Pictet Asset Management Holding SA Sells 208,255 Shares of AAON, Inc. $AAON

Key Points

• Pictet Asset Management reduced its AAON stake by 23.7% in Q1, selling 208,255 shares and leaving it with 671,212 shares valued at about $55.5 million.
• AAON posted strong quarterly results, with EPS of $0.48 beating estimates of $0.31 and revenue of $496.94 million topping forecasts; revenue rose 54.3% year over year.
• Despite recent insider selling, analysts remain bullish on AAON, with a consensus Buy rating and an average price target of $112.00.

Pictet Asset Management Holding SA cut its position in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 23.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 671,212 shares of the construction company's stock after selling 208,255 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.82% of AAON worth $55,543,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AAON. Wellington Management Group LLP lifted its position in shares of AAON by 512.5% during the 3rd quarter. Wellington Management Group LLP now owns 4,739,892 shares of the construction company's stock worth $442,896,000 after buying an additional 3,966,088 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of AAON by 8,956.4% in the fourth quarter. Franklin Resources Inc. now owns 1,222,706 shares of the construction company's stock valued at $93,231,000 after acquiring an additional 1,209,205 shares in the last quarter. Champlain Investment Partners LLC grew its holdings in shares of AAON by 96.4% in the third quarter. Champlain Investment Partners LLC now owns 2,320,319 shares of the construction company's stock valued at $216,811,000 after acquiring an additional 1,138,658 shares in the last quarter. First Trust Advisors LP increased its position in shares of AAON by 136.4% during the third quarter. First Trust Advisors LP now owns 1,933,595 shares of the construction company's stock valued at $180,675,000 after acquiring an additional 1,115,566 shares during the last quarter. Finally, Bamco Inc. NY purchased a new stake in shares of AAON during the third quarter valued at approximately $67,922,000. 70.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on AAON. William Blair reiterated an "outperform" rating on shares of AAON in a report on Monday, March 2nd. Oppenheimer reaffirmed an "outperform" rating on shares of AAON in a research report on Friday, May 8th. Finally, Zacks Research upgraded AAON from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $112.00.

AAON Stock Down 0.8%

AAON stock opened at $125.71 on Tuesday. The firm has a 50 day moving average price of $124.98 and a 200-day moving average price of $101.02. The company has a quick ratio of 1.75, a current ratio of 2.62 and a debt-to-equity ratio of 0.46. AAON, Inc. has a twelve month low of $62.00 and a twelve month high of $150.46. The company has a market capitalization of $10.30 billion, a P/E ratio of 87.91, a P/E/G ratio of 3.55 and a beta of 1.38.

AAON (NASDAQ:AAON - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The construction company reported $0.48 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.17. AAON had a net margin of 7.30% and a return on equity of 13.67%. The company had revenue of $496.94 million for the quarter, compared to analysts' expectations of $381.08 million. During the same quarter in the previous year, the firm posted $0.37 EPS. AAON's revenue was up 54.3% on a year-over-year basis. As a group, equities analysts predict that AAON, Inc. will post 2.23 EPS for the current year.

AAON Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $0.10 dividend. The ex-dividend date was Friday, June 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.3%. AAON's payout ratio is presently 27.97%.

Insider Transactions at AAON

In other news, CEO Matthew Joseph Tobolski sold 8,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $135.37, for a total transaction of $1,082,960.00. Following the completion of the transaction, the chief executive officer owned 114,371 shares in the company, valued at approximately $15,482,402.27. This represents a 6.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Gordon Douglas Wichman sold 3,000 shares of AAON stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.39, for a total value of $421,170.00. Following the completion of the sale, the executive vice president directly owned 10,997 shares of the company's stock, valued at approximately $1,543,868.83. This trade represents a 21.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 150,473 shares of company stock valued at $19,516,213. 18.09% of the stock is currently owned by insiders.

AAON Company Profile

AAON, Inc NASDAQ: AAON is a U.S.-based designer and manufacturer of heating, ventilation and air conditioning (HVAC) equipment for commercial and industrial applications. The company's product portfolio focuses on rooftop packaged units, water-source heat pumps, chillers and custom-engineered solutions that cater to a wide array of building types, from office complexes and schools to data centers and healthcare facilities.

AAON's core offerings include rooftop units available in gas, electric and dual-fuel configurations, precision air-conditioning systems for temperature- and humidity-sensitive environments, and modular chillers suited for both indoor and outdoor installations.

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