Castleark Management LLC Invests $10.53 Million in AAR Corp. $AIR

Castleark Management LLC purchased a new position in shares of AAR Corp. (NYSE:AIR) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 73,664 shares of the aerospace company’s stock, valued at approximately $10,529,000. Castleark Management LLC owned about 0.18% of AAR at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in AAR during the second quarter worth about $925,068,000. Wellington Management Group LLP lifted its holdings in AAR by 144.3% in the third quarter. Wellington Management Group LLP now owns 1,486,775 shares of the aerospace company’s stock valued at $133,319,000 after acquiring an additional 878,188 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in AAR in the 2nd quarter worth approximately $84,251,000. UBS Group AG boosted its position in AAR by 709.2% in the 3rd quarter. UBS Group AG now owns 488,239 shares of the aerospace company’s stock worth $43,780,000 after purchasing an additional 427,906 shares in the last quarter. Finally, State Street Corp grew its stake in shares of AAR by 17.1% during the 4th quarter. State Street Corp now owns 2,320,927 shares of the aerospace company’s stock worth $192,150,000 after purchasing an additional 339,595 shares during the period. 90.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Truist Financial boosted their target price on shares of AAR from $128.00 to $145.00 and gave the company a “buy” rating in a research note on Monday, July 27th. KeyCorp restated a “sector weight” rating on shares of AAR in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of AAR from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 23rd. Wall Street Zen cut AAR from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Jefferies Financial Group lifted their price target on AAR from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, AAR currently has a consensus rating of “Moderate Buy” and an average price target of $135.60.

AAR Stock Performance

AIR opened at $135.41 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 2.84 and a debt-to-equity ratio of 0.52. The company has a market cap of $5.40 billion, a price-to-earnings ratio of 28.04 and a beta of 1.11. AAR Corp. has a 52-week low of $73.05 and a 52-week high of $154.00. The firm’s fifty day simple moving average is $138.74 and its two-hundred day simple moving average is $122.33.

AAR (NYSE:AIR) last released its earnings results on Tuesday, July 21st. The aerospace company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.15. AAR had a net margin of 5.67% and a return on equity of 12.67%. The business had revenue of $928.00 million during the quarter, compared to analysts’ expectations of $893.03 million. During the same quarter in the previous year, the company earned $1.16 earnings per share. The company’s quarterly revenue was up 23.0% on a year-over-year basis. Equities analysts anticipate that AAR Corp. will post 5.92 earnings per share for the current fiscal year.

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.