AAON (NASDAQ:AAON) Sets New 1-Year High on Earnings Beat

Shares of AAON, Inc. (NASDAQ:AAON) hit a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $131.13 and last traded at $130.84, with a volume of 19148 shares. The stock had previously closed at $119.10.

The construction company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. AAON had a return on equity of 26.02% and a net margin of 15.60%. The firm had revenue of $327.25 million for the quarter, compared to analyst estimates of $315.80 million. During the same quarter in the previous year, the company posted $0.64 EPS. The business’s revenue was up 4.9% on a year-over-year basis.

AAON Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, September 6th. This represents a $0.32 dividend on an annualized basis and a yield of 0.24%. AAON’s dividend payout ratio (DPR) is currently 14.41%.

Analyst Ratings Changes

A number of brokerages recently issued reports on AAON. Sidoti cut AAON from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $102.00 to $111.00 in a research note on Tuesday, October 22nd. Robert W. Baird upped their price target on shares of AAON from $130.00 to $138.00 and gave the company an “outperform” rating in a research note on Friday. Baird R W upgraded shares of AAON from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 28th. Finally, StockNews.com raised AAON from a “sell” rating to a “hold” rating in a report on Friday, September 20th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, AAON currently has an average rating of “Moderate Buy” and an average target price of $117.00.

Institutional Investors Weigh In On AAON

Several hedge funds have recently made changes to their positions in AAON. Vaughan Nelson Investment Management L.P. increased its stake in AAON by 106.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,089,070 shares of the construction company’s stock valued at $95,010,000 after purchasing an additional 561,195 shares in the last quarter. Blair William & Co. IL purchased a new stake in shares of AAON during the second quarter valued at $44,934,000. Millennium Management LLC increased its holdings in AAON by 212.3% in the 2nd quarter. Millennium Management LLC now owns 656,552 shares of the construction company’s stock worth $57,278,000 after buying an additional 446,344 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in AAON by 552.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 350,082 shares of the construction company’s stock valued at $30,541,000 after acquiring an additional 296,423 shares during the period. Finally, Fred Alger Management LLC purchased a new stake in shares of AAON during the 2nd quarter valued at about $15,700,000. 70.81% of the stock is currently owned by institutional investors.

AAON Price Performance

The company has a debt-to-equity ratio of 0.12, a current ratio of 2.99 and a quick ratio of 1.70. The business’s 50 day moving average price is $105.21 and its 200 day moving average price is $91.18. The stock has a market capitalization of $10.60 billion, a P/E ratio of 53.65 and a beta of 0.79.

About AAON

AAON, Inc, together with its subsidiaries, engages in engineering, manufacturing, marketing, and selling air conditioning and heating equipment in the United States and Canada. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX. It offers rooftop units, data center cooling solutions, cleanroom systems, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls.