Share Repurchase Program Announced by AAON (NASDAQ:AAON) Board of Directors

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

AAON Stock Down 0.8 %

Shares of NASDAQ:AAON opened at $81.25 on Friday. AAON has a 52-week low of $69.52 and a 52-week high of $144.07. The business’s 50 day simple moving average is $113.90 and its two-hundred day simple moving average is $113.94. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.79 and a current ratio of 3.06. The firm has a market cap of $6.60 billion, a P/E ratio of 35.79 and a beta of 0.87.

AAON Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Tuesday, March 18th will be given a $0.10 dividend. This is a positive change 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%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. StockNews.com lowered AAON from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Robert W. Baird lowered their target price on AAON from $155.00 to $116.00 and set an “outperform” rating on the stock in a research note on Friday, February 28th. 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 report on Friday, February 28th. Finally, DA Davidson reduced their price target on AAON from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AAON presently has an average rating of “Moderate Buy” and an average target price of $115.50.

Insider Activity at AAON

In other news, VP Stephen E. Wakefield sold 5,362 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $130.99, for a total transaction of $702,368.38. Following the completion of the sale, the vice president now directly owns 4,558 shares of the company’s stock, valued at $597,052.42. This trade represents a 54.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 18.55% of the stock is currently owned by 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.