Bank of New York Mellon Corp Makes New Investment in AAR Corp. $AIR

Key Points

• Bank of New York Mellon acquired 273,026 shares of AAR Corp. during the second quarter, worth approximately $39 million and representing a 0.68% stake. Institutional investors collectively own 90.74% of the company.
• AAR reported stronger-than-expected quarterly results, with EPS of $1.53 versus the $1.38 consensus and revenue of $928 million, up 23% year over year.
• Analyst sentiment remains positive, with an average “Moderate Buy” rating and a $135.60 target price, although AAR shares recently traded down 1.9% to $133.36.

Bank of New York Mellon Corp bought a new stake in shares of AAR Corp. (NYSE:AIR - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 273,026 shares of the aerospace company's stock, valued at approximately $39,024,000. Bank of New York Mellon Corp owned 0.68% of AAR at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Focus Partners Advisor Solutions LLC acquired a new position in AAR in the second quarter valued at about $227,000. State of Wyoming acquired a new stake in shares of AAR in the 2nd quarter valued at approximately $131,000. GSA Capital Partners LLP acquired a new stake in shares of AAR in the 2nd quarter valued at approximately $545,000. Oppenheimer Asset Management Inc. bought a new position in AAR during the 2nd quarter worth approximately $3,630,000. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in AAR by 8.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 46,194 shares of the aerospace company's stock valued at $6,603,000 after purchasing an additional 3,583 shares during the period. 90.74% of the stock is owned by institutional investors.

AAR Trading Down 1.9%

Shares of NYSE:AIR opened at $133.36 on Friday. The company's 50-day moving average price is $138.84 and its two-hundred day moving average price is $122.79. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.84 and a quick ratio of 1.24. AAR Corp. has a one year low of $73.05 and a one year high of $154.00. The stock has a market capitalization of $5.32 billion, a PE ratio of 27.61 and a beta of 1.11.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AIR. Truist Financial boosted their price target on shares of AAR from $128.00 to $145.00 and gave the company a "buy" rating in a report on Monday, July 27th. Jefferies Financial Group boosted their target price on AAR from $150.00 to $155.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Zacks Research upgraded AAR from a "hold" rating to a "strong-buy" rating in a report on Friday, July 10th. Wall Street Zen cut AAR from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Finally, KeyCorp reiterated a "sector weight" rating on shares of AAR in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, AAR currently has an average rating of "Moderate Buy" and an average target price of $135.60.

About AAR

AAR Corp. NYSE: AIR is a global provider of aviation products and services to commercial, government and defense customers. The company offers a comprehensive portfolio of maintenance, repair and overhaul (MRO) solutions, component repair and overhaul, and engineering services designed to support a wide variety of fixed-wing and rotary aircraft. Leveraging FAA and EASA certifications, AAR delivers turnkey maintenance programs and ad hoc repair services that enhance aircraft availability and reliability.

In its Aviation Supply Chain Services segment, AAR sources, stores and distributes parts for both commercial airlines and military operators.

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