23,550 AAON, Inc. $AAON Shares Sold by Ferguson Wellman Capital Management Inc.

Key Points

• Ferguson Wellman Capital Management reduced its AAON position by 15.7%, selling 23,550 shares and retaining 126,586 shares valued at approximately $10.5 million. Institutional investors collectively own 70.81% of the company.
• AAON insiders recently purchased shares, including a 1,000-share buy by Director David Stewart and a 457-share buy by EVP Matthew Shaub. Insiders now own 18.09% of the stock.
• Analysts maintain a “Moderate Buy” consensus with a $123.33 average price target, despite several target reductions. AAON’s latest quarterly results exceeded expectations, with $0.69 EPS and $626.98 million in revenue, up 101.2% year over year.

Ferguson Wellman Capital Management Inc. lowered its position in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 15.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 126,586 shares of the construction company's stock after selling 23,550 shares during the quarter. Ferguson Wellman Capital Management Inc. owned 0.15% of AAON worth $10,476,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of AAON. Tidal Investments LLC lifted its stake in AAON by 0.6% in the second quarter. Tidal Investments LLC now owns 153,244 shares of the construction company's stock valued at $19,441,000 after acquiring an additional 864 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of AAON in the second quarter worth about $1,003,000. NewEdge Advisors LLC lifted its holdings in shares of AAON by 7.7% during the second quarter. NewEdge Advisors LLC now owns 17,604 shares of the construction company's stock worth $2,233,000 after buying an additional 1,253 shares during the last quarter. Squarepoint Ops LLC raised its stake in AAON by 868.6% during the 2nd quarter. Squarepoint Ops LLC now owns 107,045 shares of the construction company's stock valued at $13,580,000 after purchasing an additional 95,994 shares during the last quarter. Finally, Baird Financial Group Inc. acquired a new stake in AAON during the second quarter worth about $2,663,000. 70.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director David Stewart acquired 1,000 shares of the firm's stock in a transaction dated Tuesday, September 15th. The stock was bought at an average cost of $74.66 per share, for a total transaction of $74,660.00. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at $298,640. This represents a 33.33% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Matthew Shaub bought 457 shares of the business's stock in a transaction that occurred on Friday, August 28th. The shares were bought at an average cost of $76.42 per share, for a total transaction of $34,923.94. Following the completion of the purchase, the executive vice president owned 3,136 shares of the company's stock, valued at $239,653.12. This represents a 17.06% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 18.09% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Oppenheimer decreased their price target on shares of AAON from $145.00 to $125.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 11th. Zacks Research cut AAON from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. KeyCorp reaffirmed a "sector weight" rating on shares of AAON in a research note on Thursday, August 13th. DA Davidson reaffirmed a "buy" rating and set a $110.00 price target on shares of AAON in a research note on Tuesday, September 15th. Finally, Robert W. Baird cut their price objective on shares of AAON from $150.00 to $135.00 and set an "outperform" rating on the stock in a report on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $123.33.

AAON Stock Performance

AAON stock traded up $1.22 during midday trading on Monday, reaching $84.49. 217,221 shares of the company's stock were exchanged, compared to its average volume of 1,063,976. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.01 and a current ratio of 3.01. The firm has a market cap of $6.97 billion, a price-to-earnings ratio of 44.01, a P/E/G ratio of 1.58 and a beta of 1.41. AAON, Inc. has a 52 week low of $73.19 and a 52 week high of $150.46. The stock's 50-day simple moving average is $82.80 and its 200 day simple moving average is $101.66.

AAON (NASDAQ:AAON - Get Free Report) last announced its earnings results on Monday, August 10th. The construction company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.18. The firm had revenue of $626.98 million for the quarter, compared to analyst estimates of $508.82 million. AAON had a net margin of 8.24% and a return on equity of 17.32%. The business's revenue was up 101.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.22 EPS. On average, analysts expect that AAON, Inc. will post 2.29 earnings per share for the current fiscal year.

AAON Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Friday, September 4th. AAON's payout ratio is 20.83%.

About AAON

AAON, Inc NASDAQ: AAON designs and manufactures high-efficiency heating, ventilation, and air conditioning (HVAC) equipment for commercial and industrial applications. The company is headquartered in Tulsa, Oklahoma, and was founded in 1988 by Norm Asbjornson.

Its product portfolio includes rooftop units, air-handling units, condensing units, heat pumps, chillers, and related HVAC components. AAON's equipment is used in applications such as office buildings, schools, healthcare facilities, retail properties, data centers, and other commercial or industrial structures.

AAON sells its products primarily through manufacturer representatives and other distribution channels serving customers in the United States and Canada.

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