AAON (NASDAQ:AAON) Trading 6.5% Higher Following Dividend Announcement

AAON, Inc. (NASDAQ:AAON) shares were up 6.5% during trading on Wednesday after the company announced a dividend. The stock traded as high as $81.46 and last traded at $80.11. Approximately 209,149 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 629,147 shares. The stock had previously closed at $75.25.

The newly announced dividend which will be paid on Friday, March 28th. Investors of record on Tuesday, March 18th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.49%. This is a positive change from AAON’s previous quarterly dividend of $0.08. AAON’s dividend payout ratio (DPR) is 15.92%.

Analyst Upgrades and Downgrades

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

AAON Stock Performance

The company has a current ratio of 3.06, a quick ratio of 1.79 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average price of $114.73 and a two-hundred day moving average price of $114.16. The stock has a market capitalization of $6.66 billion, a P/E ratio of 36.10 and a beta of 0.87.

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

Insider Buying and Selling at AAON

In other news, VP Stephen E. Wakefield sold 5,362 shares of AAON stock in a transaction on Friday, December 13th. The shares were sold at an average price of $130.99, for a total value of $702,368.38. Following the completion of the sale, the vice president now owns 4,558 shares in the company, valued at $597,052.42. The trade was a 54.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 18.55% of the company’s stock.

Institutional Investors Weigh In On AAON

Large investors have recently bought and sold shares of the stock. Mather Group LLC. raised its holdings in shares of AAON by 521.6% during the fourth quarter. Mather Group LLC. now owns 230 shares of the construction company’s stock valued at $27,000 after purchasing an additional 193 shares during the period. Twin Tree Management LP bought a new stake in AAON in the 4th quarter valued at about $33,000. Westside Investment Management Inc. acquired a new position in AAON during the 3rd quarter worth approximately $36,000. Quarry LP boosted its holdings in AAON by 49.0% in the fourth quarter. Quarry LP now owns 313 shares of the construction company’s stock worth $37,000 after acquiring an additional 103 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in AAON by 67.5% in the fourth quarter. UMB Bank n.a. now owns 325 shares of the construction company’s stock valued at $38,000 after acquiring an additional 131 shares during the period. 70.81% of the stock is currently owned by institutional investors and hedge funds.

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.