Globeflex Capital L P Invests $2.51 Million in AAR Corp. $AIR

Key Points

• Globeflex Capital initiated a $2.51 million position in AAR Corp., purchasing 17,531 shares during the second quarter.
• Institutional interest remains high, with hedge funds including BlackRock, Wellington Management, UBS, and State Street increasing or initiating positions; institutions collectively own 90.74% of AAR’s stock.
• AAR reported quarterly EPS of $1.53, exceeding estimates of $1.38, while revenue rose 23% year over year to $928 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $135.60.

Globeflex Capital L P bought a new position in shares of AAR Corp. (NYSE:AIR - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 17,531 shares of the aerospace company's stock, valued at approximately $2,506,000.

Several other hedge funds also recently added to or reduced their stakes in AIR. BlackRock Inc. purchased a new stake in AAR in the second quarter valued at about $925,068,000. Wellington Management Group LLP grew its stake in shares of AAR by 144.3% during the third quarter. Wellington Management Group LLP now owns 1,486,775 shares of the aerospace company's stock worth $133,319,000 after acquiring an additional 878,188 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of AAR by 297.4% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 594,668 shares of the aerospace company's stock valued at $49,233,000 after acquiring an additional 445,026 shares in the last quarter. UBS Group AG increased its holdings in shares of AAR by 709.2% during the third quarter. UBS Group AG now owns 488,239 shares of the aerospace company's stock valued at $43,780,000 after acquiring an additional 427,906 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of AAR by 17.1% during the fourth quarter. State Street Corp now owns 2,320,927 shares of the aerospace company's stock valued at $192,150,000 after acquiring an additional 339,595 shares in the last quarter. 90.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AIR has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of AAR from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 10th. Jefferies Financial Group upped their price target on shares of AAR from $150.00 to $155.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. KeyCorp reaffirmed a "sector weight" rating on shares of AAR in a report on Wednesday, July 22nd. Weiss Ratings upgraded shares of AAR from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 23rd. Finally, Truist Financial boosted their price objective on shares of AAR from $128.00 to $145.00 and gave the company a "buy" rating in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $135.60.

AAR Price Performance

Shares of NYSE AIR opened at $134.15 on Monday. AAR Corp. has a 52 week low of $72.00 and a 52 week high of $154.00. The business's 50 day moving average price is $138.58 and its 200 day moving average price is $121.96. The company has a quick ratio of 1.24, a current ratio of 2.84 and a debt-to-equity ratio of 0.52. The firm has a market cap of $5.35 billion, a P/E ratio of 27.77 and a beta of 1.11.

AAR (NYSE:AIR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The aerospace company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.38 by $0.15. The business had revenue of $928.00 million during the quarter, compared to analysts' expectations of $893.03 million. AAR had a net margin of 5.67% and a return on equity of 12.67%. The business's quarterly revenue was up 23.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.16 EPS. On average, sell-side analysts expect that AAR Corp. will post 5.92 earnings per share for the current year.

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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