William Blair Comments on AAON, Inc.’s Q2 2024 Earnings (NASDAQ:AAON)

AAON, Inc. (NASDAQ:AAON) – Investment analysts at William Blair cut their Q2 2024 earnings estimates for AAON in a research report issued on Friday, May 3rd. William Blair analyst R. Merkel now expects that the construction company will post earnings per share of $0.53 for the quarter, down from their previous forecast of $0.58. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for AAON’s current full-year earnings is $2.27 per share. William Blair also issued estimates for AAON’s Q3 2024 earnings at $0.61 EPS, FY2024 earnings at $2.25 EPS, Q1 2025 earnings at $0.58 EPS, Q2 2025 earnings at $0.68 EPS, Q3 2025 earnings at $0.78 EPS, Q4 2025 earnings at $0.80 EPS and FY2025 earnings at $2.84 EPS.

AAON (NASDAQ:AAON) last released its earnings results on Thursday, May 2nd. The construction company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.07). The business had revenue of $262.10 million during the quarter, compared to analysts’ expectations of $284.76 million. AAON had a return on equity of 26.70% and a net margin of 15.44%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period last year, the business earned $0.45 earnings per share.

AAON Price Performance

NASDAQ:AAON opened at $78.40 on Monday. The stock’s fifty day moving average is $86.21 and its two-hundred day moving average is $74.60. AAON has a 52 week low of $52.24 and a 52 week high of $96.34. The company has a quick ratio of 1.54, a current ratio of 3.23 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $6.44 billion, a P/E ratio of 36.52 and a beta of 0.88.

Institutional Investors Weigh In On AAON

A number of hedge funds have recently bought and sold shares of AAON. Vanguard Group Inc. lifted its position in shares of AAON by 57.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,489,640 shares of the construction company’s stock worth $425,936,000 after purchasing an additional 2,725,779 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in shares of AAON during the 4th quarter worth about $22,784,000. Conestoga Capital Advisors LLC increased its holdings in shares of AAON by 0.8% in the 4th quarter. Conestoga Capital Advisors LLC now owns 3,354,242 shares of the construction company’s stock valued at $247,778,000 after acquiring an additional 25,178 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of AAON by 75.7% during the 3rd quarter. Lazard Asset Management LLC now owns 33,189 shares of the construction company’s stock worth $1,887,000 after acquiring an additional 14,303 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in shares of AAON by 49.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 89,210 shares of the construction company’s stock worth $5,073,000 after acquiring an additional 29,704 shares in the last quarter. Institutional investors and hedge funds own 70.81% of the company’s stock.

Insider Buying and Selling at AAON

In other news, Director Norman H. Asbjornson sold 19,136 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $81.30, for a total transaction of $1,555,756.80. Following the sale, the director now owns 14,874 shares of the company’s stock, valued at $1,209,256.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Norman H. Asbjornson sold 805 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $80.01, for a total value of $64,408.05. Following the sale, the director now directly owns 53,093 shares in the company, valued at $4,247,970.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Norman H. Asbjornson sold 19,136 shares of AAON stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $81.30, for a total value of $1,555,756.80. Following the completion of the transaction, the director now owns 14,874 shares of the company’s stock, valued at $1,209,256.20. The disclosure for this sale can be found here. Insiders sold a total of 44,596 shares of company stock valued at $3,613,768 in the last three months. 18.55% of the stock is owned by corporate insiders.

AAON Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 18th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Friday, March 15th. AAON’s dividend payout ratio (DPR) is 14.91%.

About AAON

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.