Cynosure Group LLC Acquires 17,483 Shares of AAON, Inc. (NASDAQ:AAON)

Key Points

• Cynosure Group LLC significantly increased its investment in AAON, Inc. by 334.7% during the first quarter, acquiring a total of 22,707 shares valued at approximately $1.77 million.
• Analysts have updated their ratings for AAON, with one firm upgrading it from "sell" to "hold" and another from "neutral" to "buy", setting a price target of $95.
• AAON recently announced a quarterly dividend of $0.10 per share, representing an annualized yield of 0.5% with a payout ratio of 21.05%.

Cynosure Group LLC raised its stake in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 334.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,707 shares of the construction company's stock after purchasing an additional 17,483 shares during the period. Cynosure Group LLC's holdings in AAON were worth $1,774,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AAON. Wellington Management Group LLP acquired a new stake in AAON during the fourth quarter worth about $8,310,000. Envestnet Asset Management Inc. grew its holdings in shares of AAON by 0.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 340,878 shares of the construction company's stock valued at $40,115,000 after purchasing an additional 2,427 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in AAON by 0.5% in the fourth quarter. Russell Investments Group Ltd. now owns 48,959 shares of the construction company's stock worth $5,762,000 after acquiring an additional 232 shares during the last quarter. Bank of Montreal Can lifted its stake in AAON by 5.1% in the fourth quarter. Bank of Montreal Can now owns 10,073 shares of the construction company's stock worth $1,185,000 after acquiring an additional 486 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in AAON by 15.6% in the fourth quarter. Invesco Ltd. now owns 2,032,497 shares of the construction company's stock worth $239,184,000 after acquiring an additional 274,119 shares during the last quarter. 70.81% of the stock is owned by hedge funds and other institutional investors.

AAON Price Performance

AAON stock traded down $2.21 during trading on Friday, hitting $80.52. The company had a trading volume of 1,953,602 shares, compared to its average volume of 1,237,478. The firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of 42.38 and a beta of 0.94. The business has a 50 day moving average of $78.96 and a 200 day moving average of $88.47. AAON, Inc. has a fifty-two week low of $68.98 and a fifty-two week high of $144.07. The company has a current ratio of 2.77, a quick ratio of 1.80 and a debt-to-equity ratio of 0.29.

AAON Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.5%. AAON's payout ratio is presently 21.05%.

Insider Activity at AAON

In other AAON news, Director Gordon Douglas Wichman sold 21,302 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $104.48, for a total transaction of $2,225,632.96. Following the completion of the sale, the director owned 8,754 shares of the company's stock, valued at $914,617.92. This represents a 70.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 18.55% of the company's stock.

Wall Street Analysts Forecast Growth

AAON has been the subject of several research reports. Wall Street Zen upgraded shares of AAON from a "sell" rating to a "hold" rating in a research report on Saturday. Sidoti upgraded shares of AAON from a "neutral" rating to a "buy" rating and set a $95.00 target price on the stock in a research report on Monday, June 16th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $111.50.

About AAON

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.