AAON (NASDAQ:AAON) Shares Gap Down Following Weak Earnings

Shares of AAON, Inc. (NASDAQ:AAON) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $90.89, but opened at $87.00. AAON shares last traded at $84.68, with a volume of 421,838 shares traded.

The construction company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.07). AAON had a net margin of 15.44% and a return on equity of 26.70%. The company had revenue of $262.10 million for the quarter, compared to analyst estimates of $284.76 million. During the same period in the prior year, the company earned $0.45 EPS. The company’s revenue was down 1.4% compared to the same quarter last year.

AAON Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, March 15th. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. AAON’s dividend payout ratio is presently 14.91%.

Analyst Ratings Changes

Separately, William Blair initiated coverage on AAON in a report on Monday, April 29th. They issued an “outperform” rating on the stock.

Insider Buying and Selling at AAON

In other news, Director Norman H. Asbjornson sold 805 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $80.01, for a total value of $64,408.05. Following the transaction, the director now owns 53,093 shares of the company’s stock, valued at approximately $4,247,970.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Stephen E. Wakefield sold 24,655 shares of AAON stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $80.86, for a total transaction of $1,993,603.30. Following the sale, the vice president now owns 15,992 shares in the company, valued at $1,293,113.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Norman H. Asbjornson sold 805 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $80.01, for a total transaction of $64,408.05. Following the transaction, the director now directly owns 53,093 shares in the company, valued at $4,247,970.93. The disclosure for this sale can be found here. Insiders have sold a total of 44,596 shares of company stock valued at $3,613,768 over the last ninety days. Corporate insiders own 18.55% of the company’s stock.

Hedge Funds Weigh In On AAON

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in AAON by 57.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,489,640 shares of the construction company’s stock worth $425,936,000 after purchasing an additional 2,725,779 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of AAON in the 4th quarter worth about $22,784,000. Conestoga Capital Advisors LLC raised its stake in shares of AAON by 0.8% in the 4th quarter. Conestoga Capital Advisors LLC now owns 3,354,242 shares of the construction company’s stock valued at $247,778,000 after purchasing an additional 25,178 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of AAON by 75.7% during the third quarter. Lazard Asset Management LLC now owns 33,189 shares of the construction company’s stock worth $1,887,000 after purchasing an additional 14,303 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in AAON by 49.9% in the third quarter. Public Employees Retirement System of Ohio now owns 89,210 shares of the construction company’s stock worth $5,073,000 after purchasing an additional 29,704 shares in the last quarter. Institutional investors and hedge funds own 70.81% of the company’s stock.

AAON Stock Performance

The company has a fifty day moving average of $86.21 and a two-hundred day moving average of $74.45. The stock has a market capitalization of $6.44 billion, a P/E ratio of 36.52 and a beta of 0.88. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.23 and a quick ratio of 1.54.

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.