Robert W. Baird Has Lowered Expectations for AAON (NASDAQ:AAON) Stock Price

AAON (NASDAQ:AAON) had its price objective cut by investment analysts at Robert W. Baird from $150.00 to $135.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Robert W. Baird’s target price suggests a potential upside of 51.28% from the stock’s current price.

Several other brokerages have also commented on AAON. Zacks Research lowered shares of AAON from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. KeyCorp assumed coverage on AAON in a research report on Thursday, July 23rd. They issued a “sector weight” rating for the company. Weiss Ratings restated a “hold (c)” rating on shares of AAON in a research note on Tuesday, July 14th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of AAON in a research report on Friday, May 8th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, AAON presently has a consensus rating of “Moderate Buy” and an average target price of $124.33.

AAON Stock Performance

Shares of AAON opened at $89.24 on Tuesday. The stock has a 50 day moving average price of $115.40 and a 200 day moving average price of $105.91. The company has a quick ratio of 1.75, a current ratio of 2.62 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 62.41, a price-to-earnings-growth ratio of 2.64 and a beta of 1.45. AAON has a 52-week low of $62.00 and a 52-week high of $150.46.

AAON (NASDAQ:AAON) last released its quarterly earnings data on Monday, August 10th. The construction company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.18. The company had revenue of $626.98 million for the quarter, compared to analysts’ expectations of $508.82 million. AAON had a net margin of 7.30% and a return on equity of 13.67%. The firm’s revenue for the quarter was up 101.2% on a year-over-year basis. During the same quarter last year, the company earned $0.22 earnings per share. Research analysts predict that AAON will post 2.24 EPS for the current fiscal year.

Insider Activity at AAON

In other news, EVP Gordon Douglas Wichman sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.39, for a total value of $421,170.00. Following the transaction, the executive vice president owned 10,997 shares of the company’s stock, valued at approximately $1,543,868.83. The trade was a 21.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Rebecca Thompson sold 4,230 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $143.42, for a total value of $606,666.60. The SEC filing for this sale provides additional information. Insiders sold 77,637 shares of company stock worth $10,807,621 in the last ninety days. Company insiders own 18.09% of the company’s stock.

Hedge Funds Weigh In On AAON

Several institutional investors have recently bought and sold shares of AAON. Wellington Management Group LLP raised its position in AAON by 512.5% during the 3rd quarter. Wellington Management Group LLP now owns 4,739,892 shares of the construction company’s stock worth $442,896,000 after buying an additional 3,966,088 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of AAON by 8,956.4% during the fourth quarter. Franklin Resources Inc. now owns 1,222,706 shares of the construction company’s stock worth $93,231,000 after acquiring an additional 1,209,205 shares during the period. Norges Bank purchased a new position in AAON during the fourth quarter worth about $41,584,000. Impax Asset Management Group plc raised its holdings in AAON by 53.2% during the fourth quarter. Impax Asset Management Group plc now owns 1,403,648 shares of the construction company’s stock worth $107,028,000 after purchasing an additional 487,601 shares in the last quarter. Finally, Wasatch Advisors LP lifted its position in AAON by 27.1% in the third quarter. Wasatch Advisors LP now owns 2,138,959 shares of the construction company’s stock valued at $199,864,000 after purchasing an additional 456,560 shares during the period. 70.81% of the stock is owned by institutional investors and hedge funds.

AAON News Roundup

Here are the key news stories impacting AAON this week:

• Positive Sentiment: Record Q2 performance: Net sales more than doubled year over year to $627.0 million, while operating income rose 192% to $68.9 million. Diluted EPS reached $0.68–$0.69, substantially exceeding analyst estimates near $0.51–$0.52. AAON Reports Record Second Quarter 2026 Results
• Positive Sentiment: Strong demand and backlog: Demand for AAON and BASX equipment, including data-center cooling systems, helped accelerate production and backlog conversion. Backlog remained near $2.0 billion, approximately 98% above the prior-year level. AAON Earnings and Data-Center Cooling Demand
• Positive Sentiment: Raised sales outlook: AAON now expects 2026 revenue growth of 55%–60%, supported by expanded capacity, improving throughput and its substantial backlog. First-half operating cash flow improved to $55 million from a $31 million use of cash in the prior-year period. AAON Reports Record Q2 Sales and Raises Outlook
• Neutral Sentiment: Execution remains central: Management highlighted improving factory throughput and operating leverage, but investors are focused on whether rapid capacity expansion can produce sustained profitability as demand continues to surge. AAON Q2 2026 Earnings Call Transcript
• Negative Sentiment: Lower margin outlook: Full-year gross-margin guidance was reduced to approximately 25%–26%, below the previous outlook of roughly 27%–28%. The cut suggests that ramp-up expenses, outsourcing and other production costs may persist despite strong revenue growth. AAON Reports Strong Q2 Results but Lowers Margin Guidance
• Negative Sentiment: High expectations and insider selling: With AAON trading at a high earnings multiple, investors appear to be taking profits and demanding cleaner margin expansion. Recent disclosures also show 17 open-market insider sales and no purchases over six months, adding a cautionary signal.

AAON Company Profile

AAON, Inc (NASDAQ: AAON) is a U.S.-based designer and manufacturer of heating, ventilation and air conditioning (HVAC) equipment for commercial and industrial applications. The company’s product portfolio focuses on rooftop packaged units, water-source heat pumps, chillers and custom-engineered solutions that cater to a wide array of building types, from office complexes and schools to data centers and healthcare facilities.

AAON’s core offerings include rooftop units available in gas, electric and dual-fuel configurations, precision air-conditioning systems for temperature- and humidity-sensitive environments, and modular chillers suited for both indoor and outdoor installations.