AAON (NASDAQ:AAON) Hits New 1-Year High Following Earnings Beat

Posted by Defense World Staff on May 6th, 2023

AAON, Inc. (NASDAQ:AAON – Get Rating)’s stock price hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $103.45 and last traded at $101.08, with a volume of 47398 shares. The stock had previously closed at $96.28.

The construction company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.13. AAON had a return on equity of 19.54% and a net margin of 11.29%. The company had revenue of $265.95 million during the quarter, compared to analysts’ expectations of $248.28 million. During the same period in the prior year, the business posted $0.33 EPS. AAON’s quarterly revenue was up 45.5% compared to the same quarter last year.

AAON Cuts Dividend

The company also recently declared a Semi-Annual dividend, which was paid on Friday, March 31st. Investors of record on Monday, March 13th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, March 10th. This represents a yield of 0.5%. AAON’s dividend payout ratio is currently 12.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AAON shares. StockNews.com started coverage on shares of AAON in a research report on Thursday, March 16th. They set a “hold” rating for the company. CJS Securities cut shares of AAON from an “outperform” rating to a “market perform” rating in a research report on Tuesday, February 28th. Finally, DA Davidson increased their price target on shares of AAON from $100.00 to $115.00 in a research report on Friday.

Insiders Place Their Bets

In related news, COO Stephen E. Wakefield acquired 516 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was acquired at an average cost of $89.30 per share, for a total transaction of $46,078.80. Following the acquisition, the chief operating officer now owns 9,121 shares of the company’s stock, valued at $814,505.30. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Casey Kidwell sold 1,607 shares of the stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $92.63, for a total value of $148,856.41. Following the completion of the transaction, the vice president now directly owns 2,616 shares in the company, valued at approximately $242,320.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Stephen E. Wakefield purchased 516 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average price of $89.30 per share, with a total value of $46,078.80. Following the completion of the purchase, the chief operating officer now owns 9,121 shares in the company, valued at $814,505.30. The disclosure for this purchase can be found here. Company insiders own 19.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AAON. Strs Ohio bought a new position in shares of AAON in the 3rd quarter worth about $32,000. Bessemer Group Inc. increased its stake in shares of AAON by 39.7% in the 3rd quarter. Bessemer Group Inc. now owns 598 shares of the construction company’s stock worth $32,000 after acquiring an additional 170 shares in the last quarter. Group One Trading L.P. bought a new stake in AAON during the 1st quarter valued at about $39,000. Pinnacle Financial Partners Inc. bought a new stake in AAON during the 3rd quarter valued at about $40,000. Finally, Ameritas Advisory Services LLC bought a new stake in AAON during the 1st quarter valued at about $40,000. 70.08% of the stock is currently owned by institutional investors.

AAON Stock Performance

The firm has a market capitalization of $5.59 billion, a P/E ratio of 55.82 and a beta of 0.79. The company has a current ratio of 2.40, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. The business’s 50 day simple moving average is $94.10 and its two-hundred day simple moving average is $81.42.

About AAON

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AAON, Inc engages in the engineering, manufacturing, marketing and sale of air conditioning and heating equipment. It operates through the following segments: Units, Parts-External, Parts-Internal, and Other. Its products include air handling units, self contained units, packaged rooftop units, geothermal heat units, controls, and coils.