Share Repurchase Plan Approved by AAON (NASDAQ:AAON) Board

AAON (NASDAQ:AAON) announced that its board has initiated a stock buyback plan on Tuesday, March 4th, RTT News reports. The company plans to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the construction company to reacquire up to 0.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

AAON Stock Up 2.4 %

Shares of NASDAQ:AAON traded up $1.74 during midday trading on Tuesday, reaching $75.25. The company had a trading volume of 1,948,426 shares, compared to its average volume of 630,388. The company has a quick ratio of 1.79, a current ratio of 3.06 and a debt-to-equity ratio of 0.07. The business’s 50 day moving average price is $115.69 and its 200 day moving average price is $114.26. The stock has a market cap of $6.12 billion, a PE ratio of 33.15 and a beta of 0.87. AAON has a 1-year low of $69.47 and a 1-year high of $144.07.

Analyst Ratings Changes

Several analysts have issued reports on AAON shares. StockNews.com downgraded AAON from a “hold” rating to a “sell” rating in a research note on Friday. DA Davidson dropped their price target on AAON from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday. CJS Securities raised AAON from a “market perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a research note on Friday. Finally, Robert W. Baird dropped their price target on AAON from $155.00 to $116.00 and set an “outperform” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.50.

Insider Activity at AAON

In related news, CFO Rebecca Thompson sold 5,000 shares of AAON stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $138.00, for a total transaction of $690,000.00. Following the completion of the transaction, the chief financial officer now owns 17,297 shares in the company, valued at approximately $2,386,986. This trade represents a 22.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Stephen E. Wakefield sold 5,362 shares of AAON stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $130.99, for a total value of $702,368.38. Following the transaction, the vice president now owns 4,558 shares of the company’s stock, valued at $597,052.42. The trade was a 54.05 % decrease in their position. The disclosure for this sale can be found here. 18.55% of the stock is owned by company insiders.

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.