Bank of America Corp DE Takes Position in AAR Corp. $AIR

Key Points

• Bank of America acquired a new 235,422-share position in AAR Corp. during the second quarter, valued at approximately $33.6 million and representing 0.59% of the company.
• AAR reported strong quarterly results, with EPS of $1.53 beating estimates of $1.38 and revenue rising 23% year over year to $928 million. Institutional investors and hedge funds collectively own 90.74% of the stock.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $135.60, although AAR shares recently traded at $118.11.

Bank of America Corp DE bought a new position in shares of AAR Corp. (NYSE:AIR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 235,422 shares of the aerospace company's stock, valued at approximately $33,649,000. Bank of America Corp DE owned 0.59% of AAR at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in AIR. Jupiter Topco LLC acquired a new stake in AAR in the 2nd quarter worth about $24,861,000. EFG International AG acquired a new position in shares of AAR during the 2nd quarter worth approximately $4,111,000. PDT Partners LLC acquired a new position in shares of AAR during the 2nd quarter worth approximately $8,441,000. Palisade Capital Management LP bought a new position in shares of AAR during the second quarter worth approximately $11,503,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of AAR during the second quarter worth approximately $1,315,000. 90.74% of the stock is owned by institutional investors and hedge funds.

AAR Stock Up 1.6%

Shares of NYSE:AIR opened at $118.11 on Wednesday. AAR Corp. has a 52-week low of $74.25 and a 52-week high of $154.00. The company has a market capitalization of $4.71 billion, a PE ratio of 24.45 and a beta of 1.11. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.24 and a current ratio of 2.84. The company has a fifty day moving average of $133.51 and a 200-day moving average of $123.59.

AAR (NYSE:AIR - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The aerospace company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.15. AAR had a net margin of 5.67% and a return on equity of 12.67%. The firm had revenue of $928.00 million during the quarter, compared to the consensus estimate of $893.03 million. During the same quarter last year, the firm earned $1.16 earnings per share. The company's revenue for the quarter was up 23.0% on a year-over-year basis. On average, equities analysts predict that AAR Corp. will post 5.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

AIR has been the subject of several recent research reports. Truist Financial boosted their price target on AAR from $128.00 to $145.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Weiss Ratings upgraded AAR from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 23rd. Zacks Research upgraded AAR from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 10th. Guggenheim assumed coverage on AAR in a report on Monday, September 14th. They set a "neutral" rating on the stock. Finally, Wall Street Zen cut AAR from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, AAR presently has a consensus rating of "Moderate Buy" and an average price target of $135.60.

AAR Profile

AAR Corp. is a global provider of aviation services supporting commercial aviation, government and defense customers. The company supplies aircraft parts and equipment, manages inventory and logistics, and provides maintenance, repair and overhaul services for aircraft and components.

AAR's offerings include parts distribution, supply-chain management, aircraft maintenance, airframe and component repair, and mobility solutions for government and defense operators. Its services are designed to help airlines, aircraft operators and government agencies maintain fleet readiness and manage aviation assets.

Founded in 1955, AAR is headquartered in Wood Dale, Illinois, and serves customers across North America, Europe, Asia and other international markets.

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