Spyglass Capital Management LLC Has $98.52 Million Stake in AAON, Inc. $AAON

Key Points

• Spyglass Capital Management reduced its AAON stake by 9.6% in the second quarter, selling 82,211 shares. It still held 776,629 shares valued at approximately $98.5 million, representing 5.3% of its portfolio.
• AAON reported strong quarterly results, with revenue rising 101.2% year over year to $626.98 million and EPS of $0.69, exceeding the $0.51 consensus estimate.
• Analyst sentiment remains positive but cautious: AAON has an average “Moderate Buy” rating and a $126.67 price target, while several firms recently lowered their targets. The company also declared a quarterly dividend of $0.10 per share.

Spyglass Capital Management LLC decreased its stake in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 9.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 776,629 shares of the construction company's stock after selling 82,211 shares during the quarter. AAON comprises about 5.3% of Spyglass Capital Management LLC's investment portfolio, making the stock its 4th biggest holding. Spyglass Capital Management LLC owned about 0.94% of AAON worth $98,523,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Royce & Associates LP grew its position in AAON by 9.6% during the 4th quarter. Royce & Associates LP now owns 467,496 shares of the construction company's stock valued at $35,647,000 after purchasing an additional 40,892 shares during the last quarter. Stephens Investment Management Group LLC raised its holdings in AAON by 9.9% in the fourth quarter. Stephens Investment Management Group LLC now owns 636,296 shares of the construction company's stock worth $48,518,000 after buying an additional 57,281 shares during the last quarter. Madison Asset Management LLC purchased a new position in AAON in the fourth quarter worth about $1,629,000. Empowered Funds LLC bought a new position in shares of AAON in the first quarter worth approximately $1,312,000. Finally, New York State Teachers Retirement System lifted its stake in shares of AAON by 36.3% in the fourth quarter. New York State Teachers Retirement System now owns 38,642 shares of the construction company's stock worth $2,946,000 after buying an additional 10,300 shares in the last quarter. 70.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AAON has been the subject of several analyst reports. Zacks Research downgraded shares of AAON from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Robert W. Baird lowered their price objective on AAON from $150.00 to $135.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 11th. Oppenheimer cut their target price on AAON from $145.00 to $125.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 11th. Weiss Ratings reissued a "hold (c)" rating on shares of AAON in a report on Tuesday, July 14th. Finally, KeyCorp restated a "sector weight" rating on shares of AAON in a research note on Thursday, August 13th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, AAON presently has an average rating of "Moderate Buy" and an average price target of $126.67.

Insider Transactions at AAON

In other AAON news, EVP Matthew Shaub bought 457 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was bought at an average cost of $76.42 per share, for a total transaction of $34,923.94. Following the completion of the transaction, the executive vice president owned 3,136 shares of the company's stock, valued at $239,653.12. This represents a 17.06% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 18.09% of the company's stock.

AAON Stock Up 0.1%

AAON stock opened at $75.97 on Tuesday. AAON, Inc. has a one year low of $73.19 and a one year high of $150.46. The stock has a fifty day moving average of $99.57 and a 200 day moving average of $104.55. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.01 and a current ratio of 3.01. The stock has a market cap of $6.26 billion, a PE ratio of 39.57, a price-to-earnings-growth ratio of 1.44 and a beta of 1.45.

AAON (NASDAQ:AAON - Get Free Report) last announced its earnings results on Monday, August 10th. The construction company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.18. The business had revenue of $626.98 million for the quarter, compared to analysts' expectations of $508.82 million. AAON had a return on equity of 17.32% and a net margin of 8.24%.The business's revenue for the quarter was up 101.2% on a year-over-year basis. During the same period last year, the firm posted $0.22 earnings per share. As a group, sell-side analysts predict that AAON, Inc. will post 2.3 EPS for the current year.

AAON Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.5%. AAON's dividend payout ratio (DPR) is presently 20.83%.

About AAON

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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