CIBC Private Wealth Group LLC Increases Stock Holdings in AAON, Inc. (NASDAQ:AAON)

CIBC Private Wealth Group LLC grew its stake in AAON, Inc. (NASDAQ:AAON) by 0.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,602 shares of the construction company’s stock after buying an additional 203 shares during the period. CIBC Private Wealth Group LLC’s holdings in AAON were worth $2,596,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Mather Group LLC. boosted its stake in AAON by 521.6% in the fourth quarter. Mather Group LLC. now owns 230 shares of the construction company’s stock valued at $27,000 after acquiring an additional 193 shares in the last quarter. Twin Tree Management LP acquired a new stake in shares of AAON in the 4th quarter valued at about $33,000. UMB Bank n.a. grew its stake in AAON by 67.5% during the 4th quarter. UMB Bank n.a. now owns 325 shares of the construction company’s stock worth $38,000 after buying an additional 131 shares during the last quarter. Westside Investment Management Inc. acquired a new position in AAON during the third quarter worth approximately $36,000. Finally, Empowered Funds LLC purchased a new stake in AAON in the fourth quarter valued at approximately $42,000. 70.81% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AAON

In related news, Director David Raymond Stewart purchased 1,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average cost of $80.86 per share, with a total value of $80,860.00. Following the purchase, the director now directly owns 3,000 shares in the company, valued at $242,580. This trade represents a 50.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 18.55% of the company’s stock.

AAON Stock Up 4.5 %

Shares of NASDAQ:AAON opened at $82.72 on Thursday. AAON, Inc. has a fifty-two week low of $69.52 and a fifty-two week high of $144.07. 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’s 50-day simple moving average is $96.56 and its 200-day simple moving average is $112.43. The company has a market cap of $6.75 billion, a price-to-earnings ratio of 36.44 and a beta of 1.00.

AAON declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 4th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 0.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

AAON Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Tuesday, March 18th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Tuesday, March 18th. This is a positive change from AAON’s previous quarterly dividend of $0.08. AAON’s payout ratio is currently 19.90%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on AAON shares. StockNews.com lowered shares of AAON from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. DA Davidson reduced their target price on shares of AAON from $150.00 to $125.00 and set a “buy” rating for the company in a report on Friday, February 28th. Robert W. Baird decreased their target price on shares of AAON from $155.00 to $116.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. Finally, CJS Securities upgraded AAON from a “market perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

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.