AAON (NASDAQ:AAON) Releases Quarterly Earnings Results

AAON (NASDAQ:AAON) announced its quarterly earnings results on Thursday. The construction company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.04, Zacks reports. The company had revenue of $384.24 million during the quarter, compared to the consensus estimate of $337.20 million. AAON had a return on equity of 15.45% and a net margin of 9.70%.During the same period in the prior year, the company earned $0.63 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year.

AAON Stock Up 5.5%

Shares of NASDAQ:AAON traded up $5.50 during midday trading on Friday, hitting $105.53. The stock had a trading volume of 1,674,847 shares, compared to its average volume of 1,034,397. The company has a quick ratio of 1.99, a current ratio of 3.10 and a debt-to-equity ratio of 0.38. The business’s 50-day simple moving average is $93.58 and its 200-day simple moving average is $88.05. AAON has a 12 month low of $62.00 and a 12 month high of $144.07. The company has a market cap of $8.60 billion, a P/E ratio of 71.79 and a beta of 1.05.

AAON Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.4%. AAON’s payout ratio is 27.21%.

Insider Transactions at AAON

In other news, insider Christopher Douglas Eason sold 12,003 shares of the business’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $85.08, for a total transaction of $1,021,215.24. Following the transaction, the insider directly owned 5,301 shares in the company, valued at $451,009.08. The trade was a 69.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Rebecca Thompson sold 9,350 shares of the firm’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $81.09, for a total transaction of $758,191.50. Following the completion of the sale, the chief financial officer owned 24,396 shares of the company’s stock, valued at $1,978,271.64. This trade represents a 27.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 18.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. 11 Capital Partners LP lifted its holdings in AAON by 36.0% during the 2nd quarter. 11 Capital Partners LP now owns 136,516 shares of the construction company’s stock valued at $10,068,000 after purchasing an additional 36,116 shares during the last quarter. Bayesian Capital Management LP bought a new position in shares of AAON in the second quarter valued at about $243,000. Treasurer of the State of North Carolina lifted its stake in shares of AAON by 1.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 31,385 shares of the construction company’s stock worth $2,315,000 after buying an additional 555 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of AAON by 68.1% during the 2nd quarter. Sei Investments Co. now owns 360,204 shares of the construction company’s stock worth $26,565,000 after buying an additional 145,959 shares during the period. Finally, California Public Employees Retirement System grew its stake in AAON by 2.5% in the 2nd quarter. California Public Employees Retirement System now owns 95,655 shares of the construction company’s stock valued at $7,055,000 after buying an additional 2,339 shares during the last quarter. 70.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on AAON. Robert W. Baird decreased their price objective on AAON from $102.00 to $98.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. Wall Street Zen cut shares of AAON from a “hold” rating to a “strong sell” rating in a report on Sunday, August 17th. DA Davidson dropped their price objective on shares of AAON from $125.00 to $105.00 and set a “buy” rating on the stock in a report on Tuesday, August 12th. Oppenheimer reiterated an “outperform” rating and set a $115.00 target price on shares of AAON in a report on Friday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of AAON in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $104.60.

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.