Wells Fargo & Company MN Sells 77,057 Shares of AAON, Inc. (NASDAQ:AAON)

Wells Fargo & Company MN reduced its stake in AAON, Inc. (NASDAQ:AAON - Free Report) by 21.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 289,830 shares of the construction company's stock after selling 77,057 shares during the period. Wells Fargo & Company MN owned about 0.36% of AAON worth $34,107,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mather Group LLC. increased its position in AAON by 521.6% in the 4th quarter. Mather Group LLC. now owns 230 shares of the construction company's stock valued at $27,000 after acquiring an additional 193 shares during the period. Twin Tree Management LP bought a new position in shares of AAON during the fourth quarter worth about $33,000. Westside Investment Management Inc. acquired a new position in shares of AAON in the third quarter worth approximately $36,000. UMB Bank n.a. boosted its holdings in AAON by 67.5% in the fourth quarter. UMB Bank n.a. now owns 325 shares of the construction company's stock valued at $38,000 after acquiring an additional 131 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in AAON by 28.4% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the construction company's stock valued at $41,000 after acquiring an additional 84 shares during the last quarter. Institutional investors own 70.81% of the company's stock.

AAON Stock Down 1.4 %

Shares of AAON traded down $1.15 during trading hours on Wednesday, reaching $80.94. The stock had a trading volume of 78,406 shares, compared to its average volume of 720,982. The company has a market capitalization of $6.60 billion, a price-to-earnings ratio of 35.66 and a beta of 0.96. The firm has a 50-day simple moving average of $88.11 and a 200 day simple moving average of $110.50. The company has a current ratio of 3.06, a quick ratio of 1.79 and a debt-to-equity ratio of 0.07. AAON, Inc. has a 12 month low of $68.98 and a 12 month high of $144.07.

AAON Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Tuesday, March 18th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Tuesday, March 18th. This is a positive change from AAON's previous quarterly dividend of $0.08. AAON's dividend payout ratio is currently 19.90%.

AAON declared that its Board of Directors has authorized a share buyback program on Tuesday, March 4th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AAON shares. DA Davidson dropped their price target on shares of AAON from $150.00 to $125.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Robert W. Baird decreased their price target on AAON from $155.00 to $116.00 and set an "outperform" rating for the company in a report on Friday, February 28th. CJS Securities raised AAON from a "market perform" rating to an "outperform" rating and set a $110.00 price objective on the stock in a research note on Friday, February 28th. Finally, StockNews.com downgraded AAON from a "hold" rating to a "sell" rating in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $115.50.

Insider Buying and Selling at AAON

In other news, Director David Raymond Stewart purchased 1,000 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average cost of $80.86 per share, with a total value of $80,860.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company's stock, valued at approximately $242,580. This trade represents a 50.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 18.55% of the company's stock.

AAON Profile

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.