AAON (NASDAQ:AAON) Reaches New 52-Week Low After Earnings Miss

Key Points

• AAON, Inc. reached a new 52-week low of $62.48 after announcing quarterly earnings that missed expectations, reporting $0.22 earnings per share compared to the consensus estimate of $0.35.
• The company also reported a 0.6% decline in quarterly revenue year-over-year, down from $0.62 EPS in the same quarter last year.
• Despite recent challenges, analysts have issued a consensus rating of "Buy" for AAON, with an average target price of $111.50.

AAON, Inc. (NASDAQ:AAON - Get Free Report) hit a new 52-week low during mid-day trading on Monday following a weaker than expected earnings announcement. The company traded as low as $63.25 and last traded at $62.48, with a volume of 70966 shares changing hands. The stock had previously closed at $80.52.

The construction company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.09). The business had revenue of $311.57 million for the quarter, compared to the consensus estimate of $326.15 million. AAON had a return on equity of 15.45% and a net margin of 9.70%. The company's revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.62 earnings per share.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wall Street Zen raised shares of AAON from a "sell" rating to a "hold" rating in a research report on Saturday. Robert W. Baird reduced their price objective on shares of AAON from $102.00 to $98.00 and set a "buy" rating for the company in a research report on Tuesday. DA Davidson reduced their price objective on shares of AAON from $125.00 to $105.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Sidoti raised shares of AAON from a "neutral" rating to a "buy" rating and set a $95.00 price objective for the company in a research report on Monday, June 16th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, AAON presently has a consensus rating of "Buy" and a consensus price target of $102.00.

Insider Transactions at AAON

In other AAON news, Director Gordon Douglas Wichman sold 21,302 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 8,754 shares in the company, valued at $914,617.92. The trade was a 70.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 18.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AAON. Rakuten Securities Inc. boosted its stake in AAON by 613.3% in the first quarter. Rakuten Securities Inc. now owns 321 shares of the construction company's stock valued at $25,000 after acquiring an additional 276 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in AAON by 96.5% in the second quarter. EverSource Wealth Advisors LLC now owns 334 shares of the construction company's stock valued at $25,000 after acquiring an additional 164 shares during the last quarter. Versant Capital Management Inc boosted its stake in AAON by 652.3% in the first quarter. Versant Capital Management Inc now owns 331 shares of the construction company's stock valued at $26,000 after acquiring an additional 287 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in AAON in the second quarter valued at about $26,000. Finally, Quarry LP boosted its stake in AAON by 49.0% in the fourth quarter. Quarry LP now owns 313 shares of the construction company's stock valued at $37,000 after acquiring an additional 103 shares during the last quarter. 70.81% of the stock is currently owned by hedge funds and other institutional investors.

AAON Trading Up 6.4%

The company has a debt-to-equity ratio of 0.38, a current ratio of 3.10 and a quick ratio of 1.80. The stock has a market capitalization of $7.20 billion, a PE ratio of 60.06 and a beta of 0.94. The stock's 50 day simple moving average is $78.12 and its two-hundred day simple moving average is $88.01.

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.