BlackRock Inc. boosted its position in shares of AAR Corp. (NYSE:AIR) by 1.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,731,967 shares of the aerospace company’s stock after purchasing an additional 74,499 shares during the period. BlackRock Inc. owned about 14.02% of AAR Corp. worth $164,483,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in AIR. First Trust Advisors LP lifted its holdings in AAR Corp. by 25.3% during the 1st quarter. First Trust Advisors LP now owns 62,936 shares of the aerospace company’s stock valued at $2,117,000 after purchasing an additional 12,701 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in AAR Corp. by 3.0% during the 1st quarter. Bank of New York Mellon Corp now owns 506,440 shares of the aerospace company’s stock valued at $17,031,000 after purchasing an additional 14,929 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in AAR Corp. by 12.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,579 shares of the aerospace company’s stock valued at $221,000 after purchasing an additional 715 shares during the last quarter. Karp Capital Management Corp bought a new position in AAR Corp. during the 1st quarter valued at about $452,000. Finally, Ameriprise Financial Inc. lifted its holdings in AAR Corp. by 4.6% during the 1st quarter. Ameriprise Financial Inc. now owns 169,163 shares of the aerospace company’s stock valued at $5,689,000 after purchasing an additional 7,398 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.
AAR Corp. (NYSE AIR) opened at 38.43 on Thursday. The company has a market capitalization of $1.31 billion, a P/E ratio of 23.09 and a beta of 1.37. The firm has a 50 day moving average of $36.80 and a 200-day moving average of $35.60. AAR Corp. has a 52 week low of $30.37 and a 52 week high of $39.71.
AAR Corp. (NYSE:AIR) last posted its quarterly earnings results on Tuesday, September 19th. The aerospace company reported $0.31 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.31. AAR Corp. had a net margin of 3.20% and a return on equity of 5.66%. The company had revenue of $439.20 million for the quarter, compared to the consensus estimate of $410.52 million. During the same period last year, the company posted $0.29 EPS. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, analysts forecast that AAR Corp. will post $1.77 earnings per share for the current year.
AAR Corp. announced that its board has authorized a share repurchase plan on Tuesday, July 11th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the aerospace company to repurchase up to 20.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 3rd. Stockholders of record on Monday, October 23rd will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.78%. AAR Corp.’s payout ratio is currently 17.86%.
Several brokerages recently issued reports on AIR. Zacks Investment Research raised shares of AAR Corp. from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Noble Financial reissued a “buy” rating on shares of AAR Corp. in a report on Thursday, July 13th. BidaskClub downgraded shares of AAR Corp. from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Canaccord Genuity began coverage on shares of AAR Corp. in a report on Wednesday, September 6th. They set a “hold” rating and a $40.00 price target for the company. Finally, Seaport Global Securities began coverage on shares of AAR Corp. in a report on Tuesday, September 12th. They set a “neutral” rating and a $39.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $45.67.
In other news, VP Robert J. Regan sold 28,640 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $36.53, for a total value of $1,046,219.20. Following the sale, the vice president now directly owns 114,193 shares in the company, valued at approximately $4,171,470.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Timothy J. Romenesko sold 43,200 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $37.28, for a total transaction of $1,610,496.00. Following the completion of the sale, the insider now owns 317,665 shares in the company, valued at $11,842,551.20. The disclosure for this sale can be found here. Company insiders own 9.33% of the company’s stock.
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AAR Corp. Company Profile
AAR CORP. (AAR) is a provider of services and products to the commercial aviation and government and defense markets. The Company operates in two segments: Aviation Services, which consists of supply chain and maintenance, repair and overhaul (MRO) activities, and Expeditionary Services, which includes airlift and mobility activities.
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