Federated Hermes Inc. Buys 384,200 Shares of AAON, Inc. (NASDAQ:AAON)

Key Points

• Federated Hermes Inc. significantly increased its stake in AAON, Inc. by 5,973.3%, acquiring 384,200 additional shares for a total of 390,632 shares valued at approximately $30.5 million.
• Several institutional investors, including American Century Companies Inc. and LPL Financial LLC, have also boosted their holdings in AAON, bringing institutional ownership to 70.81%.
• AAON recently paid a quarterly dividend of $0.10 per share, reflecting an annualized yield of 0.50% and a payout ratio of 21.05%.

Federated Hermes Inc. grew its holdings in AAON, Inc. (NASDAQ:AAON - Free Report) by 5,973.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 390,632 shares of the construction company's stock after purchasing an additional 384,200 shares during the quarter. Federated Hermes Inc. owned approximately 0.48% of AAON worth $30,520,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AAON. American Century Companies Inc. boosted its stake in shares of AAON by 19.3% in the 4th quarter. American Century Companies Inc. now owns 68,760 shares of the construction company's stock valued at $8,092,000 after purchasing an additional 11,140 shares during the last quarter. LPL Financial LLC boosted its stake in AAON by 11.2% during the 4th quarter. LPL Financial LLC now owns 42,049 shares of the construction company's stock worth $4,948,000 after acquiring an additional 4,245 shares during the last quarter. Norges Bank bought a new position in AAON during the 4th quarter worth approximately $76,581,000. Pictet Asset Management Holding SA boosted its stake in AAON by 10.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 10,037 shares of the construction company's stock worth $1,181,000 after acquiring an additional 936 shares during the last quarter. Finally, Orion Portfolio Solutions LLC boosted its stake in AAON by 30.5% during the 4th quarter. Orion Portfolio Solutions LLC now owns 2,576 shares of the construction company's stock worth $303,000 after acquiring an additional 602 shares during the last quarter. Institutional investors own 70.81% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AAON. Wall Street Zen lowered shares of AAON from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Sidoti upgraded shares of AAON from a "neutral" rating to a "buy" rating and set a $95.00 target price on the stock in a report on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AAON presently has an average rating of "Moderate Buy" and a consensus target price of $111.50.

Insider Buying and Selling

In other news, CEO Gary D. Fields sold 8,357 shares of AAON stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $98.66, for a total value of $824,501.62. Following the sale, the chief executive officer directly owned 26,491 shares in the company, valued at $2,613,602.06. This trade represents a 23.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gordon Douglas Wichman sold 21,302 shares of the business's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $104.48, for a total transaction of $2,225,632.96. Following the transaction, the director owned 8,754 shares in the company, valued at approximately $914,617.92. The trade was a 70.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,823 shares of company stock worth $7,122,451 over the last quarter. 18.70% of the stock is owned by corporate insiders.

AAON Stock Down 2.2%

Shares of NASDAQ AAON traded down $1.85 during midday trading on Friday, reaching $81.65. The company's stock had a trading volume of 1,588,054 shares, compared to its average volume of 1,262,727. The company has a current ratio of 2.77, a quick ratio of 1.80 and a debt-to-equity ratio of 0.29. AAON, Inc. has a fifty-two week low of $68.98 and a fifty-two week high of $144.07. The stock has a market capitalization of $6.64 billion, a price-to-earnings ratio of 42.97 and a beta of 0.94. The stock has a 50 day simple moving average of $80.54 and a 200-day simple moving average of $90.53.

AAON (NASDAQ:AAON - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The construction company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.13. AAON had a net margin of 12.60% and a return on equity of 20.23%. The company had revenue of $322.05 million for the quarter, compared to the consensus estimate of $289.16 million. During the same period last year, the company earned $0.46 earnings per share. The firm's revenue was up 22.9% compared to the same quarter last year. Equities research analysts predict that AAON, Inc. will post 2.26 earnings per share for the current year.

AAON Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.10 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.5%. AAON's dividend payout ratio (DPR) is 21.05%.

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.