AAON (NASDAQ:AAON) Shares Down 7% – Here’s Why

AAON, Inc. (NASDAQ:AAON) was down 7% on Monday . The company traded as low as $86.95 and last traded at $88.1880. 354,835 shares traded hands during trading, a decline of 65% from the average session volume of 1,022,569 shares. The stock had previously closed at $94.83.

More AAON News

Here are the key news stories impacting AAON this week:

• Positive Sentiment: Record quarterly performance: Second-quarter revenue surged 101.2% year over year to $627.0 million, while operating income rose 192.1% to $68.9 million. Adjusted EPS of $0.69 substantially exceeded the $0.51 consensus estimate. AAON Reports Record Second Quarter 2026 Results
• Positive Sentiment: Strong demand and backlog: Backlog reached approximately $2.0 billion, nearly double the prior-year level, supported by demand for AAON and BASX equipment, including data-center cooling systems. First-half operating cash flow also improved to $55 million from a $31 million use of cash last year. AAON Earnings and Data-Center Cooling Demand
• Positive Sentiment: Higher revenue outlook: AAON raised its 2026 outlook to 55%–60% sales growth, with projected revenue of roughly $2.2 billion to $2.3 billion, above the approximately $2.1 billion consensus estimate. Oppenheimer and Robert W. Baird maintained “outperform” ratings, with price targets of $125 and $135, respectively. AAON Posts Record Q2 Results
• Neutral Sentiment: Reported short-interest data showed zero shares and a zero-day days-to-cover ratio, indicating no meaningful short-position signal; the entry appears to contain a data error because it describes an increase from zero shares.
• Negative Sentiment: Margin guidance pressured sentiment: Full-year gross-margin guidance of approximately 25%–26% was below the prior outlook near 27%–28%. Investors remain concerned that capacity expansion, outsourcing, and ramp-related costs could limit the conversion of rapid sales growth into profits. AAON Reports Strong Q2 Results but Lowers Margin Guidance
• Negative Sentiment: Oppenheimer lowered its price target from $145 to $125, while Baird reduced its target from $150 to $135. In addition, reported insider activity showed 17 sales and no purchases over the past six months, potentially adding to investor caution.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AAON shares. Zacks Research lowered AAON from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Robert W. Baird dropped their price objective on shares of AAON from $150.00 to $135.00 and set an “outperform” rating for the company in a report on Tuesday. Oppenheimer cut their price target on shares of AAON from $145.00 to $125.00 and set an “outperform” rating for the company in a report on Tuesday. Weiss Ratings reissued a “hold (c)” rating on shares of AAON in a research note on Tuesday, July 14th. Finally, KeyCorp started coverage on AAON in a research report on Thursday, July 23rd. They issued a “sector weight” rating on the stock. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $126.67.

AAON Stock Performance

The company has a market capitalization of $7.03 billion, a price-to-earnings ratio of 44.68, a price-to-earnings-growth ratio of 2.49 and a beta of 1.45. The company has a current ratio of 2.62, a quick ratio of 1.75 and a debt-to-equity ratio of 0.46. The stock’s fifty day simple moving average is $114.25 and its 200-day simple moving average is $105.84.

AAON (NASDAQ:AAON) last posted its quarterly earnings results on Monday, August 10th. The construction company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.51 by $0.18. AAON had a net margin of 8.24% and a return on equity of 17.86%. The business had revenue of $626.98 million during the quarter, compared to the consensus estimate of $508.82 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. The company’s quarterly revenue was up 101.2% compared to the same quarter last year. Analysts predict that AAON, Inc. will post 2.24 EPS for the current year.

Insiders Place Their Bets

In other AAON news, EVP Gordon Douglas Wichman sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.39, for a total transaction 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. This trade represents a 21.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gary D. Fields sold 21,173 shares of AAON stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.34, for a total value of $2,971,418.82. Following the transaction, the director directly owned 34,252 shares in the company, valued at approximately $4,806,925.68. This trade represents a 38.20% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 50,556 shares of company stock worth $7,099,115. Insiders own 18.09% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of AAON. SummitTX Capital L.P. grew its holdings in AAON by 1.7% in the first quarter. SummitTX Capital L.P. now owns 4,622 shares of the construction company’s stock valued at $382,000 after purchasing an additional 76 shares during the last quarter. Toronto Dominion Bank raised its holdings in AAON by 1.7% in the 4th quarter. Toronto Dominion Bank now owns 5,889 shares of the construction company’s stock valued at $448,000 after acquiring an additional 99 shares during the last quarter. Huntington National Bank boosted its stake in AAON by 21.1% in the 4th quarter. Huntington National Bank now owns 689 shares of the construction company’s stock worth $53,000 after buying an additional 120 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in AAON by 96.5% during the second quarter. EverSource Wealth Advisors LLC now owns 334 shares of the construction company’s stock worth $25,000 after purchasing an additional 164 shares during the period. Finally, Hantz Financial Services Inc. raised its position in shares of AAON by 20.8% in the 4th quarter. Hantz Financial Services Inc. now owns 1,052 shares of the construction company’s stock worth $80,000 after buying an additional 181 shares during the period. 70.81% of the stock is currently owned by hedge funds and other institutional investors.

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.