PNC Financial Services Group Inc. Increases Holdings in AAON, Inc. (NASDAQ:AAON)

PNC Financial Services Group Inc. lifted its position in AAON, Inc. (NASDAQ:AAON) by 6.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,868 shares of the construction company’s stock after purchasing an additional 244 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AAON were worth $455,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Avior Wealth Management LLC raised its stake in shares of AAON by 5,040.4% in the fourth quarter. Avior Wealth Management LLC now owns 2,416 shares of the construction company’s stock worth $284,000 after purchasing an additional 2,369 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of AAON by 691.1% in the fourth quarter. SG Americas Securities LLC now owns 24,666 shares of the construction company’s stock worth $2,903,000 after purchasing an additional 21,548 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of AAON by 39.1% in the third quarter. Lord Abbett & CO. LLC now owns 288,581 shares of the construction company’s stock worth $31,121,000 after purchasing an additional 81,111 shares during the last quarter. Wolverine Trading LLC acquired a new stake in AAON during the third quarter worth about $471,000. Finally, Caldwell Investment Management Ltd. acquired a new stake in AAON during the fourth quarter worth about $1,099,000. 70.81% of the stock is currently owned by hedge funds and other institutional investors.

AAON Trading Up 2.1 %

Shares of NASDAQ:AAON opened at $81.48 on Thursday. AAON, Inc. has a 1 year low of $69.52 and a 1 year high of $144.07. The firm has a market capitalization of $6.65 billion, a price-to-earnings ratio of 35.89 and a beta of 1.00. 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’s 50 day moving average price is $106.90 and its 200-day moving average price is $113.34.

AAON Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Tuesday, March 18th will be given a dividend of $0.10 per share. This is a positive change from AAON’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.49%. AAON’s dividend payout ratio (DPR) is 19.90%.

AAON declared that its Board of Directors has authorized a share repurchase plan on Tuesday, March 4th that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the construction company to reacquire up to 0.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

AAON has been the topic of several analyst reports. Robert W. Baird dropped their target price on AAON from $155.00 to $116.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. StockNews.com lowered AAON from a “hold” rating to a “sell” rating in a 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, DA Davidson dropped their target price on AAON from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.50.

Insider Activity

In other AAON news, Director David Raymond Stewart bought 1,000 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $80.86 per share, for a total transaction of $80,860.00. Following the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $242,580. This represents a 50.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 18.55% of the company’s stock.

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.