Canada Pension Plan Investment Board Sells 24,700 Shares of AAR Corp. (NYSE:AIR)

Canada Pension Plan Investment Board trimmed its position in AAR Corp. (NYSE:AIR) by 55.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,100 shares of the aerospace company’s stock after selling 24,700 shares during the quarter. Canada Pension Plan Investment Board’s holdings in AAR were worth $1,461,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. American Century Companies Inc. increased its stake in shares of AAR by 1,956.5% in the 2nd quarter. American Century Companies Inc. now owns 909,953 shares of the aerospace company’s stock valued at $66,154,000 after purchasing an additional 865,705 shares during the last quarter. Boston Partners acquired a new stake in AAR in the first quarter valued at about $25,794,000. Allspring Global Investments Holdings LLC grew its position in AAR by 889.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 391,076 shares of the aerospace company’s stock valued at $23,414,000 after acquiring an additional 351,540 shares during the last quarter. Norges Bank acquired a new position in AAR during the fourth quarter worth about $21,511,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of AAR by 37.6% in the second quarter. Bank of New York Mellon Corp now owns 421,770 shares of the aerospace company’s stock worth $30,663,000 after acquiring an additional 115,330 shares during the last quarter. 90.74% of the stock is currently owned by institutional investors and hedge funds.

AAR Stock Performance

NYSE AIR opened at $63.80 on Friday. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 37.53 and a beta of 1.55. AAR Corp. has a twelve month low of $54.71 and a twelve month high of $76.34. The stock has a fifty day simple moving average of $64.46 and a 200 day simple moving average of $66.59. The company has a quick ratio of 1.41, a current ratio of 2.98 and a debt-to-equity ratio of 0.83.

AAR (NYSE:AIR) last issued its quarterly earnings data on Monday, September 23rd. The aerospace company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. AAR had a return on equity of 10.31% and a net margin of 2.67%. The company had revenue of $661.70 million during the quarter, compared to the consensus estimate of $645.60 million. During the same period last year, the company earned $0.78 earnings per share. The firm’s revenue was up 20.4% compared to the same quarter last year. Sell-side analysts expect that AAR Corp. will post 3.72 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AIR. Royal Bank of Canada reaffirmed an “outperform” rating and set a $85.00 price target on shares of AAR in a report on Tuesday. Benchmark reiterated a “buy” rating and set a $83.00 price target on shares of AAR in a report on Tuesday. Stifel Nicolaus cut their price objective on AAR from $86.00 to $85.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Finally, StockNews.com cut AAR from a “hold” rating to a “sell” rating in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $83.50.

AAR Company Profile

AAR Corp. provides products and services to commercial aviation, government, and defense markets worldwide. The Parts Supply segment leases and sells aircraft components and replacement parts. The Repair & Engineering segment provides airframe maintenance services, such as airframe inspection, painting, line maintenance, airframe modification, structural repair, avionics service and installation, exterior and interior refurbishment, and engineering and support services; component repair services comprising maintenance, repair, and overhaul (MRO) services, engine and airframe accessories, and interior refurbishment; and landing gear overhaul services, including repair services on wheels and brakes.