DA Davidson Brokers Decrease Earnings Estimates for AAON, Inc. (NASDAQ:AAON)

AAON, Inc. (NASDAQ:AAON) – Equities research analysts at DA Davidson cut their Q3 2023 earnings per share estimates for shares of AAON in a report released on Tuesday, September 5th. DA Davidson analyst B. Thielman now anticipates that the construction company will post earnings per share of $0.55 for the quarter, down from their prior estimate of $0.55. The consensus estimate for AAON’s current full-year earnings is $2.05 per share.

AAON (NASDAQ:AAON) last announced its earnings results on Thursday, August 3rd. The construction company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. The company had revenue of $283.96 million for the quarter, compared to analysts’ expectations of $276.08 million. AAON had a return on equity of 25.30% and a net margin of 14.22%. AAON’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same period last year, the firm earned $0.13 EPS.

Separately, StockNews.com began coverage on AAON in a report on Thursday, August 17th. They set a “hold” rating on the stock.

AAON Price Performance

NASDAQ:AAON opened at $65.26 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 2.76 and a debt-to-equity ratio of 0.12. The business’s 50-day simple moving average is $50.45 and its two-hundred day simple moving average is $44.54. The stock has a market cap of $5.33 billion, a PE ratio of 36.12 and a beta of 0.83. AAON has a 52 week low of $34.70 and a 52 week high of $71.39.

AAON Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be given a dividend of $0.08 per share. This is a positive change from AAON’s previous quarterly dividend of $0.05. The ex-dividend date is Thursday, September 7th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.49%. AAON’s dividend payout ratio (DPR) is presently 17.71%.

Insider Activity

In other news, CEO Gary D. Fields sold 67,500 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $41.69, for a total transaction of $2,814,000.00. Following the completion of the transaction, the chief executive officer now owns 89,389 shares in the company, valued at $3,726,528.09. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Gary D. Fields sold 67,500 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $41.69, for a total transaction of $2,814,000.00. Following the completion of the transaction, the chief executive officer now owns 89,389 shares in the company, valued at $3,726,528.09. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Robert Teis sold 2,100 shares of AAON stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $65.80, for a total value of $138,180.00. Following the completion of the transaction, the vice president now owns 13,684 shares of the company’s stock, valued at approximately $900,407.20. The disclosure for this sale can be found here. Company insiders own 19.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Portside Wealth Group LLC purchased a new position in AAON in the second quarter worth about $1,000,000. Virginia Retirement Systems ET AL bought a new stake in AAON in the second quarter worth about $389,000. California State Teachers Retirement System lifted its stake in AAON by 3.4% in the second quarter. California State Teachers Retirement System now owns 55,519 shares of the construction company’s stock worth $5,264,000 after purchasing an additional 1,811 shares during the last quarter. Osaic Holdings Inc. lifted its stake in AAON by 18.3% in the second quarter. Osaic Holdings Inc. now owns 7,483 shares of the construction company’s stock worth $710,000 after purchasing an additional 1,158 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in AAON by 5.8% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 13,337 shares of the construction company’s stock worth $1,265,000 after purchasing an additional 737 shares during the last quarter. Hedge funds and other institutional investors own 47.89% 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.