AAON, Inc. $AAON Stock Position Cut by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management reduced its stake in AAON by 26.5% in Q4, selling 317,403 shares and holding 879,467 shares (1.08% ownership) valued at about $67.06 million.
• Quarterly results showed AAON missed EPS ($0.39 vs. $0.45 est.) but beat revenue at $424.22M (up 42.5% YoY); analysts rate the stock a "Moderate Buy" with a consensus price target of $107.75.
• Insider sales were significant—36,718 shares worth $3.63M were sold in the last quarter, and corporate insiders now own 18.09% of the stock.

Pictet Asset Management Holding SA lessened its stake in AAON, Inc. (NASDAQ:AAON - Free Report) by 26.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 879,467 shares of the construction company's stock after selling 317,403 shares during the period. Pictet Asset Management Holding SA owned 1.08% of AAON worth $67,059,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Impax Asset Management Group plc grew its position in AAON by 53.2% in the 4th quarter. Impax Asset Management Group plc now owns 1,403,648 shares of the construction company's stock valued at $107,028,000 after buying an additional 487,601 shares in the last quarter. Copeland Capital Management LLC grew its position in AAON by 9.9% in the 4th quarter. Copeland Capital Management LLC now owns 799,977 shares of the construction company's stock valued at $60,998,000 after buying an additional 71,853 shares in the last quarter. M&T Bank Corp grew its position in AAON by 79.4% in the 4th quarter. M&T Bank Corp now owns 51,207 shares of the construction company's stock valued at $3,780,000 after buying an additional 22,662 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in AAON by 7.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,764 shares of the construction company's stock valued at $1,812,000 after buying an additional 1,551 shares in the last quarter. Finally, Tributary Capital Management LLC bought a new position in AAON in the 4th quarter valued at about $659,000. Institutional investors own 70.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AAON. William Blair reiterated an "outperform" rating on shares of AAON in a research report on Monday, March 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of AAON in a research report on Wednesday, January 21st. DA Davidson reissued a "buy" rating and issued a $120.00 price target on shares of AAON in a report on Tuesday, February 3rd. Wall Street Zen raised shares of AAON from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Finally, Oppenheimer reissued an "outperform" rating and issued a $118.00 price target (up from $115.00) on shares of AAON in a report on Tuesday, March 3rd. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, AAON has an average rating of "Moderate Buy" and a consensus price target of $107.75.

Insider Transactions at AAON

In related news, insider Casey Kidwell sold 5,225 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $90.00, for a total value of $470,250.00. Following the completion of the sale, the insider owned 12,662 shares of the company's stock, valued at approximately $1,139,580. The trade was a 29.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Rebecca Thompson sold 21,914 shares of the business's stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $100.21, for a total value of $2,196,001.94. Following the completion of the sale, the chief accounting officer directly owned 27,681 shares of the company's stock, valued at approximately $2,773,913.01. The trade was a 44.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 36,718 shares of company stock worth $3,625,133 in the last quarter. 18.09% of the stock is owned by corporate insiders.

AAON Price Performance

AAON stock opened at $88.08 on Wednesday. The company has a current ratio of 2.63, a quick ratio of 1.84 and a debt-to-equity ratio of 0.45. AAON, Inc. has a one year low of $62.00 and a one year high of $116.04. The firm has a market capitalization of $7.19 billion, a PE ratio of 67.75, a P/E/G ratio of 2.86 and a beta of 1.20. The firm has a 50-day moving average of $90.37 and a two-hundred day moving average of $90.88.

AAON (NASDAQ:AAON - Get Free Report) last issued its earnings results on Monday, March 2nd. The construction company reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.06). The business had revenue of $424.22 million during the quarter, compared to analyst estimates of $374.10 million. AAON had a net margin of 7.46% and a return on equity of 13.13%. AAON's revenue for the quarter was up 42.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 EPS. On average, analysts forecast that AAON, Inc. will post 2 earnings per share for the current year.

AAON Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 30th. Stockholders of record on Wednesday, March 18th were issued a $0.10 dividend. The ex-dividend date was Wednesday, March 18th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.5%. AAON's dividend payout ratio is currently 30.77%.

About AAON

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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