AAON (NASDAQ:AAON) Stock Price Down 7.4% – Here’s What Happened

AAON, Inc. (NASDAQ:AAON) shares traded down 7.4% during mid-day trading on Thursday. The company traded as low as $75.45 and last traded at $74.5940. 603,684 shares were traded during trading, a decline of 43% from the average session volume of 1,055,154 shares. The stock had previously closed at $80.53.

Analysts Set New Price Targets

AAON has been the topic of several research analyst reports. Robert W. Baird cut their price objective on AAON from $150.00 to $135.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of AAON in a research report on Monday. KeyCorp reissued a “sector weight” rating on shares of AAON in a research note on Thursday, August 13th. Oppenheimer reissued an “outperform” rating and set a $115.00 target price (down from $125.00) on shares of AAON in a research note on Wednesday. Finally, Zacks Research cut shares of AAON from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, AAON currently has an average rating of “Moderate Buy” and an average price target of $120.00.

AAON Trading Down 4.6%

The stock’s 50-day moving average price is $81.03 and its 200 day moving average price is $101.65. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.01 and a quick ratio of 2.01. The firm has a market capitalization of $6.08 billion, a PE ratio of 38.40, a price-to-earnings-growth ratio of 1.43 and a beta of 1.41.

AAON (NASDAQ:AAON) last announced its quarterly earnings results on Monday, August 10th. The construction company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.18. AAON had a return on equity of 17.32% and a net margin of 8.24%. The firm had revenue of $626.98 million during the quarter, compared to analyst estimates of $508.82 million. During the same quarter in the previous year, the business earned $0.22 earnings per share. AAON’s quarterly revenue was up 101.2% on a year-over-year basis. On average, sell-side analysts expect that AAON, Inc. will post 2.35 EPS for the current fiscal year.

AAON Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.5%. AAON’s payout ratio is 20.83%.

Insider Buying and Selling at AAON

In other news, EVP Matthew Shaub purchased 457 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were purchased at an average price of $76.42 per share, for a total transaction of $34,923.94. Following the completion of the purchase, the executive vice president owned 3,136 shares in the company, valued at approximately $239,653.12. This represents a 17.06% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David Stewart purchased 1,000 shares of the business’s stock in a transaction dated Tuesday, September 15th. The shares were purchased at an average price of $74.66 per share, for a total transaction of $74,660.00. Following the purchase, the director owned 4,000 shares of the company’s stock, valued at approximately $298,640. This trade represents a 33.33% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 18.09% of the stock is currently owned by corporate insiders.

Institutional Trading of AAON

A number of hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors LP increased its position in AAON by 23.8% during the 1st quarter. Wasatch Advisors LP now owns 2,268,118 shares of the construction company’s stock valued at $187,687,000 after purchasing an additional 436,704 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of AAON in the 2nd quarter worth approximately $55,284,000. American Capital Management Inc. purchased a new stake in shares of AAON in the 2nd quarter worth approximately $47,595,000. First Trust Advisors LP lifted its position in shares of AAON by 22.1% in the 1st quarter. First Trust Advisors LP now owns 2,013,215 shares of the construction company’s stock worth $166,594,000 after purchasing an additional 364,101 shares during the period. Finally, Ranger Investment Management L.P. purchased a new stake in shares of AAON in the 2nd quarter worth approximately $30,574,000. 70.81% of the stock is owned by hedge funds and other institutional investors.

AAON Company Profile

AAON, Inc (NASDAQ:AAON) designs and manufactures high-efficiency heating, ventilation, and air conditioning (HVAC) equipment for commercial and industrial applications. The company is headquartered in Tulsa, Oklahoma, and was founded in 1988 by Norm Asbjornson.

Its product portfolio includes rooftop units, air-handling units, condensing units, heat pumps, chillers, and related HVAC components. AAON’s equipment is used in applications such as office buildings, schools, healthcare facilities, retail properties, data centers, and other commercial or industrial structures.

AAON sells its products primarily through manufacturer representatives and other distribution channels serving customers in the United States and Canada.