AAON, Inc. (NASDAQ:AAON) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 9.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 788,837 shares of the construction company's stock after selling 81,587 shares during the quarter. Bank of New York Mellon Corp owned 0.97% of AAON worth $92,830,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Mather Group LLC. raised its stake in shares of AAON by 521.6% during the 4th quarter. Mather Group LLC. now owns 230 shares of the construction company's stock valued at $27,000 after purchasing an additional 193 shares during the period. Blue Trust Inc. boosted its holdings in AAON by 202.0% in the third quarter. Blue Trust Inc. now owns 296 shares of the construction company's stock valued at $32,000 after acquiring an additional 198 shares in the last quarter. Westside Investment Management Inc. purchased a new stake in AAON in the third quarter worth $36,000. UMB Bank n.a. lifted its holdings in shares of 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 purchasing an additional 131 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in AAON during the 4th quarter valued at about $42,000. Institutional investors own 70.81% of the company's stock.

AAON Stock Performance

Shares of AAON traded down $2.13 during mid-day trading on Thursday, reaching $79.81. The company had a trading volume of 730,645 shares, compared to its average volume of 637,628. The stock has a 50 day moving average of $113.90 and a two-hundred day moving average of $113.94. AAON, Inc. has a 52-week low of $69.52 and a 52-week high of $144.07. The stock has a market capitalization of $6.49 billion, a P/E ratio of 35.16 and a beta of 0.87. The company has a quick ratio of 1.79, a current ratio of 3.06 and a debt-to-equity ratio of 0.07.

Remove Ads

AAON declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 4th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 0.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

AAON Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Tuesday, March 18th will be issued a dividend of $0.10 per share. This is a positive change from AAON's previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.50%. AAON's dividend payout ratio is presently 15.92%.

Insider Activity

In related news, VP Stephen E. Wakefield sold 5,362 shares of AAON stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $130.99, for a total value of $702,368.38. Following the completion of the transaction, the vice president now owns 4,558 shares in the company, valued at $597,052.42. The trade was a 54.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 18.55% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AAON. Robert W. Baird dropped their target price on shares of AAON from $155.00 to $116.00 and set an "outperform" rating on the stock in a report on Friday, February 28th. DA Davidson reduced their price objective on shares of AAON from $150.00 to $125.00 and set a "buy" rating 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, CJS Securities upgraded AAON from a "market perform" rating to an "outperform" rating and set a $110.00 price target for the company in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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.