California State Teachers Retirement System Acquires 14,878 Shares of AAON, Inc. $AAON

Key Points

• California State Teachers Retirement System increased its AAON stake by 22.7%, purchasing 14,878 shares to reach 80,436 shares valued at approximately $6.7 million. Institutional investors collectively own 70.81% of the company.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and a $112 price target, although Zacks Research downgraded the stock to “hold” and KeyCorp initiated coverage with a “sector weight” rating.
• AAON reported strong quarterly results, posting $0.48 in EPS versus the $0.31 estimate and 54.3% year-over-year revenue growth. However, insiders sold 108,908 shares worth about $15 million over the past three months.

California State Teachers Retirement System grew its holdings in AAON, Inc. (NASDAQ:AAON - Free Report) by 22.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,436 shares of the construction company's stock after purchasing an additional 14,878 shares during the quarter. California State Teachers Retirement System owned about 0.10% of AAON worth $6,656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in AAON. EverSource Wealth Advisors LLC grew its position in shares of AAON by 96.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 334 shares of the construction company's stock worth $25,000 after buying an additional 164 shares during the period. Danske Bank A S acquired a new position in shares of AAON during the 3rd quarter valued at $47,000. Summit Securities Group LLC acquired a new position in shares of AAON during the 4th quarter valued at $45,000. Huntington National Bank lifted its position in shares of AAON by 21.1% during the 4th quarter. Huntington National Bank now owns 689 shares of the construction company's stock valued at $53,000 after acquiring an additional 120 shares during the period. Finally, UMB Bank n.a. boosted its stake in AAON by 46.8% during the fourth quarter. UMB Bank n.a. now owns 885 shares of the construction company's stock worth $67,000 after acquiring an additional 282 shares in the last quarter. Institutional investors own 70.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on AAON. Zacks Research cut shares of AAON from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Oppenheimer reissued an "outperform" rating on shares of AAON in a research report on Friday, May 8th. KeyCorp assumed coverage on AAON in a research note on Thursday, July 23rd. They issued a "sector weight" rating for the company. Finally, Weiss Ratings reaffirmed 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 given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $112.00.

Insider Activity at AAON

In other news, insider Casey Kidwell sold 3,153 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $138.30, for a total value of $436,059.90. Following the completion of the transaction, the insider directly owned 13,463 shares of the company's stock, valued at $1,861,932.90. This represents a 18.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew Joseph Tobolski sold 8,000 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $135.37, for a total value of $1,082,960.00. Following the completion of the transaction, the chief executive officer directly owned 114,371 shares of the company's stock, valued at approximately $15,482,402.27. This represents a 6.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 108,908 shares of company stock valued at $15,000,124 over the last three months. Insiders own 18.09% of the company's stock.

AAON Stock Down 2.5%

AAON stock opened at $93.15 on Thursday. The firm has a market capitalization of $7.63 billion, a PE ratio of 65.14, a P/E/G ratio of 2.66 and a beta of 1.45. The company has a quick ratio of 1.75, a current ratio of 2.62 and a debt-to-equity ratio of 0.46. AAON, Inc. has a twelve month low of $62.00 and a twelve month high of $150.46. The stock's 50 day moving average is $118.34 and its 200-day moving average is $105.95.

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

AAON Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a $0.10 dividend. The ex-dividend date was Friday, June 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.4%. AAON's dividend payout ratio is currently 27.97%.

AAON Profile

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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