Institute for Wealth Management LLC. Makes New Investment in AAON, Inc. (NASDAQ:AAON)

Institute for Wealth Management LLC. acquired a new stake in AAON, Inc. (NASDAQ:AAON - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,929 shares of the construction company's stock, valued at approximately $463,000.

Other hedge funds also recently made changes to their positions in the company. Empowered Funds LLC bought a new stake in AAON in the 4th quarter valued at $42,000. New York State Teachers Retirement System raised its position in shares of AAON by 6.6% in the fourth quarter. New York State Teachers Retirement System now owns 20,583 shares of the construction company's stock valued at $2,422,000 after purchasing an additional 1,271 shares during the period. CIBC Asset Management Inc lifted its stake in shares of AAON by 5.1% during the 4th quarter. CIBC Asset Management Inc now owns 2,454 shares of the construction company's stock worth $289,000 after buying an additional 118 shares during the last quarter. Arcadia Investment Management Corp MI boosted its holdings in shares of AAON by 5.9% during the 4th quarter. Arcadia Investment Management Corp MI now owns 14,323 shares of the construction company's stock worth $1,686,000 after buying an additional 792 shares during the period. Finally, Cowa LLC bought a new stake in shares of AAON during the 4th quarter worth about $208,000. 70.81% of the stock is owned by institutional investors and hedge funds.

AAON Stock Down 1.4%

Shares of AAON opened at $71.78 on Friday. 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, Inc. has a 12 month low of $68.98 and a 12 month high of $144.07. The firm's 50 day moving average is $91.09 and its 200-day moving average is $101.27. The stock has a market capitalization of $5.84 billion, a PE ratio of 37.78 and a beta of 1.03.

AAON (NASDAQ:AAON - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The construction company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.13. The business had revenue of $322.05 million for the quarter, compared to the consensus estimate of $289.16 million. AAON had a return on equity of 20.23% and a net margin of 12.60%. The firm's quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.46 earnings per share. Equities research analysts forecast that AAON, Inc. will post 2.26 EPS for the current year.

AAON declared that its Board of Directors has initiated a stock buyback plan on Tuesday, March 4th that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the construction company to buy up to 0.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

AAON Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Friday, June 6th. AAON's dividend payout ratio (DPR) is presently 21.05%.

Insider Buying and Selling

In related news, Director Gordon Douglas Wichman sold 3,975 shares of AAON stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $105.75, for a total value of $420,356.25. Following the transaction, the director now directly owns 8,754 shares of the company's stock, valued at $925,735.50. This trade represents a 31.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gary D. Fields sold 37,189 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $98.20, for a total value of $3,651,959.80. Following the sale, the chief executive officer now owns 63,714 shares of the company's stock, valued at $6,256,714.80. The trade was a 36.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,823 shares of company stock valued at $7,122,451 over the last quarter. 18.70% of the stock is owned by company insiders.

Analyst Ratings Changes

AAON has been the topic of several research analyst reports. CJS Securities raised shares of AAON from a "market perform" rating to an "outperform" rating and set a $110.00 price target on the stock in a report on Friday, February 28th. DA Davidson lowered their target price on AAON from $150.00 to $125.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Robert W. Baird dropped their price target on AAON from $155.00 to $116.00 and set an "outperform" rating for the company in a report on Friday, February 28th. Wall Street Zen downgraded AAON from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Finally, Sidoti raised AAON from a "neutral" rating to a "buy" rating and set a $95.00 price objective on the stock in a report on Monday. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $111.50.

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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