Equities researchers at Seaport Global Securities assumed coverage on shares of AAR Corp. (NYSE:AIR) in a research note issued on Tuesday. The brokerage set a “neutral” rating on the aerospace company’s stock.
A number of other equities research analysts have also issued reports on AIR. Noble Financial reaffirmed a “buy” rating on shares of AAR Corp. in a report on Friday, August 11th. Zacks Investment Research raised shares of AAR Corp. from a “sell” rating to a “buy” rating and set a $38.00 price target on the stock in a research report on Tuesday, May 23rd. Canaccord Genuity started coverage on shares of AAR Corp. in a research report on Wednesday, September 6th. They issued a “hold” rating and a $40.00 target price on the stock. Finally, BidaskClub cut shares of AAR Corp. from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $45.67.
Shares of AAR Corp. (NYSE:AIR) opened at 35.26 on Tuesday. The stock has a market capitalization of $1.19 billion, a PE ratio of 21.58 and a beta of 1.39. AAR Corp. has a 52 week low of $27.06 and a 52 week high of $38.75. The stock has a 50 day moving average of $35.94 and a 200-day moving average of $35.02.
AAR Corp. (NYSE:AIR) last posted its earnings results on Tuesday, July 11th. The aerospace company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. The firm had revenue of $492.30 million during the quarter, compared to analysts’ expectations of $486.93 million. AAR Corp. had a net margin of 3.20% and a return on equity of 5.69%. The business’s revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 EPS. On average, equities research analysts expect that AAR Corp. will post $1.77 EPS for the current year.
AAR Corp. announced that its Board of Directors has initiated a stock buyback program on Tuesday, July 11th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the aerospace company to buy up to 20.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, VP Robert J. Regan sold 28,640 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $36.53, for a total transaction of $1,046,219.20. Following the sale, the vice president now owns 114,193 shares of the company’s stock, valued at $4,171,470.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald B. Woodard sold 20,000 shares of the stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $37.22, for a total transaction of $744,400.00. Following the sale, the director now directly owns 20,073 shares in the company, valued at approximately $747,117.06. The disclosure for this sale can be found here. Insiders have sold 91,840 shares of company stock worth $3,401,115 in the last three months. Corporate insiders own 9.33% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of AAR Corp. by 1.6% during the second quarter. BlackRock Inc. now owns 4,731,967 shares of the aerospace company’s stock worth $164,483,000 after purchasing an additional 74,499 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of AAR Corp. by 5.7% during the first quarter. Vanguard Group Inc. now owns 2,924,503 shares of the aerospace company’s stock worth $98,350,000 after purchasing an additional 157,388 shares in the last quarter. Northern Trust Corp lifted its position in shares of AAR Corp. by 4.7% during the second quarter. Northern Trust Corp now owns 1,278,094 shares of the aerospace company’s stock worth $44,427,000 after purchasing an additional 57,466 shares in the last quarter. State Street Corp lifted its position in shares of AAR Corp. by 1.6% during the second quarter. State Street Corp now owns 1,119,196 shares of the aerospace company’s stock worth $38,901,000 after purchasing an additional 17,488 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of AAR Corp. by 3.0% during the first quarter. JPMorgan Chase & Co. now owns 915,183 shares of the aerospace company’s stock worth $30,777,000 after purchasing an additional 26,677 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.
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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