Castleark Management LLC Acquires Shares of 73,664 AAR Corp. $AIR

Castleark Management LLC bought a new position in shares of AAR Corp. (NYSE:AIR) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 73,664 shares of the aerospace company’s stock, valued at approximately $10,529,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of AAR in the second quarter worth about $925,068,000. Wellington Management Group LLP grew its stake in AAR by 144.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,486,775 shares of the aerospace company’s stock valued at $133,319,000 after acquiring an additional 878,188 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in AAR during the 2nd quarter valued at about $84,251,000. UBS Group AG raised its holdings in AAR by 709.2% in the 3rd quarter. UBS Group AG now owns 488,239 shares of the aerospace company’s stock valued at $43,780,000 after acquiring an additional 427,906 shares during the last quarter. Finally, State Street Corp lifted its stake in AAR by 17.1% in the 4th quarter. State Street Corp now owns 2,320,927 shares of the aerospace company’s stock worth $192,150,000 after purchasing an additional 339,595 shares in the last quarter. 90.74% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on AIR shares. Truist Financial boosted their target price on AAR from $128.00 to $145.00 and gave the stock a “buy” rating in a report on Monday, July 27th. KeyCorp reissued a “sector weight” rating on shares of AAR in a research note on Wednesday, July 22nd. Weiss Ratings upgraded AAR from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 23rd. Jefferies Financial Group lifted their price target on AAR from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Finally, Zacks Research raised shares of AAR from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $135.60.

AAR Price Performance

AIR opened at $135.41 on Wednesday. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of 28.04 and a beta of 1.11. AAR Corp. has a 12-month low of $73.05 and a 12-month high of $154.00. The company has a current ratio of 2.84, a quick ratio of 1.24 and a debt-to-equity ratio of 0.52. The stock’s 50-day moving average price is $138.74 and its 200 day moving average price is $122.33.

AAR (NYSE:AIR) last announced its quarterly earnings data on Tuesday, July 21st. The aerospace company reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.15. The firm had revenue of $928.00 million during the quarter, compared to analysts’ expectations of $893.03 million. AAR had a net margin of 5.67% and a return on equity of 12.67%. The business’s quarterly revenue was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.16 earnings per share. As a group, sell-side analysts expect that AAR Corp. will post 5.92 earnings per share for the current year.

About AAR

AAR Corp. (NYSE: AIR) is a global provider of aviation products and services to commercial, government and defense customers. The company offers a comprehensive portfolio of maintenance, repair and overhaul (MRO) solutions, component repair and overhaul, and engineering services designed to support a wide variety of fixed-wing and rotary aircraft. Leveraging FAA and EASA certifications, AAR delivers turnkey maintenance programs and ad hoc repair services that enhance aircraft availability and reliability.

In its Aviation Supply Chain Services segment, AAR sources, stores and distributes parts for both commercial airlines and military operators.