T. Rowe Price Investment Management Inc. Sells 540,440 Shares of AAON, Inc. $AAON

Key Points

• T. Rowe Price Investment Management Inc. significantly reduced its stake in AAON, Inc. by 96% during the first quarter, now holding only 22,314 shares.
• AAON reported a missed earnings estimate with $0.22 EPS compared to the expected $0.31, and generated $311.57 million in revenue, which was below analyst projections.
• The company announced a quarterly dividend of $0.10 per share, with the ex-dividend date set for September 5th, contributing to a 0.5% annual yield.

T. Rowe Price Investment Management Inc. lessened its stake in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 96.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 22,314 shares of the construction company's stock after selling 540,440 shares during the quarter. T. Rowe Price Investment Management Inc.'s holdings in AAON were worth $1,744,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of AAON by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 6,516,204 shares of the construction company's stock worth $509,111,000 after buying an additional 276,722 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of AAON by 86.2% during the 1st quarter. Blair William & Co. IL now owns 2,177,688 shares of the construction company's stock worth $170,143,000 after buying an additional 1,007,906 shares during the last quarter. Geneva Capital Management LLC lifted its stake in shares of AAON by 13.1% during the 1st quarter. Geneva Capital Management LLC now owns 1,897,728 shares of the construction company's stock worth $148,269,000 after buying an additional 219,814 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of AAON by 5.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,402,803 shares of the construction company's stock worth $109,598,000 after buying an additional 66,536 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of AAON by 39.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,101,692 shares of the construction company's stock worth $86,075,000 after buying an additional 312,855 shares during the last quarter. Institutional investors and hedge funds own 70.81% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AAON shares. Sidoti upgraded shares of AAON from a "neutral" rating to a "buy" rating and set a $95.00 target price for the company in a research note on Monday, June 16th. Wall Street Zen cut shares of AAON from a "hold" rating to a "strong sell" rating in a research note on Sunday, August 17th. DA Davidson dropped their price objective on shares of AAON from $125.00 to $105.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, Robert W. Baird dropped their price objective on shares of AAON from $102.00 to $98.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $102.00.

AAON Price Performance

AAON stock traded up $0.37 during mid-day trading on Thursday, hitting $85.12. The stock had a trading volume of 537,189 shares, compared to its average volume of 1,016,341. The company has a current ratio of 3.10, a quick ratio of 1.99 and a debt-to-equity ratio of 0.38. AAON, Inc. has a 52 week low of $62.00 and a 52 week high of $144.07. The firm has a market capitalization of $6.94 billion, a P/E ratio of 57.90 and a beta of 0.94. The firm has a fifty day simple moving average of $78.55 and a 200 day simple moving average of $85.88.

AAON (NASDAQ:AAON - Get Free Report) last released its earnings results on Monday, August 11th. The construction company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.09). AAON had a net margin of 9.70% and a return on equity of 15.45%. The firm had revenue of $311.57 million during the quarter, compared to the consensus estimate of $326.15 million. During the same period in the prior year, the business earned $0.62 earnings per share. AAON's quarterly revenue was down .6% compared to the same quarter last year. As a group, research analysts forecast that AAON, Inc. will post 2.26 EPS for the current year.

AAON Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.5%. AAON's payout ratio is 27.21%.

Insider Activity

In related news, insider Christopher Douglas Eason sold 12,003 shares of AAON stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $85.08, for a total transaction of $1,021,215.24. Following the sale, the insider directly owned 5,301 shares of the company's stock, valued at approximately $451,009.08. The trade was a 69.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 18.70% of the company's stock.

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.