Fifth Third Bancorp Boosts Stake in AAR Corp. $AIR

Key Points

• Fifth Third Bancorp dramatically increased its AAR Corp. stake in the first quarter, boosting holdings by 12,069% to 32,978 shares worth about $3.61 million.
• Other institutional investors also added to AAR positions, and hedge funds and institutions now own 90.74% of the company’s stock.
• Analyst sentiment remains positive overall: AAR has a “Buy” consensus rating with an average price target of $132.20, while shares recently opened at $135.44 after rising above both the 50-day and 200-day moving averages.

Fifth Third Bancorp boosted its position in shares of AAR Corp. (NYSE:AIR - Free Report) by 12,069.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,978 shares of the aerospace company's stock after buying an additional 32,707 shares during the period. Fifth Third Bancorp owned approximately 0.08% of AAR worth $3,610,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AIR. Kestra Advisory Services LLC boosted its position in shares of AAR by 6.5% during the 1st quarter. Kestra Advisory Services LLC now owns 7,692 shares of the aerospace company's stock valued at $842,000 after acquiring an additional 470 shares during the last quarter. Abel Hall LLC purchased a new position in shares of AAR in the 1st quarter worth approximately $331,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of AAR during the 1st quarter valued at approximately $25,000. QRG Capital Management Inc. bought a new position in shares of AAR during the 1st quarter valued at approximately $288,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in AAR during the 1st quarter valued at $3,905,000. Hedge funds and other institutional investors own 90.74% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AIR shares. Jefferies Financial Group raised their price target on AAR from $150.00 to $155.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Truist Financial upgraded shares of AAR to a "strong-buy" rating in a research report on Friday, May 1st. Wall Street Zen downgraded shares of AAR from a "strong-buy" rating to a "buy" rating in a research note on Sunday, June 14th. KeyCorp lowered shares of AAR from an "overweight" rating to a "sector weight" rating in a report on Tuesday, June 30th. Finally, Zacks Research raised shares of AAR from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, AAR presently has a consensus rating of "Buy" and an average target price of $132.20.

AAR Price Performance

Shares of AIR stock opened at $135.44 on Monday. The stock has a 50 day moving average price of $124.46 and a 200 day moving average price of $114.54. AAR Corp. has a 52-week low of $71.43 and a 52-week high of $146.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.23 and a current ratio of 2.70. The firm has a market capitalization of $5.39 billion, a P/E ratio of 30.03 and a beta of 1.09.

About AAR

AAR Corp. NYSE: AIR is a global provider of aviation products and services to commercial, government and defense customers. The company offers a comprehensive portfolio of maintenance, repair and overhaul (MRO) solutions, component repair and overhaul, and engineering services designed to support a wide variety of fixed-wing and rotary aircraft. Leveraging FAA and EASA certifications, AAR delivers turnkey maintenance programs and ad hoc repair services that enhance aircraft availability and reliability.

In its Aviation Supply Chain Services segment, AAR sources, stores and distributes parts for both commercial airlines and military operators.

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