Share Buyback Program Approved by AAON (NASDAQ:AAON) Board

AAON (NASDAQ:AAON - Get Free Report) announced that its board has approved a share buyback program on Tuesday, March 4th, RTT News reports. The company plans to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the construction company to reacquire up to 0.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AAON. CJS Securities raised AAON from a "market perform" rating to an "outperform" rating and set a $110.00 target price for the company in a research note on Friday, February 28th. Robert W. Baird reduced their price objective 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. StockNews.com cut shares of AAON from a "hold" rating to a "sell" rating in a research note on Friday, February 28th. Finally, DA Davidson cut their target price on shares of AAON from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $115.50.

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AAON Trading Up 1.0 %

AAON traded up $0.82 during trading on Friday, reaching $82.07. The company had a trading volume of 1,591,930 shares, compared to its average volume of 647,041. The firm's 50-day simple moving average is $112.28 and its 200 day simple moving average is $113.65. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.79 and a current ratio of 3.06. The company has a market cap of $6.70 billion, a price-to-earnings ratio of 36.15 and a beta of 1.00. AAON has a 12-month low of $69.52 and a 12-month high of $144.07.

AAON Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Tuesday, March 18th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend is Tuesday, March 18th. This is an increase from AAON's previous quarterly dividend of $0.08. AAON's dividend payout ratio is 15.92%.

Insider Buying and Selling

In other AAON news, VP Stephen E. Wakefield sold 5,362 shares of AAON stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $130.99, for a total transaction of $702,368.38. Following the transaction, the vice president now owns 4,558 shares of the company's stock, valued at $597,052.42. The trade was a 54.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 18.55% of the company's stock.

AAON Company 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.