AAON (NASDAQ:AAON) Upgraded to "Strong-Buy" at DA Davidson

Key Points

• DA Davidson upgraded AAON to “strong-buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $126.67.
• AAON reported quarterly earnings of $0.69 per share, exceeding the $0.51 consensus estimate, while revenue surged 101.2% year over year to $626.98 million.
• The stock opened at $76.52, near its 12-month low of $73.19 and well below its 50- and 200-day moving averages; insiders own 18.09% of shares and institutional investors hold 70.81%.

AAON (NASDAQ:AAON - Get Free Report) was upgraded by research analysts at DA Davidson to a "strong-buy" rating in a report released on Thursday, Zacks reports.

A number of other analysts also recently issued reports on AAON. KeyCorp reaffirmed a "sector weight" rating on shares of AAON in a report on Thursday, August 13th. Robert W. Baird dropped their price target on AAON from $150.00 to $135.00 and set an "outperform" rating for the company in a research note on Tuesday, August 11th. Oppenheimer cut their price objective on AAON from $145.00 to $125.00 and set an "outperform" rating for the company in a report on Tuesday, August 11th. Weiss Ratings reiterated a "hold (c)" rating on shares of AAON in a research report on Tuesday, July 14th. Finally, Zacks Research cut AAON from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, AAON has an average rating of "Moderate Buy" and an average target price of $126.67.

AAON Stock Performance

Shares of AAON opened at $76.52 on Thursday. The company has a market cap of $6.31 billion, a PE ratio of 39.85, a price-to-earnings-growth ratio of 1.46 and a beta of 1.41. The company has a current ratio of 3.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average price of $92.01 and a 200-day moving average price of $103.17. AAON has a 12-month low of $73.19 and a 12-month high of $150.46.

AAON (NASDAQ:AAON - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The construction company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.18. The company had revenue of $626.98 million for the quarter, compared to analysts' expectations of $508.82 million. AAON had a net margin of 8.24% and a return on equity of 17.32%. AAON's revenue for the quarter was up 101.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.22 earnings per share. As a group, equities analysts forecast that AAON will post 2.3 earnings per share for the current fiscal year.

Insider Activity at AAON

In related news, EVP Matthew Shaub bought 457 shares of the stock in a transaction dated Friday, August 28th. The stock was bought at an average price of $76.42 per share, with a total value of $34,923.94. Following the purchase, the executive vice president owned 3,136 shares in the company, valued at approximately $239,653.12. The trade was a 17.06% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 18.09% of the company's stock.

Hedge Funds Weigh In On AAON

Large investors have recently bought and sold shares of the stock. Royce & Associates LP raised its holdings in AAON by 9.6% in the 4th quarter. Royce & Associates LP now owns 467,496 shares of the construction company's stock worth $35,647,000 after purchasing an additional 40,892 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in shares of AAON by 9.9% during the 4th quarter. Stephens Investment Management Group LLC now owns 636,296 shares of the construction company's stock valued at $48,518,000 after purchasing an additional 57,281 shares in the last quarter. Madison Asset Management LLC bought a new stake in shares of AAON during the 4th quarter valued at about $1,629,000. Empowered Funds LLC purchased a new position in shares of AAON during the first quarter valued at about $1,312,000. Finally, Wasatch Advisors LP increased its position in shares of AAON by 23.8% during the first quarter. Wasatch Advisors LP now owns 2,268,118 shares of the construction company's stock valued at $187,687,000 after buying an additional 436,704 shares during the period. 70.81% of the stock is owned by hedge funds and other institutional investors.

About AAON

AAON, Inc is a manufacturer of heating, ventilation and air-conditioning (HVAC) equipment for commercial and industrial applications. The company designs and produces systems intended to support climate control, indoor air quality and energy efficiency in a range of buildings and facilities.

Its product portfolio includes rooftop units, air-handling units, condensing units, heat pumps, chillers and related HVAC controls and equipment. AAON sells its products through manufacturer representatives and distributors, serving customers primarily in North America.

Founded in 1988 by Norman Asbjornson and headquartered in Tulsa, Oklahoma, AAON operates manufacturing facilities in the United States.

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