AAON (NASDAQ:AAON) Stock Price Up 6.5% Following Dividend Announcement

AAON, Inc. (NASDAQ:AAON) shares rose 6.5% during mid-day 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 were traded during 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. Shareholders of record on Tuesday, March 18th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, March 18th. This is an increase from AAON’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a yield of 0.49%. AAON’s payout ratio is currently 15.92%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AAON. DA Davidson lowered their price target on shares of AAON from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Friday, February 28th. StockNews.com downgraded shares of AAON from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. CJS Securities raised AAON from a “market perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a research report on Friday, February 28th. Finally, Robert W. Baird lowered their price objective on AAON from $155.00 to $116.00 and set an “outperform” rating for the company in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AAON presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

AAON Stock Down 0.8 %

The company has a market capitalization of $6.60 billion, a price-to-earnings ratio of 35.79 and a beta of 0.87. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.79 and a current ratio of 3.06. The business’s 50 day moving average is $113.90 and its 200 day moving average is $113.94.

AAON announced that its board has approved a stock buyback program on Tuesday, March 4th that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the construction company to purchase up to 0.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, VP Stephen E. Wakefield sold 5,362 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $130.99, for a total value of $702,368.38. Following the completion of the transaction, the vice president now directly owns 4,558 shares in the company, valued at $597,052.42. This trade represents a 54.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 18.55% of the company’s stock.

Hedge Funds Weigh In On AAON

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Park Square Financial Group LLC purchased a new stake in shares of AAON in the 4th quarter valued at $57,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in AAON during the fourth quarter valued at $8,920,000. Forum Financial Management LP purchased a new stake in AAON in the fourth quarter valued at $202,000. GTS Securities LLC acquired a new stake in AAON during the 4th quarter worth about $408,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in AAON by 2.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 220,513 shares of the construction company’s stock worth $25,950,000 after purchasing an additional 4,839 shares during the period. Institutional investors and hedge funds own 70.81% of the company’s stock.

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.