JPMorgan Chase & Co. Sells 276,348 Shares of AAON, Inc. (NASDAQ:AAON)

JPMorgan Chase & Co. trimmed its position in AAON, Inc. (NASDAQ:AAON) by 8.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,984,178 shares of the construction company’s stock after selling 276,348 shares during the period. JPMorgan Chase & Co.’s holdings in AAON were worth $351,178,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of AAON. Blue Trust Inc. raised its position in AAON by 28.4% in the 4th quarter. Blue Trust Inc. now owns 380 shares of the construction company’s stock valued at $41,000 after buying an additional 84 shares during the last quarter. Captrust Financial Advisors raised its holdings in shares of AAON by 1.0% in the third quarter. Captrust Financial Advisors now owns 8,796 shares of the construction company’s stock valued at $949,000 after purchasing an additional 89 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in shares of AAON by 0.5% in the fourth quarter. Louisiana State Employees Retirement System now owns 18,700 shares of the construction company’s stock worth $2,201,000 after purchasing an additional 100 shares in the last quarter. HUB Investment Partners LLC boosted its holdings in AAON by 5.2% during the fourth quarter. HUB Investment Partners LLC now owns 2,016 shares of the construction company’s stock worth $237,000 after purchasing an additional 100 shares during the last quarter. Finally, Conway Capital Management Inc. grew its position in AAON by 4.0% in the fourth quarter. Conway Capital Management Inc. now owns 2,602 shares of the construction company’s stock valued at $306,000 after purchasing an additional 101 shares in the last quarter. 70.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on AAON. CJS Securities raised shares of 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. Robert W. Baird reduced their price target on AAON from $155.00 to $116.00 and set an “outperform” rating for the company in a research report on Friday, February 28th. DA Davidson lowered their price target on AAON from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, StockNews.com downgraded AAON from a “hold” rating to a “sell” rating in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, AAON has an average rating of “Moderate Buy” and a consensus price target of $115.50.

AAON Trading Down 2.7 %

AAON stock opened at $78.08 on Monday. The stock has a 50-day simple moving average of $99.75 and a 200 day simple moving average of $112.70. The stock has a market capitalization of $6.37 billion, a P/E ratio of 34.40 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.79 and a current ratio of 3.06. AAON, Inc. has a 52 week low of $69.52 and a 52 week high of $144.07.

AAON Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Tuesday, March 18th were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, March 18th. This is a positive change from AAON’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.51%. AAON’s payout ratio is presently 19.90%.

AAON declared that its board has authorized a stock buyback plan on Tuesday, March 4th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 0.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at AAON

In related news, Director David Raymond Stewart acquired 1,000 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were purchased at an average cost of $80.86 per share, for a total transaction of $80,860.00. Following the completion of the acquisition, the director now directly owns 3,000 shares in the company, valued at approximately $242,580. This trade represents a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 18.55% of the stock is owned by company 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.