Allspring Global Investments Holdings LLC Cuts Stock Position in AAR Corp. $AIR

Allspring Global Investments Holdings LLC lessened its stake in shares of AAR Corp. (NYSE:AIR) by 7.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,794 shares of the aerospace company’s stock after selling 8,374 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.25% of AAR worth $11,114,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of AAR by 7.5% in the 4th quarter. Vanguard Group Inc. now owns 4,061,230 shares of the aerospace company’s stock worth $336,229,000 after purchasing an additional 281,871 shares during the last quarter. State Street Corp grew its position in AAR by 17.1% during the 4th quarter. State Street Corp now owns 2,320,927 shares of the aerospace company’s stock valued at $192,150,000 after purchasing an additional 339,595 shares during the last quarter. Wellington Management Group LLP increased its stake in AAR by 17.4% during the 4th quarter. Wellington Management Group LLP now owns 1,745,352 shares of the aerospace company’s stock valued at $144,498,000 after purchasing an additional 258,577 shares in the last quarter. Franklin Resources Inc. raised its holdings in AAR by 36.9% in the third quarter. Franklin Resources Inc. now owns 1,154,167 shares of the aerospace company’s stock worth $107,752,000 after buying an additional 311,258 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in AAR by 7.7% in the fourth quarter. Invesco Ltd. now owns 1,122,792 shares of the aerospace company’s stock worth $92,956,000 after buying an additional 80,265 shares during the last quarter. 90.74% of the stock is owned by institutional investors.

AAR Trading Down 10.4%

AAR stock opened at $126.76 on Thursday. AAR Corp. has a 12-month low of $71.43 and a 12-month high of $146.75. The firm has a market capitalization of $5.04 billion, a price-to-earnings ratio of 26.25 and a beta of 1.09. The firm has a 50 day moving average of $125.82 and a 200 day moving average of $115.64. The company has a current ratio of 2.70, a quick ratio of 1.23 and a debt-to-equity ratio of 0.54.

AAR (NYSE:AIR) last issued its quarterly earnings results on Tuesday, July 21st. The aerospace company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.15. The business had revenue of $928.00 million for the quarter, compared to the consensus estimate of $893.03 million. AAR had a net margin of 5.67% and a return on equity of 13.14%. The company’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 earnings per share. As a group, research analysts predict that AAR Corp. will post 5.83 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AIR shares. Jefferies Financial Group increased their price target on shares of AAR from $150.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Weiss Ratings lowered AAR from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, July 8th. KeyCorp restated a “sector weight” rating on shares of AAR in a research note on Wednesday. Truist Financial upgraded shares of AAR to a “strong-buy” rating in a research note on Friday, May 1st. Finally, Royal Bank Of Canada increased their price target on AAR from $105.00 to $125.00 and gave the company an “outperform” rating in a report on Wednesday, March 25th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, AAR currently has an average rating of “Buy” and a consensus price target of $132.20.

AAR Company Profile

AAR Corp. (NYSE: AIR) is a global provider of aviation products and services to commercial, government and defense customers. The company offers a comprehensive portfolio of maintenance, repair and overhaul (MRO) solutions, component repair and overhaul, and engineering services designed to support a wide variety of fixed-wing and rotary aircraft. Leveraging FAA and EASA certifications, AAR delivers turnkey maintenance programs and ad hoc repair services that enhance aircraft availability and reliability.

In its Aviation Supply Chain Services segment, AAR sources, stores and distributes parts for both commercial airlines and military operators.