Millennium Management LLC Acquires 84,459 Shares of AAR Corp. (NYSE:AIR)

Millennium Management LLC lifted its stake in shares of AAR Corp. (NYSE:AIR) by 37.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 310,144 shares of the aerospace company’s stock after buying an additional 84,459 shares during the quarter. Millennium Management LLC owned about 0.88% of AAR worth $22,547,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Quest Partners LLC bought a new stake in AAR in the 2nd quarter valued at about $33,000. EverSource Wealth Advisors LLC increased its holdings in shares of 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 in the last quarter. Innealta Capital LLC bought a new stake in shares of AAR during the second quarter valued at approximately $49,000. Geneos Wealth Management Inc. bought a new position in shares of AAR in the 1st quarter worth $63,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in AAR by 348.1% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,416 shares of the aerospace company’s stock valued at $103,000 after purchasing an additional 1,100 shares during the period. Institutional investors own 90.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Stifel Nicolaus lowered their price objective on shares of AAR from $86.00 to $85.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $85.00 price target on shares of AAR in a research report on Tuesday, September 24th. Benchmark reiterated a “buy” rating and set a $83.00 price target on shares of AAR in a research note on Friday. Finally, StockNews.com downgraded AAR from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

AAR Stock Up 0.3 %

AAR stock opened at $65.48 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.41 and a current ratio of 2.98. The stock has a market cap of $2.32 billion, a PE ratio of 38.52 and a beta of 1.55. AAR Corp. has a fifty-two week low of $54.71 and a fifty-two week high of $76.34. The firm’s 50-day simple moving average is $64.34 and its 200 day simple moving average is $66.66.

AAR (NYSE:AIR) last released its earnings results on Monday, September 23rd. The aerospace company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.03. The company had revenue of $661.70 million during the quarter, compared to analyst estimates of $645.60 million. AAR had a return on equity of 10.31% and a net margin of 2.67%. AAR’s quarterly revenue was up 20.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.78 earnings per share. Research analysts predict that AAR Corp. will post 3.72 EPS for the current fiscal year.

AAR Company 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.