MFG Wealth Management Inc. Reduces Stock Position in AAON, Inc. (NASDAQ:AAON)

MFG Wealth Management Inc. reduced its stake in AAON, Inc. (NASDAQ:AAON - Free Report) by 36.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 9,992 shares of the construction company's stock after selling 5,731 shares during the quarter. MFG Wealth Management Inc.'s holdings in AAON were worth $781,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AAON. Norges Bank acquired a new stake in AAON during the 4th quarter worth approximately $76,581,000. Raymond James Financial Inc. acquired a new stake in AAON during the 4th quarter worth approximately $73,313,000. First Trust Advisors LP lifted its holdings in AAON by 85.6% during 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 in the last quarter. Alyeska Investment Group L.P. acquired a new stake in AAON during the 4th quarter worth approximately $42,449,000. Finally, Invesco Ltd. lifted its holdings in AAON by 15.6% during the 4th quarter. Invesco Ltd. now owns 2,032,497 shares of the construction company's stock worth $239,184,000 after buying an additional 274,119 shares in the last quarter. 70.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AAON. Robert W. Baird reduced their target price on shares of AAON from $155.00 to $116.00 and set an "outperform" rating on the stock in a report on Friday, February 28th. Wall Street Zen lowered shares of AAON from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. Sidoti upgraded shares of 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. CJS Securities upgraded shares of AAON from a "market perform" rating to an "outperform" rating and set a $110.00 target price on the stock in a report on Friday, February 28th. Finally, DA Davidson reduced their price objective on shares of AAON from $150.00 to $125.00 and set a "buy" rating on the stock in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AAON currently has a consensus rating of "Moderate Buy" and an average price target of $111.50.

Insider Activity at AAON

In related news, CEO Gary D. Fields sold 8,357 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $98.66, for a total transaction of $824,501.62. Following the completion of the transaction, the chief executive officer now directly owns 26,491 shares of the company's stock, valued at $2,613,602.06. This represents a 23.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gordon Douglas Wichman sold 3,975 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $105.75, for a total transaction 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 represents a 31.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 70,823 shares of company stock valued at $7,122,451 in the last ninety days. Insiders own 18.70% of the company's stock.

AAON Stock Up 1.6%

Shares of NASDAQ AAON traded up $1.13 during mid-day trading on Friday, reaching $73.59. The company had a trading volume of 1,981,884 shares, compared to its average volume of 685,438. 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 firm has a 50 day simple moving average of $89.91 and a two-hundred day simple moving average of $98.76. The stock has a market cap of $5.99 billion, a P/E ratio of 38.73 and a beta of 1.03. AAON, Inc. has a 52-week low of $68.98 and a 52-week high of $144.07.

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

AAON Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Friday, June 6th. AAON's dividend payout ratio (DPR) is 21.05%.

AAON declared that its board has initiated a stock repurchase program on Tuesday, March 4th that permits the company to buyback $30.00 million in shares. This buyback authorization permits the construction company to purchase up to 0.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

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.