Kayne Anderson Rudnick Investment Management LLC Sells 1,097,698 Shares of AAON, Inc. (NASDAQ:AAON)

Kayne Anderson Rudnick Investment Management LLC trimmed its holdings in AAON, Inc. (NASDAQ:AAON - Free Report) by 31.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,395,559 shares of the construction company's stock after selling 1,097,698 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 2.95% of AAON worth $281,909,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AAON. PNC Financial Services Group Inc. grew its stake in shares of AAON by 6.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,868 shares of the construction company's stock worth $455,000 after purchasing an additional 244 shares in the last quarter. Avior Wealth Management LLC grew its position in AAON by 5,040.4% in the 4th quarter. Avior Wealth Management LLC now owns 2,416 shares of the construction company's stock valued at $284,000 after buying an additional 2,369 shares in the last quarter. SG Americas Securities LLC increased its stake in AAON by 691.1% during the 4th quarter. SG Americas Securities LLC now owns 24,666 shares of the construction company's stock valued at $2,903,000 after buying an additional 21,548 shares during the period. Lord Abbett & CO. LLC raised its position in shares of AAON by 39.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 288,581 shares of the construction company's stock worth $31,121,000 after buying an additional 81,111 shares in the last quarter. Finally, Caldwell Investment Management Ltd. bought a new stake in shares of AAON during the 4th quarter worth about $1,099,000. 70.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director David Raymond Stewart bought 1,000 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was bought at an average price of $80.86 per share, with a total value of $80,860.00. Following the purchase, the director now directly owns 3,000 shares of the company's stock, valued at approximately $242,580. This represents a 50.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 18.55% of the company's stock.

Wall Street Analyst Weigh In

AAON has been the topic of several recent analyst reports. Robert W. Baird dropped their target price on AAON from $155.00 to $116.00 and set an "outperform" rating on the stock in a report on Friday, February 28th. DA Davidson dropped their price objective on AAON from $150.00 to $125.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. 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. Finally, StockNews.com cut shares of AAON from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AAON has an average rating of "Moderate Buy" and an average price target of $115.50.

AAON Trading Up 2.7 %

NASDAQ AAON traded up $2.16 on Wednesday, hitting $82.06. 926,401 shares of the stock were exchanged, compared to its average volume of 730,278. The company's 50-day moving average price is $84.94 and its two-hundred day moving average price is $109.57. The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of 36.15 and a beta of 0.96. AAON, Inc. has a 52-week low of $68.98 and a 52-week high of $144.07. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.06 and a quick ratio of 1.79.

AAON announced that its Board of Directors has approved a stock 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 generally an indication that the company's board believes its stock is undervalued.

AAON Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Tuesday, March 18th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.49%. 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. AAON's payout ratio is presently 19.90%.

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.