted its stake by 1.1%, bringing its total to 162,145 shares, valued at approximately $43.32 million. Overall, hedge funds and institutional investors now control about 27.12% of Heico’s stock.

Heico Corporation’s Stock Performance

On Thursday, shares of Heico opened at $317.03. The company has shown strong performance with a 50-day moving average price of $317.60 and a 200-day moving average price of $290.44. Over the past year, Heico’s stock has fluctuated between a low of $216.68 and a high of $338.92. The company boasts a market capitalization of $44.13 billion, with a price-to-earnings (PE) ratio of 69.37 and a beta of 1.08.

Analysts have recently set new price targets for Heico’s stock. Bank of America raised its price objective from $355.00 to $400.00, assigning a “buy” rating. Similarly, Truist Financial increased its target from $352.00 to $366.00, while Morgan Stanley raised its target to $330.00. Nine analysts currently rate the stock as a Buy, while six have assigned a Hold rating, leading to an average target price of $346.09 according to MarketBeat.

Insider Activity and Corporate Profile

In related news, Chairman Laurans A. Mendelson sold 56,300 shares of Heico on July 15 at an average price of $319.45, resulting in a total transaction of approximately $17.99 million. After this sale, Mendelson’s ownership decreased by 4.30%, leaving him with 1,253,127 shares valued at around $400.31 million. This transaction has been disclosed in a filing with the Securities and Exchange Commission.

Heico Corporation, through its subsidiaries, specializes in designing, manufacturing, and selling aerospace, defense, and electronic products and services both domestically and internationally. Its Flight Support Group segment offers a variety of products, including jet engine and aircraft component replacement parts, as well as thermal insulation systems.

As investment dynamics around Heico continue to evolve, stakeholders are closely monitoring the company’s performance and market movements.