Conestoga Capital Advisors LLC Reduces Stock Position in AAON, Inc. $AAON

Key Points

• Conestoga Capital Advisors LLC reduced its stake in AAON, Inc. by 1.6% during Q2, now holding 1,859,071 shares valued at approximately $137.1 million, which accounts for 2.0% of its total portfolio.
• Several other institutional investors, including Vanguard Group Inc. and Bank of New York Mellon Corp., increased their holdings in AAON, highlighting strong interest in the stock.
• AAON has been recently rated with an average of "Moderate Buy" by analysts, with target prices ranging from $98.00 to $112.00 as of October 2023.

Conestoga Capital Advisors LLC lessened its position in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,859,071 shares of the construction company's stock after selling 29,841 shares during the quarter. AAON accounts for 2.0% of Conestoga Capital Advisors LLC's portfolio, making the stock its 20th largest position. Conestoga Capital Advisors LLC owned approximately 2.28% of AAON worth $137,106,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in AAON by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 6,516,204 shares of the construction company's stock valued at $509,111,000 after purchasing an additional 276,722 shares during the last quarter. Blair William & Co. IL grew its stake in AAON by 4.7% during the 2nd quarter. Blair William & Co. IL now owns 2,280,070 shares of the construction company's stock valued at $168,155,000 after purchasing an additional 102,382 shares during the last quarter. Geneva Capital Management LLC boosted its stake in shares of AAON by 13.1% in the first quarter. Geneva Capital Management LLC now owns 1,897,728 shares of the construction company's stock worth $148,269,000 after buying an additional 219,814 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of AAON by 5.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,402,803 shares of the construction company's stock worth $109,598,000 after buying an additional 66,536 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of AAON by 39.7% in the first quarter. Bank of New York Mellon Corp now owns 1,101,692 shares of the construction company's stock worth $86,075,000 after buying an additional 312,855 shares during the last quarter. Hedge funds and other institutional investors own 70.81% of the company's stock.

Insider Activity at AAON

In other AAON news, CFO Rebecca Thompson sold 9,350 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $81.09, for a total transaction of $758,191.50. Following the completion of the transaction, the chief financial officer owned 24,396 shares of the company's stock, valued at $1,978,271.64. This represents a 27.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher Douglas Eason sold 12,003 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $85.08, for a total value of $1,021,215.24. Following the transaction, the insider directly owned 5,301 shares of the company's stock, valued at $451,009.08. The trade was a 69.37% decrease in their position. The disclosure for this sale can be found here. 18.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Zacks Research upgraded AAON from a "strong sell" rating to a "hold" rating in a research note on Monday, October 13th. DA Davidson lowered their target price on AAON from $125.00 to $105.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Robert W. Baird lowered their target price on AAON from $102.00 to $98.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Weiss Ratings restated a "hold (c)" rating on shares of AAON in a research note on Wednesday, October 8th. Finally, Oppenheimer upped their target price on AAON from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, AAON currently has an average rating of "Moderate Buy" and an average price target of $104.00.

AAON Stock Down 2.8%

Shares of AAON opened at $97.24 on Monday. The company has a current ratio of 3.10, a quick ratio of 1.99 and a debt-to-equity ratio of 0.38. AAON, Inc. has a 12 month low of $62.00 and a 12 month high of $144.07. The stock's 50 day moving average is $88.70 and its two-hundred day moving average is $86.12. The firm has a market cap of $7.93 billion, a P/E ratio of 66.15 and a beta of 1.05.

AAON (NASDAQ:AAON - Get Free Report) last issued its quarterly earnings data on Tuesday, June 10th. The construction company reported $0.37 EPS for the quarter. AAON had a return on equity of 15.45% and a net margin of 9.70%.The company had revenue of $322.05 million for the quarter. Analysts predict that AAON, Inc. will post 2.26 earnings per share for the current fiscal year.

AAON Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Friday, September 5th. AAON's dividend payout ratio (DPR) is presently 27.21%.

AAON Profile

AAON, Inc, together with its subsidiaries, engages in engineering, manufacturing, marketing, and selling air conditioning and heating equipment in the United States and Canada. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX. It offers rooftop units, data center cooling solutions, cleanroom systems, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls.

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