AAON (NASDAQ:AAON) Shares Down 6.8% – Time to Sell?

Shares of AAON, Inc. (NASDAQ:AAON) dropped 6.8% during trading on Tuesday . The company traded as low as $88.40 and last traded at $87.53. Approximately 129,712 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 656,163 shares. The stock had previously closed at $93.96.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of AAON from a “hold” rating to a “sell” rating in a report on Friday, February 28th. DA Davidson reduced their target price on AAON from $150.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Robert W. Baird decreased their target price on AAON from $155.00 to $116.00 and set an “outperform” rating on the stock 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 for the company in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $115.50.

AAON Price Performance

The stock has a market capitalization of $6.56 billion, a P/E ratio of 34.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.79 and a current ratio of 3.06. The firm has a 50-day moving average price of $91.60 and a 200 day moving average price of $104.27.

AAON (NASDAQ:AAON) last posted its quarterly earnings results on Wednesday, April 30th. The construction company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.24 by $0.13. AAON had a net margin of 15.78% and a return on equity of 24.98%. The firm had revenue of $322.05 million for the quarter, compared to the consensus estimate of $289.16 million. During the same period last year, the firm posted $0.46 earnings per share. The business’s revenue was up 22.9% compared to the same quarter last year. On average, analysts expect that AAON, Inc. will post 2.26 EPS for the current year.

AAON Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.50%. AAON’s dividend payout ratio is presently 21.05%.

AAON declared that its Board of Directors has initiated a share buyback plan on Tuesday, March 4th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the construction company to purchase up to 0.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at AAON

In other news, CEO Gary D. Fields sold 37,189 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $98.20, for a total value of $3,651,959.80. Following the transaction, the chief executive officer now owns 63,714 shares in the company, valued at approximately $6,256,714.80. This represents a 36.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gordon Douglas Wichman sold 3,975 shares of the business’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $105.75, for a total value of $420,356.25. Following the sale, the director now owns 8,754 shares of the company’s stock, valued at approximately $925,735.50. This represents a 31.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,823 shares of company stock valued at $7,122,451. 18.70% of the stock is currently owned by corporate insiders.

Institutional Trading of AAON

Several institutional investors and hedge funds have recently modified their holdings of AAON. Inspire Investing LLC lifted its position in AAON by 50.5% during the first quarter. Inspire Investing LLC now owns 8,390 shares of the construction company’s stock valued at $656,000 after acquiring an additional 2,817 shares during the last quarter. Belpointe Asset Management LLC raised its holdings in shares of AAON by 9.0% during the first quarter. Belpointe Asset Management LLC now owns 5,790 shares of the construction company’s stock worth $452,000 after purchasing an additional 480 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of AAON by 5.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 233,002 shares of the construction company’s stock valued at $18,204,000 after buying an additional 12,489 shares during the period. Ascent Group LLC purchased a new stake in AAON in the 1st quarter worth approximately $3,799,000. Finally, United Services Automobile Association acquired a new stake in AAON during the first quarter valued at $348,000. Institutional investors own 70.81% of the company’s stock.

AAON Company 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.