AAON (NASDAQ:AAON) Reaches New 12-Month High After Strong Earnings

AAON, Inc. (NASDAQ:AAON) shares reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The company traded as high as $131.13 and last traded at $130.84, with a volume of 19148 shares trading hands. The stock had previously closed at $119.10.

The construction company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. AAON had a net margin of 15.60% and a return on equity of 26.02%. The business had revenue of $327.25 million for the quarter, compared to analysts’ expectations of $315.80 million. During the same quarter in the previous year, the firm posted $0.64 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year.

AAON Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a $0.08 dividend. The ex-dividend date was Friday, September 6th. This represents a $0.32 annualized dividend and a yield of 0.23%. AAON’s dividend payout ratio is currently 14.41%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AAON. Baird R W raised shares of AAON from a “hold” rating to a “strong-buy” rating in a report on Monday, October 28th. Robert W. Baird increased their target price on shares of AAON from $130.00 to $138.00 and gave the stock an “outperform” rating in a research note on Friday. DA Davidson boosted their price target on shares of AAON from $102.00 to $150.00 and gave the company a “buy” rating in a research report on Friday. Sidoti downgraded AAON from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $102.00 to $111.00 in a research report on Tuesday, October 22nd. Finally, StockNews.com raised AAON from a “sell” rating to a “hold” rating in a research note on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $133.00.

Hedge Funds Weigh In On AAON

A number of institutional investors have recently made changes to their positions in the stock. Vaughan Nelson Investment Management L.P. grew its position in AAON by 106.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,089,070 shares of the construction company’s stock worth $95,010,000 after acquiring an additional 561,195 shares in the last quarter. Blair William & Co. IL bought a new stake in AAON during the second quarter worth about $44,934,000. Millennium Management LLC boosted its holdings in shares of AAON by 212.3% in the 2nd quarter. Millennium Management LLC now owns 656,552 shares of the construction company’s stock worth $57,278,000 after purchasing an additional 446,344 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of AAON by 552.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 350,082 shares of the construction company’s stock valued at $30,541,000 after purchasing an additional 296,423 shares during the last quarter. Finally, Fred Alger Management LLC bought a new position in shares of AAON during the 2nd quarter valued at about $15,700,000. Institutional investors own 70.81% of the company’s stock.

AAON Trading Up 16.1 %

The stock has a fifty day moving average of $106.07 and a two-hundred day moving average of $91.56. The company has a market capitalization of $11.20 billion, a PE ratio of 62.27 and a beta of 0.79. The company has a current ratio of 2.99, a quick ratio of 1.70 and a debt-to-equity ratio of 0.12.

About AAON

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.