435,788 Shares in AAON, Inc. $AAON Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 435,788 AAON shares worth approximately $55.3 million, giving it a 0.53% stake; institutional investors collectively own 70.81% of the company.
• AAON exceeded quarterly expectations, reporting $0.69 in EPS versus $0.51 estimated and $626.98 million in revenue, up 101.2% year over year. Analysts maintain a “Moderate Buy” consensus, with an average price target of $126.67 after several target reductions.
• The company declared a quarterly dividend of $0.10, equal to a $0.40 annualized payout and a 0.5% yield. Two insiders also sold shares, including a director who reduced his holdings by 55.47%.

Bank of New York Mellon Corp acquired a new position in shares of AAON, Inc. (NASDAQ:AAON - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 435,788 shares of the construction company's stock, valued at approximately $55,284,000. Bank of New York Mellon Corp owned approximately 0.53% of AAON at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in shares of AAON by 96.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 334 shares of the construction company's stock valued at $25,000 after purchasing an additional 164 shares during the last quarter. Summit Securities Group LLC bought a new stake in AAON during the 4th quarter worth approximately $45,000. Danske Bank A S acquired a new position in shares of AAON in the third quarter valued at approximately $47,000. Huntington National Bank boosted its holdings in shares of AAON by 21.1% in the fourth quarter. Huntington National Bank now owns 689 shares of the construction company's stock valued at $53,000 after buying an additional 120 shares during the period. Finally, UMB Bank n.a. increased its position in shares of AAON by 46.8% during the fourth quarter. UMB Bank n.a. now owns 885 shares of the construction company's stock worth $67,000 after acquiring an additional 282 shares in the last quarter. 70.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AAON has been the subject of a number of research reports. Robert W. Baird lowered their target price on AAON from $150.00 to $135.00 and set an "outperform" rating for the company in a report on Tuesday, August 11th. KeyCorp restated a "sector weight" rating on shares of AAON in a research note on Thursday, August 13th. Oppenheimer reduced their price target on AAON from $145.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, August 11th. Zacks Research cut shares of AAON from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of AAON in a research note on Tuesday, July 14th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, AAON presently has an average rating of "Moderate Buy" and a consensus price target of $126.67.

AAON Stock Up 4.7%

AAON stock opened at $79.78 on Thursday. AAON, Inc. has a twelve month low of $73.19 and a twelve month high of $150.46. The stock has a market cap of $6.58 billion, a P/E ratio of 41.55, a P/E/G ratio of 1.44 and a beta of 1.45. The company's 50-day moving average price is $103.16 and its two-hundred day moving average price is $105.00. The company has a quick ratio of 2.01, a current ratio of 3.01 and a debt-to-equity ratio of 0.43.

AAON (NASDAQ:AAON - Get Free Report) last announced its earnings results on Monday, August 10th. The construction company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.18. The company had revenue of $626.98 million for the quarter, compared to analyst estimates of $508.82 million. AAON had a return on equity of 17.32% and a net margin of 8.24%.The firm's quarterly revenue was up 101.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.22 earnings per share. As a group, analysts expect that AAON, Inc. will post 2.3 EPS for the current year.

AAON Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.40 annualized dividend and a yield of 0.5%. AAON's payout ratio is currently 20.83%.

Insider Activity

In other news, CAO Rebecca Thompson sold 4,230 shares of the business's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $143.42, for a total value of $606,666.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary D. Fields sold 19,000 shares of AAON stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $140.20, for a total transaction of $2,663,800.00. Following the completion of the transaction, the director directly owned 15,252 shares in the company, valued at $2,138,330.40. This trade represents a 55.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 18.09% of the stock is owned by company insiders.

AAON Profile

AAON, Inc NASDAQ: AAON is a U.S.-based designer and manufacturer of heating, ventilation and air conditioning (HVAC) equipment for commercial and industrial applications. The company's product portfolio focuses on rooftop packaged units, water-source heat pumps, chillers and custom-engineered solutions that cater to a wide array of building types, from office complexes and schools to data centers and healthcare facilities.

AAON's core offerings include rooftop units available in gas, electric and dual-fuel configurations, precision air-conditioning systems for temperature- and humidity-sensitive environments, and modular chillers suited for both indoor and outdoor installations.

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