Norges Bank Takes $76.58 Million Position in AAON, Inc. (NASDAQ:AAON)

Norges Bank acquired a new stake in shares of AAON, Inc. (NASDAQ:AAON - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 650,753 shares of the construction company's stock, valued at approximately $76,581,000. Norges Bank owned about 0.80% of AAON as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of AAON during the 4th quarter valued at $73,313,000. Franklin Resources Inc. increased its position in shares of AAON by 258.8% during the third quarter. Franklin Resources Inc. now owns 330,397 shares of the construction company's stock valued at $37,014,000 after buying an additional 238,308 shares during the period. JPMorgan Chase & Co. increased its position in shares of AAON by 4.8% during the third quarter. JPMorgan Chase & Co. now owns 3,260,526 shares of the construction company's stock valued at $351,615,000 after buying an additional 150,207 shares during the period. Lord Abbett & CO. LLC lifted its holdings in shares of AAON by 39.1% in the third 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, Vanguard Group Inc. boosted its position in shares of AAON by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 6,239,482 shares of the construction company's stock valued at $734,262,000 after acquiring an additional 75,832 shares during the period. Institutional investors own 70.81% of the company's stock.

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Analysts Set New Price Targets

AAON has been the topic of several recent analyst reports. CJS Securities upgraded shares of AAON from a "market perform" rating to an "outperform" rating and set a $110.00 target price on the stock in a research note on Friday, February 28th. Robert W. Baird lowered their price objective on AAON from $155.00 to $116.00 and set an "outperform" rating on the stock in a research report on Friday, February 28th. StockNews.com cut AAON from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. Finally, DA Davidson lowered their price target on AAON from $150.00 to $125.00 and set a "buy" rating on the stock in a report 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.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $115.50.

Insiders Place Their Bets

In other AAON news, Director David Raymond Stewart purchased 1,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was acquired at an average cost of $80.86 per share, with a total value of $80,860.00. Following the completion of the purchase, the director now directly owns 3,000 shares of the company's stock, valued at approximately $242,580. This trade represents a 50.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 18.55% of the stock is owned by insiders.

AAON Price Performance

NASDAQ AAON traded up $0.33 during trading hours on Monday, reaching $74.53. 903,252 shares of the stock traded hands, compared to its average volume of 715,110. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.06 and a quick ratio of 1.79. The stock has a 50 day simple moving average of $93.49 and a two-hundred day simple moving average of $112.05. AAON, Inc. has a 1 year low of $68.98 and a 1 year high of $144.07. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 32.83 and a beta of 0.96.

AAON Increases Dividend

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

AAON announced that its board has authorized a share 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 buy up to 0.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is 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.