Fred Alger Management LLC Cuts Stake in AAR Corp. $AIR

Key Points

• Fred Alger Management LLC cut its AAR Corp. stake by 12.2% in the fourth quarter, selling 85,011 shares and leaving it with 609,391 shares worth about $50.45 million.
• AAR reported stronger-than-expected quarterly results, posting $1.25 EPS versus the $1.21 estimate and revenue of $845.1 million, up 24.6% from a year earlier.
• Analysts remain constructive on the stock: the consensus rating is “Moderate Buy,” with an average price target of $131.20, while shares recently traded near $130.15.

Fred Alger Management LLC reduced its stake in AAR Corp. (NYSE:AIR - Free Report) by 12.2% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 609,391 shares of the aerospace company's stock after selling 85,011 shares during the quarter. Fred Alger Management LLC owned 1.54% of AAR worth $50,451,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its holdings in AAR by 61.0% during the third quarter. JPMorgan Chase & Co. now owns 91,520 shares of the aerospace company's stock valued at $8,207,000 after purchasing an additional 34,689 shares during the last quarter. Vanguard Group Inc. lifted its holdings in AAR by 7.5% during the fourth quarter. Vanguard Group Inc. now owns 4,061,230 shares of the aerospace company's stock valued at $336,229,000 after purchasing an additional 281,871 shares during the last quarter. Intech Investment Management LLC lifted its holdings in AAR by 480.4% during the third quarter. Intech Investment Management LLC now owns 155,987 shares of the aerospace company's stock valued at $13,987,000 after purchasing an additional 129,113 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in AAR by 22.5% during the fourth quarter. First Eagle Investment Management LLC now owns 61,619 shares of the aerospace company's stock valued at $5,101,000 after purchasing an additional 11,300 shares during the last quarter. Finally, Artemis Investment Management LLP purchased a new stake in AAR during the fourth quarter valued at about $1,230,000. 90.74% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AAR

In other news, CEO John Mcclain Holmes III sold 26,175 shares of the stock in a transaction that occurred on Friday, March 27th. The stock was sold at an average price of $107.60, for a total transaction of $2,816,430.00. Following the completion of the sale, the chief executive officer owned 235,064 shares of the company's stock, valued at approximately $25,292,886.40. This represents a 10.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.60% of the company's stock.

Analysts Set New Price Targets

AIR has been the topic of several recent research reports. Jefferies Financial Group upped their price objective on shares of AAR to $150.00 and gave the company a "buy" rating in a report on Tuesday, March 24th. Weiss Ratings raised shares of AAR from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday. KeyCorp upped their price objective on shares of AAR from $120.00 to $132.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Truist Financial raised shares of AAR to a "strong-buy" rating in a report on Friday, May 1st. Finally, Wall Street Zen downgraded shares of AAR from a "strong-buy" rating to a "buy" rating in a report on Sunday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $131.20.

AAR Trading Down 0.8%

Shares of AIR opened at $130.15 on Wednesday. The business's 50-day moving average price is $115.09 and its 200-day moving average price is $105.85. AAR Corp. has a twelve month low of $66.68 and a twelve month high of $134.74. The stock has a market cap of $5.18 billion, a PE ratio of 28.86 and a beta of 1.13. The company has a quick ratio of 1.23, a current ratio of 2.70 and a debt-to-equity ratio of 0.54.

AAR (NYSE:AIR - Get Free Report) last released its quarterly earnings data on Tuesday, March 24th. The aerospace company reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.21 by $0.04. The firm had revenue of $845.10 million during the quarter, compared to analyst estimates of $812.58 million. AAR had a return on equity of 12.39% and a net margin of 5.46%.The business's quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.99 earnings per share. On average, equities analysts forecast that AAR Corp. will post 4.97 EPS for the current fiscal year.

AAR Profile

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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