AAON, Inc. Plans Quarterly Dividend of $0.10 (NASDAQ:AAON)

AAON, Inc. (NASDAQ:AAON) declared a quarterly dividend on Friday, May 16th, RTT News reports. Investors of record on Friday, June 6th will be paid a dividend of 0.10 per share by the construction company on Friday, June 27th. This represents a $0.40 dividend on an annualized basis and a yield of 0.37%.

AAON has increased its dividend payment by an average of 8.1% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. AAON has a dividend payout ratio of 13.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect AAON to earn $2.93 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 13.7%.

AAON Price Performance

AAON opened at $106.87 on Friday. The company’s 50-day simple moving average is $86.05 and its two-hundred day simple moving average is $107.77. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.79 and a current ratio of 3.06. The stock has a market capitalization of $8.70 billion, a P/E ratio of 47.08 and a beta of 1.06. AAON has a 52-week low of $68.98 and a 52-week high of $144.07.

AAON (NASDAQ:AAON) last issued its quarterly earnings data on Wednesday, April 30th. The construction company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.13. AAON had a net margin of 15.78% and a return on equity of 24.98%. The company had revenue of $322.05 million for the quarter, compared to the consensus estimate of $289.16 million. During the same quarter in the prior year, the firm earned $0.46 earnings per share. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. As a group, analysts predict that AAON will post 2.26 EPS for the current year.

Wall Street Analysts Forecast Growth

AAON has been the subject of a number of analyst reports. Robert W. Baird reduced their price objective on shares of AAON from $155.00 to $116.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. DA Davidson cut their target price on shares of AAON from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, February 28th. CJS Securities raised shares of AAON from a “market perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research note on Friday, February 28th. Finally, StockNews.com cut shares of AAON from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $115.50.

AAON announced that its Board of Directors has initiated a share buyback program on Tuesday, March 4th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at AAON

In other news, CEO Gary D. Fields sold 8,357 shares of AAON stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $98.66, for a total value of $824,501.62. Following the transaction, the chief executive officer now owns 26,491 shares of the company’s stock, valued at $2,613,602.06. The trade was a 23.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Raymond Stewart bought 1,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was bought at an average price of $80.86 per share, with a total value of $80,860.00. Following the completion of the purchase, the director now directly owns 3,000 shares in the company, valued at $242,580. This represents a 50.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 18.70% of the company’s stock.

Hedge Funds Weigh In On AAON

Large investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC raised its position in AAON by 1.8% during the first quarter. NewEdge Advisors LLC now owns 16,267 shares of the construction company’s stock worth $1,271,000 after acquiring an additional 294 shares during the period. Millennium Management LLC grew its holdings in shares of AAON by 429.3% during the first quarter. Millennium Management LLC now owns 81,145 shares of the construction company’s stock worth $6,340,000 after buying an additional 65,813 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of AAON by 20.6% during the first quarter. Goldman Sachs Group Inc. now owns 430,936 shares of the construction company’s stock worth $33,669,000 after buying an additional 73,644 shares in the last quarter. 70.81% of the stock is currently owned by institutional investors and hedge funds.

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.