Clearbridge Investments LLC Makes New Investment in AAON, Inc. (NASDAQ:AAON)

Clearbridge Investments LLC purchased a new position in shares of AAON, Inc. (NASDAQ:AAON - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 167,831 shares of the construction company's stock, valued at approximately $19,750,000. Clearbridge Investments LLC owned 0.21% of AAON as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. PNC Financial Services Group Inc. grew its position in AAON by 6.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,868 shares of the construction company's stock worth $455,000 after buying an additional 244 shares during the period. Avior Wealth Management LLC boosted its stake in shares of AAON by 5,040.4% during the 4th quarter. Avior Wealth Management LLC now owns 2,416 shares of the construction company's stock worth $284,000 after acquiring an additional 2,369 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of AAON by 691.1% in the 4th quarter. SG Americas Securities LLC now owns 24,666 shares of the construction company's stock worth $2,903,000 after acquiring an additional 21,548 shares during the period. Lord Abbett & CO. LLC increased its stake in AAON by 39.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 288,581 shares of the construction company's stock valued at $31,121,000 after purchasing an additional 81,111 shares in the last quarter. Finally, Wolverine Trading LLC acquired a new position in AAON during the third quarter worth $471,000. Hedge funds and other institutional investors own 70.81% of the company's stock.

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Wall Street Analysts Forecast Growth

Several analysts have weighed in on AAON shares. DA Davidson lowered their target price on AAON from $150.00 to $125.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Robert W. Baird lowered their price objective on shares of 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 upgraded shares of AAON from a "market perform" rating to an "outperform" rating and set a $110.00 target price for the company in a research report on Friday, February 28th. Finally, StockNews.com lowered shares of AAON from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. One investment 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.com, the company has a consensus rating of "Moderate Buy" and an average price target of $115.50.

Insider Activity at AAON

In other news, Director David Raymond Stewart bought 1,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was purchased at an average cost of $80.86 per share, with a total value of $80,860.00. Following the purchase, the director now owns 3,000 shares of the company's stock, valued at approximately $242,580. The trade was a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 18.55% of the company's stock.

AAON Price Performance

AAON stock traded down $3.28 during trading on Friday, hitting $74.20. The stock had a trading volume of 1,030,061 shares, compared to its average volume of 714,350. The stock has a market cap of $6.05 billion, a price-to-earnings ratio of 32.69 and a beta of 0.96. 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's 50 day moving average price is $94.25 and its two-hundred day moving average price is $112.25. AAON, Inc. has a 1-year low of $69.52 and a 1-year high of $144.07.

AAON Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Tuesday, March 18th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend was Tuesday, March 18th. This is a positive change from AAON's previous quarterly dividend of $0.08. AAON's payout ratio is currently 19.90%.

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

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.