AAR (NYSE:AIR) Shares Gap Down – Here’s Why

AAR Corp. (NYSE:AIR) gapped down before the market opened on Wednesday . The stock had previously closed at $141.40, but opened at $133.99. AAR shares last traded at $130.8280, with a volume of 189,168 shares trading hands.

Analyst Ratings Changes

AIR has been the subject of several recent research reports. Wall Street Zen lowered shares of AAR from a “strong-buy” rating to a “buy” rating in a research report on Sunday, June 14th. Jefferies Financial Group boosted their price objective on shares of AAR from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. KeyCorp restated a “sector weight” rating on shares of AAR in a research note on Wednesday. Weiss Ratings cut AAR from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, July 8th. Finally, Truist Financial upgraded AAR to a “strong-buy” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $132.20.

AAR Stock Performance

The company has a current ratio of 2.70, a quick ratio of 1.23 and a debt-to-equity ratio of 0.54. The company has a market cap of $5.05 billion, a P/E ratio of 28.23 and a beta of 1.09. The business’s 50 day simple moving average is $125.44 and its 200 day simple moving average is $115.33.

AAR (NYSE:AIR) last posted its quarterly earnings results on Tuesday, July 21st. The aerospace company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.15. The business had revenue of $928.00 million during the quarter, compared to analyst estimates of $893.03 million. AAR had a net margin of 5.46% and a return on equity of 12.39%. During the same period in the prior year, the business posted $1.16 earnings per share. Sell-side analysts predict that AAR Corp. will post 4.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of AAR by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,779 shares of the aerospace company’s stock valued at $1,163,000 after acquiring an additional 904 shares in the last quarter. Millennium Management LLC grew its position in shares of AAR by 35.8% during the first quarter. Millennium Management LLC now owns 134,966 shares of the aerospace company’s stock worth $7,557,000 after purchasing an additional 35,608 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in AAR by 4.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 97,384 shares of the aerospace company’s stock valued at $5,453,000 after purchasing an additional 4,288 shares during the period. State Street Corp raised its stake in AAR by 10.9% during the 2nd quarter. State Street Corp now owns 1,917,821 shares of the aerospace company’s stock valued at $131,927,000 after purchasing an additional 188,406 shares during the period. Finally, Sei Investments Co. raised its stake in AAR by 4.2% during the 2nd quarter. Sei Investments Co. now owns 265,375 shares of the aerospace company’s stock valued at $18,255,000 after purchasing an additional 10,725 shares during the period. Institutional investors own 90.74% of the company’s stock.

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.