Comerica Bank Reduces Holdings in AAON, Inc. (NASDAQ:AAON)

Comerica Bank lessened its holdings in AAON, Inc. (NASDAQ:AAON) by 34.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 224,648 shares of the construction company’s stock after selling 116,012 shares during the period. Comerica Bank owned 0.27% of AAON worth $19,791,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Norges Bank purchased a new stake in AAON during the 4th quarter worth about $43,832,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of AAON during the fourth quarter worth about $22,784,000. Norden Group LLC grew its holdings in shares of AAON by 2,604.7% during the first quarter. Norden Group LLC now owns 305,550 shares of the construction company’s stock worth $26,920,000 after buying an additional 294,253 shares in the last quarter. Global Alpha Capital Management Ltd. acquired a new position in shares of AAON in the fourth quarter valued at approximately $11,598,000. Finally, Lord Abbett & CO. LLC lifted its stake in shares of AAON by 18.9% during the first quarter. Lord Abbett & CO. LLC now owns 592,804 shares of the construction company’s stock valued at $52,226,000 after buying an additional 94,026 shares during the period. 70.81% of the stock is currently owned by institutional investors and hedge funds.

AAON Trading Down 0.4 %

Shares of AAON stock traded down $0.39 during trading hours on Friday, reaching $86.52. The stock had a trading volume of 249,560 shares, compared to its average volume of 704,680. AAON, Inc. has a 1 year low of $52.24 and a 1 year high of $96.34. The firm has a market capitalization of $7.11 billion, a price-to-earnings ratio of 40.99 and a beta of 0.80. The firm has a 50 day simple moving average of $82.28 and a two-hundred day simple moving average of $81.69.

AAON (NASDAQ:AAON) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. AAON had a net margin of 15.44% and a return on equity of 25.84%. The firm had revenue of $313.57 million for the quarter, compared to analysts’ expectations of $283.77 million. During the same period in the previous year, the company posted $0.55 earnings per share. AAON’s revenue was up 10.4% compared to the same quarter last year. Sell-side analysts forecast that AAON, Inc. will post 2.24 EPS for the current year.

AAON Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, June 7th. AAON’s dividend payout ratio (DPR) is presently 14.91%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AAON shares. StockNews.com downgraded AAON from a “hold” rating to a “sell” rating in a report on Monday, June 17th. Robert W. Baird initiated coverage on AAON in a research report on Wednesday, July 24th. They set a “neutral” rating and a $100.00 target price on the stock. Baird R W upgraded AAON to a “hold” rating in a report on Wednesday, July 24th. DA Davidson reaffirmed a “buy” rating and set a $102.00 price objective on shares of AAON in a research note on Wednesday, June 26th. Finally, William Blair began coverage on shares of AAON in a report on Monday, April 29th. They issued an “outperform” rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, AAON currently has a consensus rating of “Hold” and an average target price of $101.00.

Insiders Place Their Bets

In other news, CEO Gary D. Fields sold 28,200 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $76.13, for a total value of $2,146,866.00. Following the completion of the transaction, the chief executive officer now directly owns 64,295 shares in the company, valued at $4,894,778.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Gary D. Fields sold 28,200 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $76.13, for a total value of $2,146,866.00. Following the completion of the transaction, the chief executive officer now owns 64,295 shares of the company’s stock, valued at $4,894,778.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen E. Wakefield sold 29,946 shares of AAON stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $90.13, for a total value of $2,699,032.98. Following the sale, the vice president now owns 15,670 shares in the company, valued at $1,412,337.10. The disclosure for this sale can be found here. Insiders have sold a total of 71,646 shares of company stock worth $5,885,399 over the last quarter. 18.55% of the stock is owned by corporate insiders.

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.