Fred Alger Management LLC Lowers Position in AAR Corp. (NYSE:AIR)

Fred Alger Management LLC lowered its stake in shares of AAR Corp. (NYSE:AIR) by 1.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 513,720 shares of the aerospace company’s stock after selling 8,931 shares during the period. Fred Alger Management LLC owned approximately 1.45% of AAR worth $37,347,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its position in AAR by 283.1% during the first quarter. EverSource Wealth Advisors LLC now owns 544 shares of the aerospace company’s stock valued at $33,000 after acquiring an additional 402 shares during the period. Quest Partners LLC acquired a new position in AAR in the 2nd quarter worth $33,000. Innealta Capital LLC purchased a new position in AAR in the 2nd quarter valued at about $49,000. Geneos Wealth Management Inc. acquired a new stake in shares of AAR during the first quarter valued at about $63,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in shares of AAR by 348.1% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,416 shares of the aerospace company’s stock worth $103,000 after acquiring an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 90.74% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Stifel Nicolaus lowered their price objective on AAR from $86.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, July 19th. Royal Bank of Canada restated an “outperform” rating and issued a $85.00 price target on shares of AAR in a research note on Tuesday. Benchmark reissued a “buy” rating and issued a $83.00 target price on shares of AAR in a research report on Tuesday. Finally, StockNews.com lowered shares of AAR from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat, AAR has a consensus rating of “Moderate Buy” and an average price target of $83.50.

AAR Stock Performance

Shares of AIR opened at $65.99 on Wednesday. The firm has a fifty day moving average of $64.86 and a 200-day moving average of $66.63. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 38.82 and a beta of 1.55. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.41 and a current ratio of 2.98. AAR Corp. has a 1 year low of $54.71 and a 1 year high of $76.34.

AAR (NYSE:AIR) last posted its earnings results on Monday, September 23rd. The aerospace company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.03. AAR had a net margin of 2.00% and a return on equity of 10.16%. The firm had revenue of $661.70 million during the quarter, compared to analyst estimates of $645.60 million. During the same period in the previous year, the business posted $0.78 EPS. AAR’s revenue was up 20.4% on a year-over-year basis. As a group, equities analysts anticipate that AAR Corp. will post 3.74 earnings per share for the current year.

AAR Profile

AAR Corp. provides products and services to commercial aviation, government, and defense markets worldwide. The Parts Supply segment leases and sells aircraft components and replacement parts. The Repair & Engineering segment provides airframe maintenance services, such as airframe inspection, painting, line maintenance, airframe modification, structural repair, avionics service and installation, exterior and interior refurbishment, and engineering and support services; component repair services comprising maintenance, repair, and overhaul (MRO) services, engine and airframe accessories, and interior refurbishment; and landing gear overhaul services, including repair services on wheels and brakes.