California Public Employees Retirement System Sells 11,893 Shares of AAON, Inc. $AAON

Key Points

• CalPERS reduced its AAON stake by 12.5%, selling 11,893 shares during the first quarter and retaining 83,507 shares valued at approximately $6.91 million. Institutional investors and hedge funds collectively own 70.81% of the company.
• AAON reported strong quarterly results, with earnings of $0.48 per share versus the $0.31 consensus estimate and revenue of $496.94 million, up 54.3% year over year.
• Analysts maintain a “Moderate Buy” consensus with a $112 price target, while AAON shares opened at $102.67. The company also declared a quarterly dividend of $0.10 per share, representing a 0.4% annualized yield.

California Public Employees Retirement System lessened its holdings in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 12.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,507 shares of the construction company's stock after selling 11,893 shares during the period. California Public Employees Retirement System owned approximately 0.10% of AAON worth $6,910,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. State of Michigan Retirement System grew its position in AAON by 1.9% in the first quarter. State of Michigan Retirement System now owns 16,300 shares of the construction company's stock valued at $1,349,000 after purchasing an additional 300 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of AAON by 5.0% during the 1st quarter. Principal Financial Group Inc. now owns 152,249 shares of the construction company's stock worth $12,599,000 after buying an additional 7,254 shares during the last quarter. Y.D. More Investments Ltd bought a new position in shares of AAON in the 1st quarter valued at about $233,000. Teachers Retirement System of The State of Kentucky grew its holdings in shares of AAON by 0.4% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 46,843 shares of the construction company's stock valued at $3,877,000 after acquiring an additional 201 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of AAON by 4,498.8% in the first quarter. Fifth Third Bancorp now owns 211,316 shares of the construction company's stock valued at $17,486,000 after acquiring an additional 206,721 shares during the last quarter. 70.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of AAON in a research report on Tuesday, July 14th. Oppenheimer reaffirmed an "outperform" rating on shares of AAON in a report on Friday, May 8th. KeyCorp began coverage on shares of AAON in a research note on Thursday. They issued a "sector weight" rating for the company. Finally, Zacks Research cut AAON from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $112.00.

AAON Stock Performance

Shares of AAON stock opened at $102.67 on Monday. The firm's 50 day moving average is $125.19 and its 200 day moving average is $105.47. The firm has a market capitalization of $8.41 billion, a PE ratio of 71.80, a price-to-earnings-growth ratio of 2.86 and a beta of 1.41. AAON, Inc. has a 1 year low of $62.00 and a 1 year high of $150.46. The company has a current ratio of 2.62, a quick ratio of 1.75 and a debt-to-equity ratio of 0.46.

AAON (NASDAQ:AAON - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The construction company reported $0.48 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.17. AAON had a return on equity of 13.67% and a net margin of 7.30%.The business had revenue of $496.94 million during the quarter, compared to the consensus estimate of $381.08 million. During the same period in the prior year, the business posted $0.37 earnings per share. AAON's quarterly revenue was up 54.3% on a year-over-year basis. Equities research analysts forecast that AAON, Inc. will post 2.24 earnings per share for the current fiscal year.

AAON Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, June 5th. AAON's dividend payout ratio (DPR) is presently 27.97%.

Insider Transactions at AAON

In other news, CAO Rebecca Thompson sold 4,230 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $143.42, for a total value of $606,666.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gary D. Fields sold 19,000 shares of the business's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $140.20, for a total value of $2,663,800.00. Following the sale, the director owned 15,252 shares of the company's stock, valued at approximately $2,138,330.40. This represents a 55.47% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 118,580 shares of company stock valued at $16,321,222. 18.09% of the stock is owned by insiders.

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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