HighTower Advisors LLC Grows Holdings in AAON, Inc. (NASDAQ:AAON)

HighTower Advisors LLC grew its position in AAON, Inc. (NASDAQ:AAON) by 2.2% in the fourth quarter, HoldingsChannel reports. The fund owned 13,328 shares of the construction company’s stock after acquiring an additional 285 shares during the quarter. HighTower Advisors LLC’s holdings in AAON were worth $1,568,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. grew its position in shares of AAON by 6.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,868 shares of the construction company’s stock valued at $455,000 after purchasing an additional 244 shares during the period. Avior Wealth Management LLC increased its stake in AAON by 5,040.4% during the 4th quarter. Avior Wealth Management LLC now owns 2,416 shares of the construction company’s stock worth $284,000 after buying an additional 2,369 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of AAON by 691.1% during the fourth quarter. SG Americas Securities LLC now owns 24,666 shares of the construction company’s stock valued at $2,903,000 after acquiring an additional 21,548 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of AAON by 39.1% during the third quarter. Lord Abbett & CO. LLC now owns 288,581 shares of the construction company’s stock valued at $31,121,000 after acquiring an additional 81,111 shares during the last quarter. Finally, Wolverine Trading LLC purchased a new position in shares of AAON in the third quarter valued at approximately $471,000. 70.81% of the stock is owned by hedge funds and other institutional investors.

AAON Stock Performance

Shares of AAON stock opened at $83.58 on Tuesday. The business’s fifty day simple moving average is $103.67 and its 200-day simple moving average is $113.08. The company has a quick ratio of 1.79, a current ratio of 3.06 and a debt-to-equity ratio of 0.07. The firm has a market cap of $6.82 billion, a PE ratio of 36.82 and a beta of 1.00. AAON, Inc. has a 52 week low of $69.52 and a 52 week high of $144.07.

AAON announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 4th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the construction company to purchase up to 0.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

AAON Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Tuesday, March 18th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, March 18th. This is a boost from AAON’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.48%. AAON’s dividend payout ratio (DPR) is currently 19.90%.

Insider Activity

In other news, Director David Raymond Stewart bought 1,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was bought at an average cost of $80.86 per share, with a total value of $80,860.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at $242,580. The trade was a 50.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 18.55% of the company’s stock.

Analyst Upgrades and Downgrades

AAON has been the topic of a number of research reports. DA Davidson decreased their price objective on AAON from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Robert W. Baird reduced 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. CJS Securities raised AAON from a “market perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a research note on Friday, February 28th. Finally, StockNews.com cut shares of AAON from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $115.50.

AAON 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.