12 Best Aggressive Growth Stocks To Buy According to Hedge Funds

3. HEICO Corporation (NYSE:HEI)

Revenue Growth: 37.30%

Number of Hedge Fund Investors In Q3 2024: 57

HEICO Corporation (NYSE:HEI) is a large American industrial products firm that sells aircraft parts, electric systems, and other products that cater to civil aviation and defense industries. Its aircraft business makes it unsurprising that the firm’s shares are up 48% year-to-date given the turmoil that the sector has experienced in the aftermath of Boeing’s quality control fallout. The US aircraft manufacturing giant has slowed its aircraft deliveries which has grown the burden on existing aircraft fleets to meet the needs of a global travel industry still reeling from the impact of the coronavirus pandemic. Consequently, HEICO Corporation (NYSE:HEI)’s share price gain is fueled by the fact that the firm’s aftermarket replacement parts revenue grew by a whopping 79% during H1 2024 to touch $1.2 billion. The firm has also benefited from a $2 billion 2023 acquisition to expand its aftermarket portfolio, and the deal along with continued troubles in the aviation industry could lead to more tailwinds for the stock in the future.

Conestoga Capital Advisors mentioned HEICO Corporation (NYSE:HEI) in its Q3 2024 investor letter. Here is what the fund said:

“HEICO Corporation (NYSE:HEI): Commercial and military aircraft aftermarket parts company which designs, manufactures, repairs and distributes jet engine and aircraft component replacement parts. The company has benefitted from solid travel growth as well as healthy parts and maintenance spending due to the delayed retirement of older aircraft given production issues at Boeing (BA).”