Jackson Square Partners LLC Purchases Shares of 268,297 AAON, Inc. (NASDAQ:AAON)

Key Points

• Jackson Square Partners LLC has invested approximately $20.96 million in AAON, Inc., acquiring 268,297 shares, which represents 2.8% of the firm's holdings.
• AAON recently declared a quarterly dividend of $0.10 per share, translating to an annualized dividend of $0.40 and a yield of 0.5%.
• Analysts have mixed opinions on AAON's stock, with one downgrade to "sell" and several upgrades leading to a consensus rating of "Moderate Buy" and a price target of $111.50.

Jackson Square Partners LLC purchased a new stake in shares of AAON, Inc. (NASDAQ:AAON - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 268,297 shares of the construction company's stock, valued at approximately $20,962,000. AAON comprises about 2.8% of Jackson Square Partners LLC's portfolio, making the stock its 11th biggest holding. Jackson Square Partners LLC owned about 0.33% of AAON as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Blair William & Co. IL lifted its position in AAON by 86.2% during the first quarter. Blair William & Co. IL now owns 2,177,688 shares of the construction company's stock valued at $170,143,000 after purchasing an additional 1,007,906 shares during the period. Mawer Investment Management Ltd. purchased a new stake in AAON during the 1st quarter valued at $44,219,000. Brown Advisory Inc. bought a new position in shares of AAON during the 1st quarter valued at $41,180,000. First Trust Advisors LP boosted its stake in shares of AAON by 85.6% in the 4th quarter. First Trust Advisors LP now owns 1,069,112 shares of the construction company's stock worth $125,813,000 after buying an additional 493,219 shares during the last quarter. Finally, Impax Asset Management Group plc purchased a new position in shares of AAON in the 1st quarter worth $36,223,000. 70.81% of the stock is currently owned by institutional investors.

AAON Stock Performance

NASDAQ AAON traded down $2.21 on Friday, hitting $80.52. 1,953,602 shares of the company traded hands, compared to its average volume of 1,239,640. The business's 50 day moving average price is $78.96 and its 200-day moving average price is $89.12. AAON, Inc. has a 52-week low of $68.98 and a 52-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. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of 42.38 and a beta of 0.94.

AAON Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AAON shares. Sidoti raised AAON from a "neutral" rating to a "buy" rating and set a $95.00 target price on the stock in a report on Monday, June 16th. Wall Street Zen lowered shares of AAON from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $111.50.

Insider Activity

In related news, Director Gordon Douglas Wichman sold 21,302 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $104.48, for a total value of $2,225,632.96. Following the completion of the sale, the director directly owned 8,754 shares of the company's stock, valued at approximately $914,617.92. This represents a 70.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 18.70% of the company's stock.

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.