Timothy J. Romenesko Sells 43,200 Shares of AAR Corp. (NYSE:AIR) Stock
AAR Corp. (NYSE:AIR) Vice Chairman Timothy J. Romenesko sold 43,200 shares of AAR Corp. stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $37.28, for a total transaction of $1,610,496.00. Following the sale, the insider now owns 317,665 shares in the company, valued at $11,842,551.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
Shares of AAR Corp. (NYSE:AIR) traded down 1.89% on Monday, hitting $36.90. 284,670 shares of the stock were exchanged. The company has a 50 day moving average of $34.70 and a 200 day moving average of $34.14. AAR Corp. has a 52-week low of $22.87 and a 52-week high of $38.75. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 22.58 and a beta of 1.37.
AAR Corp. (NYSE:AIR) last announced its quarterly earnings results on Tuesday, July 11th. The aerospace company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. AAR Corp. had a return on equity of 5.69% and a net margin of 3.20%. The company had revenue of $492.30 million during the quarter, compared to analyst estimates of $486.93 million. During the same quarter last year, the firm posted $0.32 earnings per share. The firm’s revenue was up 5.1% on a year-over-year basis. Equities research analysts forecast that AAR Corp. will post $1.82 earnings per share for the current year.
AAR Corp. announced that its Board of Directors has approved a share repurchase program on Tuesday, July 11th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the aerospace company to buy up to 20.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 2nd. Investors of record on Friday, July 21st will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date is Wednesday, July 19th. AAR Corp.’s payout ratio is 18.18%.
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A number of hedge funds have recently made changes to their positions in the company. Bank of Montreal Can raised its stake in shares of AAR Corp. by 10.1% in the first quarter. Bank of Montreal Can now owns 3,371 shares of the aerospace company’s stock worth $114,000 after buying an additional 309 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of AAR Corp. by 0.9% in the first quarter. State of Alaska Department of Revenue now owns 3,520 shares of the aerospace company’s stock worth $118,000 after buying an additional 30 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of AAR Corp. by 15.9% in the first quarter. Victory Capital Management Inc. now owns 3,623 shares of the aerospace company’s stock worth $122,000 after buying an additional 496 shares during the last quarter. FNY Partners Fund LP acquired a new stake in shares of AAR Corp. during the first quarter worth approximately $127,000. Finally, BNP Paribas Arbitrage SA raised its stake in shares of AAR Corp. by 12.2% in the first quarter. BNP Paribas Arbitrage SA now owns 6,579 shares of the aerospace company’s stock worth $221,000 after buying an additional 715 shares during the last quarter. 90.04% of the stock is owned by institutional investors.
Several research firms recently commented on AIR. Zacks Investment Research upgraded shares of AAR Corp. from a “sell” rating to a “buy” rating and set a $38.00 target price on the stock in a research report on Tuesday, May 23rd. BidaskClub upgraded shares of AAR Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, Noble Financial initiated coverage on shares of AAR Corp. in a research report on Monday, April 3rd. They set a “buy” rating and a $40.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $46.80.
About AAR Corp.
AAR CORP. (AAR) is a provider of services and products to the commercial aviation and government and defense markets. The Company operates in two segments: Aviation Services, which consists of supply chain and maintenance, repair and overhaul (MRO) activities, and Expeditionary Services, which includes airlift and mobility activities.
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