Conestoga Capital Advisors LLC Reduces Stake in AAON, Inc. $AAON

Key Points

• Conestoga Capital Advisors cut its AAON stake by 28.5% in the first quarter, selling 505,776 shares and leaving it with 1.27 million shares valued at about $105.1 million.
• Insider selling has also been active, with Casey Kidwell and Director Gary D. Fields both reducing holdings; company insiders have sold 150,473 shares worth roughly $19.5 million over the past three months.
• AAON beat quarterly expectations, reporting EPS of $0.48 versus $0.31 expected and revenue of $496.94 million, while analysts maintain a consensus Buy rating with a $112 price target.

Conestoga Capital Advisors LLC lowered its position in AAON, Inc. (NASDAQ:AAON - Free Report) by 28.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,270,237 shares of the construction company's stock after selling 505,776 shares during the period. AAON comprises about 2.1% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 21st biggest holding. Conestoga Capital Advisors LLC owned 1.56% of AAON worth $105,112,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of AAON. EverSource Wealth Advisors LLC grew its stake 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 valued at $25,000 after purchasing an additional 164 shares during the period. Danske Bank A S purchased a new position in shares of AAON in the third quarter worth approximately $47,000. Huntington National Bank boosted its holdings in shares of AAON by 27.0% in the third quarter. Huntington National Bank now owns 569 shares of the construction company's stock worth $53,000 after buying an additional 121 shares during the last quarter. Summit Securities Group LLC bought a new stake in AAON during the fourth quarter valued at approximately $45,000. Finally, UMB Bank n.a. increased its holdings in AAON by 46.8% during the fourth quarter. UMB Bank n.a. now owns 885 shares of the construction company's stock valued at $67,000 after buying an additional 282 shares during the last quarter. Institutional investors own 70.81% of the company's stock.

Insider Activity

In related news, insider Casey Kidwell sold 3,153 shares of AAON stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $138.30, for a total transaction of $436,059.90. Following the sale, the insider owned 13,463 shares of the company's stock, valued at approximately $1,861,932.90. This trade represents a 18.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $140.20, for a total value of $2,663,800.00. Following the completion of the transaction, the director directly owned 15,252 shares in the company, valued at approximately $2,138,330.40. This represents a 55.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 150,473 shares of company stock valued at $19,516,213 in the last three months. 18.09% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on AAON shares. Zacks Research upgraded shares of AAON from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 11th. Oppenheimer reaffirmed an "outperform" rating on shares of AAON in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $112.00.

AAON Price Performance

NASDAQ AAON opened at $116.42 on Thursday. 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, Inc. has a 12 month low of $62.00 and a 12 month high of $150.46. The stock has a market cap of $9.54 billion, a price-to-earnings ratio of 81.41, a PEG ratio of 3.55 and a beta of 1.41. The company's 50 day moving average is $126.01 and its two-hundred day moving average is $101.56.

AAON (NASDAQ:AAON - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The construction company reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.17. The business had revenue of $496.94 million during the quarter, compared to analyst estimates of $381.08 million. AAON had a net margin of 7.30% and a return on equity of 13.67%. The company's revenue was up 54.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 earnings per share. As a group, research analysts anticipate that AAON, Inc. will post 2.23 earnings per share for the current year.

AAON Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Friday, June 5th. AAON's dividend payout ratio is presently 27.97%.

AAON Company 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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