Marco Investment Management LLC Lowers Stock Position in AAON, Inc. (NASDAQ:AAON)

Marco Investment Management LLC cut its stake in shares of AAON, Inc. (NASDAQ:AAON) by 8.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,609 shares of the construction company’s stock after selling 230 shares during the period. Marco Investment Management LLC’s holdings in AAON were worth $307,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in AAON. Raymond James Financial Inc. purchased a new stake in shares of AAON during the 4th quarter valued at $73,313,000. Wasatch Advisors LP boosted its position in AAON by 39.1% during the 3rd quarter. Wasatch Advisors LP now owns 1,866,746 shares of the construction company’s stock worth $201,310,000 after purchasing an additional 525,132 shares during the period. Franklin Resources Inc. increased its holdings in AAON by 258.8% in the 3rd quarter. Franklin Resources Inc. now owns 330,397 shares of the construction company’s stock valued at $37,014,000 after purchasing an additional 238,308 shares in the last quarter. FMR LLC increased its holdings in AAON by 9.6% in the 3rd quarter. FMR LLC now owns 1,729,498 shares of the construction company’s stock valued at $186,509,000 after purchasing an additional 151,540 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in AAON by 4.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,260,526 shares of the construction company’s stock valued at $351,615,000 after purchasing an additional 150,207 shares in the last quarter. 70.81% of the stock is owned by hedge funds and other institutional investors.

AAON Stock Performance

NASDAQ:AAON opened at $81.25 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.06 and a quick ratio of 1.79. The firm has a 50-day moving average of $113.90 and a two-hundred day moving average of $113.94. The stock has a market cap of $6.60 billion, a P/E ratio of 35.79 and a beta of 0.87. AAON, Inc. has a 1-year low of $69.52 and a 1-year high of $144.07.

AAON declared that its Board of Directors has approved a stock 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 reacquire up to 0.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

AAON Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Tuesday, March 18th will be given a $0.10 dividend. This is a boost from AAON’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Tuesday, March 18th. AAON’s dividend payout ratio is presently 15.92%.

Insider Buying and Selling at AAON

In other AAON news, VP Stephen E. Wakefield sold 5,362 shares of the company’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 directly owns 4,558 shares of the company’s stock, valued at $597,052.42. This represents a 54.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 18.55% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

AAON has been the subject of several recent research reports. DA Davidson lowered their price target on AAON from $150.00 to $125.00 and set a “buy” rating for the company in a report on Friday, February 28th. CJS Securities upgraded AAON from a “market perform” rating to an “outperform” rating and set a $110.00 price target for the company in a report on Friday, February 28th. Robert W. Baird lowered their price target on AAON from $155.00 to $116.00 and set an “outperform” rating for the company in a report on Friday, February 28th. Finally, StockNews.com downgraded AAON from a “hold” rating to a “sell” rating in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.50.

AAON 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.