Baird Financial Group Inc. Makes New Investment in AAON, Inc. $AAON

Key Points

• Baird Financial Group initiated a position in AAON during the second quarter, buying 20,992 shares valued at approximately $2.66 million. Institutional investors collectively own 70.81% of the company.
• AAON reported strong quarterly results, with earnings per share of $0.69 beating estimates by $0.18 and revenue of $626.98 million exceeding expectations. Revenue more than doubled year over year, rising 101.2%.
• The company declared a quarterly dividend of $0.10 per share, equivalent to an annualized dividend of $0.40 and a 0.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $123.33.

Baird Financial Group Inc. purchased a new position in shares of AAON, Inc. (NASDAQ:AAON - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 20,992 shares of the construction company's stock, valued at approximately $2,663,000.

A number of other institutional investors have also modified their holdings of AAON. Royce & Associates LP raised its holdings in AAON by 9.6% in the 4th quarter. Royce & Associates LP now owns 467,496 shares of the construction company's stock valued at $35,647,000 after acquiring an additional 40,892 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of AAON during the first quarter worth $1,312,000. Wasatch Advisors LP boosted its holdings in shares of AAON by 3.1% during the second quarter. Wasatch Advisors LP now owns 2,338,517 shares of the construction company's stock worth $296,664,000 after purchasing an additional 70,399 shares during the last quarter. California State Teachers Retirement System grew its position in shares of AAON by 22.7% in the first quarter. California State Teachers Retirement System now owns 80,436 shares of the construction company's stock valued at $6,656,000 after purchasing an additional 14,878 shares during the period. Finally, Next Century Growth Investors LLC grew its position in shares of AAON by 18.9% in the fourth quarter. Next Century Growth Investors LLC now owns 139,381 shares of the construction company's stock valued at $10,628,000 after purchasing an additional 22,148 shares during the period. Institutional investors and hedge funds own 70.81% of the company's stock.

AAON Stock Up 1.7%

Shares of NASDAQ:AAON opened at $75.56 on Thursday. The stock has a 50-day simple moving average of $89.42 and a 200-day simple moving average of $102.51. The stock has a market capitalization of $6.23 billion, a P/E ratio of 39.35, a PEG ratio of 1.46 and a beta of 1.41. AAON, Inc. has a 1 year low of $73.19 and a 1 year high of $150.46. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.01 and a current ratio of 3.01.

AAON (NASDAQ:AAON - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The construction company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.18. The firm had revenue of $626.98 million for the quarter, compared to analysts' expectations of $508.82 million. AAON had a net margin of 8.24% and a return on equity of 17.32%. AAON's revenue was up 101.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.22 earnings per share. Equities analysts forecast that AAON, Inc. will post 2.21 earnings per share for the current year.

AAON Announces Dividend

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

Insider Activity

In related news, EVP Matthew Shaub acquired 457 shares of AAON stock in a transaction on Friday, August 28th. The shares were bought at an average price of $76.42 per share, for a total transaction of $34,923.94. Following the completion of the purchase, the executive vice president directly owned 3,136 shares in the company, valued at $239,653.12. This trade represents a 17.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Stewart bought 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, with a total value of $74,660.00. Following the transaction, the director directly owned 4,000 shares of the company's stock, valued at approximately $298,640. This trade represents a 33.33% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 18.09% of the company's stock.

Wall Street Analysts Forecast Growth

AAON has been the topic of several recent analyst reports. Zacks Research downgraded AAON from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. KeyCorp restated a "sector weight" rating on shares of AAON in a report on Thursday, August 13th. DA Davidson reaffirmed a "buy" rating and set a $110.00 price objective on shares of AAON in a research note on Tuesday. Oppenheimer cut their price objective on shares of AAON from $145.00 to $125.00 and set an "outperform" rating on the stock in a report on Tuesday, August 11th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of AAON in a research report on Tuesday, July 14th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $123.33.

AAON Company Profile

AAON, Inc is a manufacturer of heating, ventilation and air-conditioning (HVAC) equipment for commercial and industrial applications. The company designs and produces systems intended to support climate control, indoor air quality and energy efficiency in a range of buildings and facilities.

Its product portfolio includes rooftop units, air-handling units, condensing units, heat pumps, chillers and related HVAC controls and equipment. AAON sells its products through manufacturer representatives and distributors, serving customers primarily in North America.

Founded in 1988 by Norman Asbjornson and headquartered in Tulsa, Oklahoma, AAON operates manufacturing facilities in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.