AAON, Inc. (NASDAQ:AAON) Increases Dividend to $0.10 Per Share

AAON, Inc. (NASDAQ:AAON) declared a quarterly dividend on Wednesday, March 5th, RTT News reports. Investors of record on Tuesday, March 18th will be paid a dividend of 0.10 per share by the construction company on Friday, March 28th. This represents a $0.40 dividend on an annualized basis and a yield of 0.49%. This is a 25.0% increase from AAON’s previous quarterly dividend of $0.08.

AAON has raised its dividend by an average of 8.1% annually over the last three years. AAON has a dividend payout ratio of 10.8% meaning 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 $0.32 annual dividend with an expected future payout ratio of 10.9%.

AAON Stock Up 8.9 %

Shares of AAON stock opened at $81.94 on Thursday. The company has a quick ratio of 1.79, a current ratio of 3.06 and a debt-to-equity ratio of 0.07. AAON has a 52-week low of $69.52 and a 52-week high of $144.07. The company has a 50 day moving average of $114.73 and a 200 day moving average of $114.16. The company has a market capitalization of $6.66 billion, a P/E ratio of 36.10 and a beta of 0.87.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AAON. DA Davidson cut their price objective on shares of AAON from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Robert W. Baird dropped their price objective on shares of AAON from $155.00 to $116.00 and set an “outperform” rating on the stock 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 price objective on the stock 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 issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $115.50.

AAON announced that its board has authorized a share repurchase program on Tuesday, March 4th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the construction company to buy up to 0.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, VP Stephen E. Wakefield sold 5,362 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $130.99, for a total value of $702,368.38. Following the completion of the transaction, the vice president now owns 4,558 shares of the company’s stock, valued at approximately $597,052.42. The trade was a 54.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 18.55% of the company’s stock.

AAON Company Profile

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.