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While Warren Buffett has been selling down his position in stocks like Apple and Bank of America , the latest regulatory filing showed that he added a position in excess of 1 million shares in Heico .
Heico is a company I told you about last November. It's a technology-driven aerospace, industrial, defense and electronics company. According to its website, its products are found on large commercial aircraft, regional, business and military aircraft, as well as on a large variety of industrial turbines, targeting systems, missiles and electro-optical devices.
The aircraft industry today is in an interesting spot. Faced with ongoing, lengthy delays on new jet deliveries, long waits at repair shops, and rising maintenance costs, airlines are increasingly turning to another option: generic replacement parts for their aircraft.
The Aircraft Parts Market
The Federal Aviation Administration (FAA) has a process that dates back to the 1950s for third parties to apply to design and produce replacement aircraft parts. To get Parts Manufacturer Approval (PMA), the components have to be identical to the originals in form, fit and function.
But not in price.
Generic aircraft replacement parts were often sold at a discount of about 30% to the brand-name parts. But that has been climbing like a jet taking off, as original parts manufacturers take advantage of the current mismatch in supply and demand to push their prices skyward.
That’s why maintenance costs at Southwest Airlines jumped 29% in the second quarter from the period a year ago, and American Airlines Group reported an 18% rise in repair-related costs. United Airlines Holdings noted an only 4.4% increase in maintenance expenses in the second quarter — but that was on top of the more than 30% leap in the same period last year.
Not surprisingly, the market for generic commercial aircraft parts is forecast to grow to about $14 billion in 2030, up from $10.7 billion in 2022. And this may be too conservative of an estimate.
For engines in particular, PMA providers are becoming increasingly important. Production constraints are forcing the manufacturers to prioritize newer engine models and wait times for older components are stretching to nearly a year.
All of this is great news for Heico, which is the largest independent provider of off-brand aircraft components.
Heico’s Booming Parts Business
Founded in 1957, the company operates in two business segments: Flight Support Group (60% of revenues in 2023) and Electronic Technologies Group (40% of revenues).
Heico offered almost 20,000 individual components to customers with a PMA stamp, as of the end of fiscal year 2023. That number has grown, thanks to acquisitions, the biggest of which was last year’s $2 billion purchase of replacement jet parts manufacturer Wencor Group.
New entrants into the sector are limited by both the regulatory hurdle, and the difficulty and cost of reverse engineering aerospace components. However, Heico enjoys a long track record of successful PMA approvals and safe deployment of its parts.
Note that this is the juiciest market segment in aerospace, with a fraction of the research and development costs faced by the original equipment manufacturers (OEMs).
CEO Eric Mendelson said in December that the company will enjoy a record year in terms of PMA generation and the number of parts that it comes out with. The company plans to expand its offerings - adding around 500 new, highly engineered parts to its PMA portfolio each year going forward.
Buy HEI Stock
Tufan Erginbilgic, CEO of the UK engine maker Rolls-Royce Holdings PLC , recently warned that the industry’s supply-chain woes could last at least another 18 months, calling it the “worst possible” environment. That tells me it will stretch longer than 18 months, which is good for Heico.
As is the company's acquisition of Wencor, which has expanded its capabilities for its aerospace customers. This will allow Heico to grow its market share. It should also grow Heico’s operating margins. Wencor’s margins were about 130 basis points higher than the company’s organic businesses in the fourth quarter of the 2023 fiscal year.
Heico has increased operating income at a 21% compound annual growth rate since 1990 - that’s how long current management has been involved. That’s indicative that it is well-run. Sales increased at a 15% CAGR since 1990, as well. No wonder Buffett was attracted to it.
Looking ahead, the company will likely grow significantly faster than the overall commercial aftermarket due to even more acquisitions. Morningstar forecasts a 7.1% organic compound annual growth rate over the next five years in the company’s commercial aftermarket business, reflecting the post-pandemic rebound, as well as acquisitions. It sees this business achieving 12.5% compound growth through 2028.
I believe PMAs will be long-term winners in a post-COVID world where airlines are facing higher maintenance costs and parts shortages. Keep in mind that without spare parts for key components like engines, aircraft can’t fly. And, if aircraft can’t fly, airlines will have to reduce capacity, which could result in both job losses and higher costs for the flying public.
That’s a scenario everyone wants to avoid, and it's what makes HEI stock a buy. As does its track record - since 1990, an investment in Heico stock produced a compounded annual growth rate of approximately 22% for its shareholders.
The company has Class A shares with only one-tenth the voting rights of its regular common shares under the listing HEI.A. The company uses these shares to pay for some acquisitions and in some of its compensation plans. I think investors should go with the regular voting shares - HEI - in their portfolios.
When I first recommended the stock, it was trading at $162. It is up 57% since then, and closed Thursday's session at $256. HEI remains a buy below $266.
On the date of publication, Tony Daltorio had a position in: HEI . All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Ajit Jain, a key figure at Berkshire Hathaway (NYSE:BRK) (NYSE:BRK) since 1986, has sold more than half of his shares in the company. Jain sold 200 Berkshire Class A shares on Monday for approximately $139 million.
What Happened: This sale represents around 55% of Jain’s total stake in the conglomerate. He now retains 61 Berkshire shares personally, 55 shares in a family trust, and 50 in the Jain Foundation. The shares were sold at an average price of $695,417.65 each, reported the Fortune.
Jain’s decision to sell remains unclear, but Steve Check, president and CIO of Check Capital Management speculated it might be due to the stock being fully priced. Berkshire Hathaway’s stock has surged nearly 23% year to date, surpassing a $1 trillion market cap for the first time.
“The only reason I can come up with for why he is selling is he thinks the stock is fully priced,” Check said.
