AAON, Inc. (NASDAQ:AAON) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• AAON, Inc. has received a consensus recommendation of "Buy" from five research firms, with an average price target of $111.50.
• CEO Gary D. Fields sold 37,189 shares of AAON for approximately $3.65 million, marking a significant reduction in his ownership.
• AAON reported a 22.9% increase in revenue year-over-year, generating $322.05 million in the last quarter, surpassing analysts' expectations.

AAON, Inc. (NASDAQ:AAON - Get Free Report) has been assigned an average recommendation of "Buy" from the five ratings firms that are presently covering the company, MarketBeat reports. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $111.50.

A number of research firms have recently commented on AAON. Sidoti raised AAON from a "neutral" rating to a "buy" rating and set a $95.00 price objective on the stock in a research note on Monday, June 16th. Wall Street Zen lowered AAON from a "hold" rating to a "sell" rating in a research report on Friday, July 18th.

Insiders Place Their Bets

In other news, CEO Gary D. Fields sold 37,189 shares of AAON stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $98.20, for a total transaction of $3,651,959.80. Following the transaction, the chief executive officer owned 63,714 shares in the company, valued at approximately $6,256,714.80. The trade was a 36.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gordon Douglas Wichman sold 21,302 shares of AAON stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $104.48, for a total value of $2,225,632.96. Following the sale, the director directly owned 8,754 shares of the company's stock, valued at approximately $914,617.92. The trade was a 70.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 70,823 shares of company stock worth $7,122,451 in the last quarter. 18.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Quarry LP lifted its position in shares of AAON by 49.0% in the fourth quarter. Quarry LP now owns 313 shares of the construction company's stock worth $37,000 after buying an additional 103 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in AAON by 613.3% in the 1st quarter. Rakuten Securities Inc. now owns 321 shares of the construction company's stock worth $25,000 after purchasing an additional 276 shares during the last quarter. Versant Capital Management Inc lifted its holdings in AAON by 652.3% in the 1st quarter. Versant Capital Management Inc now owns 331 shares of the construction company's stock worth $26,000 after purchasing an additional 287 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in AAON in the 2nd quarter worth approximately $26,000. Finally, Park Square Financial Group LLC acquired a new stake in AAON in the 4th quarter worth approximately $57,000. Institutional investors and hedge funds own 70.81% of the company's stock.

AAON Price Performance

Shares of AAON traded up $0.40 during midday trading on Friday, reaching $82.05. The stock had a trading volume of 856,725 shares, compared to its average volume of 949,982. AAON has a 52 week low of $68.98 and a 52 week high of $144.07. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.77 and a quick ratio of 1.80. The firm's 50 day moving average price is $80.54 and its 200-day moving average price is $90.24. The company has a market capitalization of $6.68 billion, a P/E ratio of 43.18 and a beta of 0.94.

AAON Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.5%. AAON's payout ratio is currently 21.05%.

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.