HEICO Corporation (NYSE:HEI) is among the 10 Best Aerospace Dividend Stocks to Buy. As of the close of business on March 9, the stock is a Moderate Buy with an average share price upside potential of 23%.

According to a report by TheFly, Citigroup on February 27 added an ‘upside 90-day catalyst watch’ on the company’s shares. The firm has a Buy rating on the stock with a $400 price target.

Citigroup described the recent 9% slump following the first quarter results late last month as ‘unwarranted’, while adding that it views the current share price as an attractive entry point for investors looking to buy the dip.

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While HEICO Corporation (NYSE:HEI) reported a record net income, consolidated margin expansion, and robust growth in both operating income and net sales in Q1, shares fell in response to weakness observed in the company’s Electronic Technologies Group which had a year-over-year decline in both operating income and operating margin.

The company attributed the dip to a decrease in gross profit, which stemmed from declining net sales of space products and a less favorable product mix of defense products.

Overall, net income was posted at $190.2 million, a record and up 13% from the prior year, resulting in earnings of $1.35 per diluted share. Net sales grew 14% year-over-year to $1,178.6 million, while consolidated operating margin improved from 22% to 22.1%.

HEICO Corporation (NYSE:HEI) is a leading manufacturer of jet engines and aircraft component replacement parts.

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