Tax considerations could also be a factor. Check suggested Jain might be taking advantage of current capital gains tax rates, which could increase if Vice President Kamala Harris‘s proposed policies are implemented.
Jain has been instrumental in building Berkshire’s insurance businesses, which significantly contribute to the conglomerate’s revenue and earnings.
See Also: How To Earn $500 A Month From Nvidia Stock
Why It Matters: Jain’s share sale comes at a time when Warren Buffett is making significant moves in the market. Recently, Buffett’s $13 billion investment in Occidental Petroleum has faced challenges, with shares plunging 29% since mid-April. This has led to speculation that Buffett might buy more shares, although he is unlikely to take over the company.
Additionally, Buffett has been reducing his stake in Bank of America, selling nearly $7 billion worth of shares since mid-July. This has raised questions about his investment strategy, with Bank of America CEO Brian Moynihan stating, “I don’t know what exactly he is doing because frankly we can’t ask.”
Jain’s sale also follows his recent caution on the profitability of cyber insurance. At the Berkshire Hathaway annual shareholder meeting in May, Jain warned that cyber insurance, despite being a $10 billion market, poses significant risks and potential losses.
Buffett has previously praised Jain’s contributions to Berkshire Hathaway, stating in his annual letter to shareholders that the company’s position would not be what it is today without Jain, who joined in 1986. Buffett highlighted Jain’s role in building the company’s insurance business, which has been a cornerstone of Berkshire’s success.
Read Next:
Image via Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Shares of Occidental Petroleum have plummeted 29% since mid-April, impacting Warren Buffett‘s substantial investment in the company.
What Happened: Chris Bloomstran, fund manager at Semper Augustus, suggested that while Buffett might buy more shares, he is unlikely to take over the company. Bloomstran noted that Buffett prefers Occidental to initiate a stock buyback program, which CEO Vicki Hollub has said will only happen after significant debt reduction, Business Insider reported on Friday.
“I wouldn’t rule out a purchase of additional shares,” Bloomstran said, according to the report.
Further compounding the issue, Buffett holds warrants to buy an additional 83.5 million shares at a strike price of $59.62, nearly 20% above the current market price, according to Bloomstran.
The decline in Occidental’s stock price aligns with a 23% drop in crude oil prices, driven by concerns over demand and excess supply. Berkshire Hathaway‘s (NYSE:BRK) (NYSE:BRK) $13 billion investment in Occidental Petroleum is now potentially underwater.
Buffett’s conglomerate has been accumulating shares of Occidental since early 2022, with a significant buying spree in June at around $60 per share. Currently, Berkshire owns a 29% stake in the oil producer.
The $55-$60 price range had previously acted as a support level for Occidental’s stock since Buffett began his purchases, but this floor has now been breached for the first time in over two years.
According to HedgeFollowe, Berkshire Hathaway’s average purchase price for its stake is estimated at $51.22 per share, slightly above the current trading price.
Why It Matters: The setback for Buffett comes amid a broader context of strategic shifts and market movements. Recently, Bank of America CEO Brian Moynihan commented on Buffett’s reduction of his stake in the bank, noting that Buffett has been a stabilizing force but has sold nearly $7 billion in shares since mid-July.
Buffett has been selling shares in several companies, including Apple Inc. and Bank of America, as economic uncertainties loom.
Despite these challenges, Buffett’s investment acumen remains highly regarded. On his 94th birthday, Berkshire Hathaway reached a $1 trillion market cap milestone, underscoring his long-term success.
However, even Buffett has admitted to missed opportunities, such as his late investment in Amazon.com Inc.
Back in the mid-1990s, when Amazon was just an online bookstore with big dreams, Buffett had the chance to invest. He also passed on buying shares during Amazon’s IPO in 1997.
Reflecting on this now, Buffett doesn’t shy away from admitting his mistake. “I was too dumb to realize” the potential of Amazon and its visionary founder, Jeff Bezos, he’s said, with his usual blend of humility and humor.
Action Price: Occidental Petroleum’s stock is trading at $50.99, up 0.65% on Thursday. However, year to date, the stock has dropped by 15.09%, according to data from Benzinga Pro.
Read Next:
Image Via Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Recasts headline, updates throughout to reflect final terms)
NEW YORK, Sep 12 (LPC) – Healthcare services provider LifePoint Health has priced a US$1.945bn senior secured term loan B.
The loan amends an extends the company’s existing term loan B due in 2028, pushing the maturity out to May 2031. Earlier on Thursday, the loan size was increased from launch size of US$1.845bn, with the additional proceeds to be used to pay down the company’s existing FILO loan and for general corporate purposes.
Pricing came in at 375bp over SOFR, from 375bp-400bp over SOFR at launch, with a 0% floor and no credit spread adjustment. The deal cuts the margin from 475bp over SOFR.
The original issue discount firmed at 99.5 cents on the dollar.
It comes with 101 soft call protection for six months.
Citigroup is the lead arranger and agent.
Additional arrangers are Barclays, JP Morgan, Morgan Stanley, RBC, Goldman Sachs, Capital One, Deutsche Bank, Wells Fargo, Truist, Bank of America, BMO, Mizuho, and Regions Bank.
The loan is expected to close mid-October.
Corporate ratings are B3/B. Facility ratings are B2/B.
The borrowing entities are LifePoint Health Inc and Legacy LifePoint Health LLC.
In May, the company wrapped a US$500m seven-year senior secured term loan B priced at 400bp over SOFR with a 0% floor, issued at par.
((Madeline Fixler: +1 929 246 3512, madeline.fixler@lseg.com, Twitter: @LPCLoans ))
((Naira Ostroff: + 516-601-0957, naira.ostroff@lseg.com, Twitter: @LPCLoans))
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