Allspring Global Investments Holdings LLC Sells 8,374 Shares of AAR Corp. $AIR

Allspring Global Investments Holdings LLC lessened its position in shares of AAR Corp. (NYSE:AIR) by 7.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,794 shares of the aerospace company’s stock after selling 8,374 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AAR were worth $11,114,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of AAR by 61.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 91,520 shares of the aerospace company’s stock valued at $8,207,000 after buying an additional 34,689 shares in the last quarter. Vanguard Group Inc. raised its holdings in AAR by 7.5% during the 4th quarter. Vanguard Group Inc. now owns 4,061,230 shares of the aerospace company’s stock valued at $336,229,000 after buying an additional 281,871 shares during the period. First Eagle Investment Management LLC lifted its position in AAR by 22.5% in the fourth quarter. First Eagle Investment Management LLC now owns 61,619 shares of the aerospace company’s stock worth $5,101,000 after buying an additional 11,300 shares during the last quarter. Artemis Investment Management LLP purchased a new position in shares of AAR during the 4th quarter worth about $1,230,000. Finally, Wealth Enhancement Trust Services Inc. purchased a new stake in shares of AAR during the fourth quarter valued at $1,416,000. 90.74% of the stock is currently owned by institutional investors.

AAR Stock Down 10.4%

AIR stock opened at $126.76 on Thursday. The firm has a 50 day moving average of $125.82 and a 200 day moving average of $115.64. The stock has a market capitalization of $5.04 billion, a PE ratio of 26.25 and a beta of 1.09. The company has a quick ratio of 1.23, a current ratio of 2.70 and a debt-to-equity ratio of 0.54. AAR Corp. has a 52 week low of $71.43 and a 52 week high of $146.75.

AAR (NYSE:AIR) last issued its quarterly earnings results on Tuesday, July 21st. The aerospace company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.15. The business had revenue of $928.00 million for the quarter, compared to analyst estimates of $893.03 million. AAR had a net margin of 5.67% and a return on equity of 13.14%. AAR’s revenue for the quarter was up 23.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.16 EPS. Sell-side analysts forecast that AAR Corp. will post 5.83 earnings per share for the current year.

Wall Street Analyst Weigh In

AIR has been the subject of several research reports. Truist Financial upgraded AAR to a “strong-buy” rating in a report on Friday, May 1st. Jefferies Financial Group boosted their price objective on shares of AAR from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Zacks Research upgraded AAR from a “hold” rating to a “strong-buy” rating in a report on Friday, July 10th. Royal Bank Of Canada increased their target price on AAR from $105.00 to $125.00 and gave the company an “outperform” rating in a research report on Wednesday, March 25th. Finally, Wall Street Zen downgraded AAR from a “strong-buy” rating to a “buy” rating in a research report on Sunday, June 14th. 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. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $132.20.

About AAR

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.