AAON (NASDAQ:AAON) Shares Gap Down on Disappointing Earnings

AAON, Inc. (NASDAQ:AAON)’s share price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $90.89, but opened at $87.00. AAON shares last traded at $84.68, with a volume of 421,838 shares changing hands.

The construction company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.07). AAON had a return on equity of 27.20% and a net margin of 15.20%. The business had revenue of $262.10 million for the quarter, compared to analyst estimates of $284.76 million. During the same quarter in the prior year, the company earned $0.45 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis.

AAON Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, March 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. AAON’s dividend payout ratio (DPR) is 15.00%.

Wall Street Analyst Weigh In

Separately, William Blair assumed coverage on shares of AAON in a research report on Monday, April 29th. They set an “outperform” rating on the stock.

Insiders Place Their Bets

In other AAON news, Director Norman H. Asbjornson sold 19,136 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $81.30, for a total value of $1,555,756.80. Following the sale, the director now owns 14,874 shares of the company’s stock, valued at $1,209,256.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AAON news, VP Stephen E. Wakefield sold 24,655 shares of AAON stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $80.86, for a total value of $1,993,603.30. Following the transaction, the vice president now owns 15,992 shares in the company, valued at approximately $1,293,113.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Norman H. Asbjornson sold 19,136 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $81.30, for a total value of $1,555,756.80. Following the sale, the director now owns 14,874 shares of the company’s stock, valued at $1,209,256.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,596 shares of company stock worth $3,613,768. 18.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AAON

Several hedge funds and other institutional investors have recently made changes to their positions in AAON. TFO Wealth Partners LLC acquired a new position in AAON during the 4th quarter worth approximately $27,000. Operose Advisors LLC purchased a new position in AAON in the 3rd quarter valued at about $31,000. CI Investments Inc. boosted its position in AAON by 50.9% in the 3rd quarter. CI Investments Inc. now owns 617 shares of the construction company’s stock valued at $35,000 after buying an additional 208 shares during the last quarter. GAMMA Investing LLC purchased a new stake in shares of AAON during the fourth quarter worth about $36,000. Finally, McGlone Suttner Wealth Management Inc. purchased a new position in AAON in the fourth quarter valued at about $39,000. Institutional investors and hedge funds own 70.81% of the company’s stock.

AAON Trading Down 13.7 %

The company has a current ratio of 3.23, a quick ratio of 1.54 and a debt-to-equity ratio of 0.05. The business has a 50 day simple moving average of $86.21 and a two-hundred day simple moving average of $74.33. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 36.75 and a beta of 0.88.

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.