Invesco Ltd. Increases Stock Holdings in AAON, Inc. (NASDAQ:AAON)

Invesco Ltd. boosted its holdings in shares of AAON, Inc. (NASDAQ:AAON - Free Report) by 15.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,032,497 shares of the construction company's stock after buying an additional 274,119 shares during the period. Invesco Ltd. owned approximately 2.50% of AAON worth $239,184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. HighTower Advisors LLC lifted its stake in shares of AAON by 46.6% during the third quarter. HighTower Advisors LLC now owns 13,043 shares of the construction company's stock worth $1,408,000 after buying an additional 4,146 shares during the period. Quantinno Capital Management LP boosted its position in AAON by 3.1% in the third quarter. Quantinno Capital Management LP now owns 6,486 shares of the construction company's stock valued at $699,000 after buying an additional 192 shares during the last quarter. State Street Corp raised its position in AAON by 0.6% during the 3rd quarter. State Street Corp now owns 1,977,531 shares of the construction company's stock worth $213,257,000 after buying an additional 12,502 shares during the last quarter. Wolverine Trading LLC purchased a new stake in shares of AAON in the 3rd quarter valued at $471,000. Finally, Orion Portfolio Solutions LLC purchased a new position in shares of AAON during the third quarter worth $213,000. Hedge funds and other institutional investors own 70.81% of the company's stock.

Insider Activity

In other news, Director David Raymond Stewart acquired 1,000 shares of AAON stock in a transaction that occurred 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 in the company, valued at $242,580. This trade represents a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 18.55% of the company's stock.

Remove Ads

Wall Street Analysts Forecast Growth

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

AAON Price Performance

Shares of AAON traded down $2.04 during mid-day trading on Tuesday, hitting $81.97. 404,235 shares of the company were exchanged, compared to its average volume of 721,157. The stock has a market cap of $6.69 billion, a price-to-earnings ratio of 36.10 and a beta of 0.96. AAON, Inc. has a 1-year low of $68.98 and a 1-year high of $144.07. The company has a 50 day moving average of $88.74 and a 200-day moving average of $110.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.79 and a current ratio of 3.06.

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

AAON Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Tuesday, March 18th were issued a dividend of $0.10 per share. 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 0.49%. This is a boost from AAON's previous quarterly dividend of $0.08. AAON's dividend payout ratio is presently 19.90%.

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.