AAON, Inc. (AAON) Downgraded by Zacks Investment Research to Strong Sell

AAON, Inc. (NASDAQ:AAON) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Monday.

According to Zacks, “Aaon Inc. is a manufacturer of air-conditioning and heating equipment consisting of rooftop units, chillers, air-handling units, condensing units and coils. Its products serve the new construction and replacement markets. The Company has successfully gained market share through its semi-custom product lines, which offer the customer value, quality, function, serviceability and efficiency. “

Separately, BidaskClub cut shares of AAON from a “buy” rating to a “hold” rating in a report on Monday, July 24th.

AAON (AAON) traded up $0.05 during trading on Monday, reaching $34.50. 52,595 shares of the company’s stock traded hands, compared to its average volume of 133,002. The stock has a market capitalization of $1,807.54, a P/E ratio of 36.65, a PEG ratio of 2.37 and a beta of 1.01.

AAON (NASDAQ:AAON) last released its quarterly earnings results on Thursday, November 2nd. The construction company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). The company had revenue of $113.67 million during the quarter, compared to the consensus estimate of $111.76 million. AAON had a net margin of 12.77% and a return on equity of 23.17%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 earnings per share. equities research analysts predict that AAON will post 0.97 EPS for the current year.

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In other news, Director Jack E. Short sold 5,062 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $31.91, for a total transaction of $161,528.42. Following the transaction, the director now directly owns 54,336 shares of the company’s stock, valued at $1,733,861.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.25% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital Analysts LLC bought a new position in AAON in the second quarter valued at approximately $121,000. Victory Capital Management Inc. increased its stake in AAON by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,869 shares of the construction company’s stock valued at $179,000 after acquiring an additional 729 shares during the last quarter. Pinebridge Investments L.P. increased its stake in AAON by 0.9% in the second quarter. Pinebridge Investments L.P. now owns 5,198 shares of the construction company’s stock valued at $192,000 after acquiring an additional 48 shares during the last quarter. Amalgamated Bank bought a new position in AAON in the second quarter valued at approximately $211,000. Finally, SG Americas Securities LLC bought a new position in AAON in the second quarter valued at approximately $220,000. 65.60% of the stock is currently owned by institutional investors.

About AAON

AAON, Inc is engaged in the engineering, manufacturing, marketing and sale of air conditioning and heating equipment consisting of standard, semi-custom and custom rooftop units, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps and coils.

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