Kayne Anderson Rudnick Investment Management LLC Sells 663,133 Shares of AAON, Inc. $AAON

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in AAON, Inc. by 27.7%, selling 663,133 shares, and now holds 1,732,426 shares valued at approximately $135.4 million.
• AAON's recent quarterly earnings missed expectations, reporting $0.22 EPS against the consensus estimate of $0.31, with a revenue of $311.57 million.
• The company announced its quarterly dividend of $0.10 per share, which will be paid on September 26th, representing a 0.5% dividend yield.

Kayne Anderson Rudnick Investment Management LLC lessened its stake in AAON, Inc. (NASDAQ:AAON - Free Report) by 27.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,732,426 shares of the construction company's stock after selling 663,133 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 2.13% of AAON worth $135,354,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in AAON by 4.4% in the first quarter. Vanguard Group Inc. now owns 6,516,204 shares of the construction company's stock valued at $509,111,000 after acquiring an additional 276,722 shares during the last quarter. Blair William & Co. IL boosted its position in shares of AAON by 86.2% in the 1st quarter. Blair William & Co. IL now owns 2,177,688 shares of the construction company's stock worth $170,143,000 after purchasing an additional 1,007,906 shares during the last quarter. Geneva Capital Management LLC increased its stake in AAON by 13.1% in the first quarter. Geneva Capital Management LLC now owns 1,897,728 shares of the construction company's stock valued at $148,269,000 after purchasing an additional 219,814 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of AAON by 5.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,402,803 shares of the construction company's stock worth $109,598,000 after purchasing an additional 66,536 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of AAON by 39.7% during the first quarter. Bank of New York Mellon Corp now owns 1,101,692 shares of the construction company's stock worth $86,075,000 after acquiring an additional 312,855 shares in the last quarter. Institutional investors and hedge funds own 70.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AAON. Sidoti raised AAON from a "neutral" rating to a "buy" rating and set a $95.00 price target for the company in a research report on Monday, June 16th. DA Davidson decreased their target price on AAON from $125.00 to $105.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Robert W. Baird decreased their price target on shares of AAON from $102.00 to $98.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, Wall Street Zen downgraded AAON from a "hold" rating to a "strong sell" rating in a research report on Sunday, August 17th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $102.00.

AAON Price Performance

Shares of NASDAQ:AAON traded up $0.37 during trading on Thursday, hitting $85.12. 537,189 shares of the company were exchanged, compared to its average volume of 1,016,341. AAON, Inc. has a 1-year low of $62.00 and a 1-year high of $144.07. The company has a market capitalization of $6.94 billion, a P/E ratio of 57.90 and a beta of 0.94. The company has a quick ratio of 1.99, a current ratio of 3.10 and a debt-to-equity ratio of 0.38. The business's 50 day moving average is $78.55 and its 200-day moving average is $85.88.

AAON (NASDAQ:AAON - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The construction company reported $0.22 EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.09). AAON had a net margin of 9.70% and a return on equity of 15.45%. The firm had revenue of $311.57 million for the quarter, compared to analyst estimates of $326.15 million. During the same period in the previous year, the business posted $0.62 earnings per share. The business's revenue for the quarter was down .6% compared to the same quarter last year. Equities analysts forecast that AAON, Inc. will post 2.26 earnings per share for the current year.

AAON Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Friday, September 5th. AAON's dividend payout ratio (DPR) is currently 27.21%.

Insider Transactions at AAON

In other AAON news, insider Christopher Douglas Eason sold 12,003 shares of the company's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $85.08, for a total transaction of $1,021,215.24. Following the sale, the insider owned 5,301 shares of the company's stock, valued at approximately $451,009.08. This represents a 69.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 18.70% of the stock is currently owned by insiders.

About AAON

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.