Invesco Ltd. Acquires 274,119 Shares of AAON, Inc. (NASDAQ:AAON)

Invesco Ltd. increased its stake in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 15.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,032,497 shares of the construction company's stock after purchasing an additional 274,119 shares during the period. Invesco Ltd. owned 2.50% of AAON worth $239,184,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Mather Group LLC. grew its stake in AAON by 521.6% during the fourth quarter. Mather Group LLC. now owns 230 shares of the construction company's stock valued at $27,000 after acquiring an additional 193 shares in the last quarter. Twin Tree Management LP bought a new position in shares of AAON in the fourth quarter worth $33,000. UMB Bank n.a. boosted its stake in AAON by 67.5% during the fourth quarter. UMB Bank n.a. now owns 325 shares of the construction company's stock valued at $38,000 after buying an additional 131 shares during the period. Westside Investment Management Inc. purchased a new position in AAON during the third quarter worth about $36,000. Finally, Empowered Funds LLC bought a new position in AAON in the 4th quarter worth about $42,000. Hedge funds and other institutional investors own 70.81% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AAON shares. DA Davidson lowered their price objective on shares of AAON from $150.00 to $125.00 and set a "buy" rating for the company in a report on Friday, February 28th. Robert W. Baird cut their price target on shares of AAON from $155.00 to $116.00 and set an "outperform" rating for the company in a research report on Friday, February 28th. CJS Securities upgraded AAON from a "market perform" rating to an "outperform" rating and set a $110.00 price objective on the stock in a report on Friday, February 28th. Finally, StockNews.com cut AAON from a "hold" rating to a "sell" rating in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $115.50.

Insider Buying and Selling at AAON

In related news, Director David Raymond Stewart purchased 1,000 shares of AAON stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average price of $80.86 per share, for a total transaction of $80,860.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company's stock, valued at $242,580. This represents a 50.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 18.55% of the stock is currently owned by corporate insiders.

AAON Trading Down 0.9 %

AAON stock traded down $0.75 during trading hours on Wednesday, reaching $81.35. The stock had a trading volume of 87,996 shares, compared to its average volume of 721,034. The stock has a market cap of $6.64 billion, a PE ratio of 35.83 and a beta of 0.96. The company has a fifty day simple moving average of $88.11 and a 200-day simple moving average of $110.50. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.06 and a quick ratio of 1.79. AAON, Inc. has a 52 week low of $68.98 and a 52 week high of $144.07.

AAON Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Tuesday, March 18th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Tuesday, March 18th. This is an increase from AAON's previous quarterly dividend of $0.08. AAON's payout ratio is currently 19.90%.

AAON announced that its board has authorized a stock buyback plan on Tuesday, March 4th that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 0.5% of its stock through open market purchases. Stock buyback plans 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.