AAON (NASDAQ:AAON) to Repurchase $30.00 million in Stock

AAON (NASDAQ:AAON) announced that its Board of Directors has initiated a stock buyback plan on Tuesday, March 4th, RTT News reports. The company plans to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 0.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

AAON Stock Performance

Shares of NASDAQ:AAON opened at $81.94 on Thursday. The firm has a market capitalization of $6.66 billion, a PE ratio of 36.10 and a beta of 0.87. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.06 and a quick ratio of 1.79. The business has a 50-day moving average of $114.73 and a two-hundred day moving average of $114.16. AAON has a 12 month low of $69.52 and a 12 month high of $144.07.

AAON Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Tuesday, March 18th will be paid a dividend of $0.10 per share. This is a positive change from AAON’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a yield of 0.49%. AAON’s dividend payout ratio is currently 15.92%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. StockNews.com lowered AAON from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. DA Davidson dropped their target price on AAON from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Robert W. Baird dropped their target price on AAON from $155.00 to $116.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. Finally, CJS Securities upgraded AAON from a “market perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, AAON has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

Insiders Place Their Bets

In related news, VP Stephen E. Wakefield sold 5,362 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $130.99, for a total transaction of $702,368.38. Following the transaction, the vice president now directly owns 4,558 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. 18.55% of the stock is currently owned by 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.