Wedbush Securities Inc. Acquires New Holdings in AAON, Inc. (NASDAQ:AAON)

Wedbush Securities Inc. bought a new position in AAON, Inc. (NASDAQ:AAON - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,150 shares of the construction company's stock, valued at approximately $371,000.

A number of other institutional investors have also recently modified their holdings of AAON. Envestnet Asset Management Inc. lifted its holdings in AAON by 0.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 340,878 shares of the construction company's stock valued at $40,115,000 after acquiring an additional 2,427 shares during the period. Smith Moore & CO. boosted its holdings in AAON by 3.1% in the 4th quarter. Smith Moore & CO. now owns 3,300 shares of the construction company's stock worth $388,000 after buying an additional 100 shares during the period. Nicolet Advisory Services LLC lifted its holdings in AAON by 6.2% in the 4th quarter. Nicolet Advisory Services LLC now owns 8,409 shares of the construction company's stock worth $1,027,000 after purchasing an additional 493 shares in the last quarter. Huntington National Bank boosted its position in shares of AAON by 100.0% during the fourth quarter. Huntington National Bank now owns 656 shares of the construction company's stock worth $77,000 after acquiring an additional 328 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of AAON by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 1,237,680 shares of the construction company's stock valued at $145,692,000 after purchasing an additional 3,644 shares in the last quarter. 70.81% of the stock is owned by hedge funds and other institutional investors.

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AAON Stock Performance

AAON stock traded down $1.09 during mid-day trading on Tuesday, hitting $82.92. The company had a trading volume of 149,778 shares, compared to its average volume of 719,871. The company's fifty day moving average is $88.74 and its 200-day moving average is $110.70. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 36.58 and a beta of 0.96. AAON, Inc. has a 12-month low of $68.98 and a 12-month high of $144.07. The company has a current ratio of 3.06, a quick ratio of 1.79 and a debt-to-equity ratio of 0.07.

AAON announced that its Board of Directors has initiated a share buyback plan on Tuesday, March 4th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the construction company to buy up to 0.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

AAON Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Tuesday, March 18th were given a dividend of $0.10 per share. This is a positive change from AAON's previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.48%. AAON's dividend payout ratio (DPR) is 19.90%.

Insiders Place Their Bets

In other AAON news, Director David Raymond Stewart bought 1,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average price of $80.86 per share, with a total value of $80,860.00. Following the completion of the acquisition, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 18.55% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AAON has been the topic of several analyst reports. Robert W. Baird reduced their price objective on AAON from $155.00 to $116.00 and set an "outperform" rating on the stock in a research note on Friday, February 28th. CJS Securities raised shares of AAON from a "market perform" rating to an "outperform" rating and set a $110.00 target price on the stock in a research report on Friday, February 28th. StockNews.com downgraded AAON from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. Finally, DA Davidson cut their price target 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, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, AAON has a consensus rating of "Moderate Buy" and an average target price of $115.50.

AAON Profile

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.