10 Best Performing Warren Buffett Stocks in 2024

5. HEICO Corporation (NYSE:HEI)

Warren Buffett’s Q2 2024 Stake: $185.37 Million

Year to Date Gain as of September 20: 48.71%

Number of Hedge Fund Investors In Q2 2024: 53

HEICO Corporation (NYSE:HEI) is proving to be a solid investment player in the industrial sector. The company designs, manufactures, and sells aerospace, defense, and electronic-related products and services and has been flying high, as depicted by the stock’s 48.71% year-to-date gain.

Investors have demonstrated greater trust in Heico’s growth path and standing in the market, pushing the stock to higher levels. The firm’s steady performance, strategic purchases, and robust demand for its offerings in the defense and aerospace industries are major elements behind the significant increase in its stock value.

HEICO Corporation (NYSE:HEI) delivered solid third-quarter results that affirmed growth in the core business earnings, exceeding the average forecasts. Operating income increased by 45% in the quarter as net sales jumped 37%. Net income was up 34% to $136.6 million.

Even though there was a minor drop in total sales for the Electronic Technologies Group (ETG) due to reduced demand in non-aerospace and defense areas, especially in the medical products segment, the company is still hopeful about its future expansion opportunities.

Amid the solid financial results, HEICO Corporation (NYSE:HEI)’s acquisition strategy is also positioning it for tremendous growth, underscoring the rally in the market. The acquisition of assets from Honeywell International to back important cockpit display products and the purchase of Cape well Aerial Systems’ divisions in aerial delivery and descent. These strategic decisions not only expand HEICO Corporation’s range of offerings but also set it up for sustained growth in the defense industry.

53 out of the 912 hedge funds part of Insider Monkey’s Q2 2024 database had bought a stake in HEICO Corporation (NYSE:HEI). Warren Buffett’s Berkshire Hathaway owned the biggest stake, which was worth $185.37 million.