AAON, Inc. (NASDAQ:AAON) Increases Dividend to $0.10 Per Share

AAON, Inc. (NASDAQ:AAON) declared a quarterly dividend on Wednesday, March 5th, RTT News reports. Investors of record on Tuesday, March 18th will be paid a dividend of 0.10 per share by the construction company on Friday, March 28th. This represents a $0.40 dividend on an annualized basis and a yield of 0.50%. This is an increase from AAON’s previous quarterly dividend of $0.08.

AAON has increased its dividend payment by an average of 8.1% per year over the last three years. AAON has a dividend payout ratio of 10.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect AAON to earn $2.93 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 10.9%.

AAON Trading Up 7.3 %

NASDAQ:AAON traded up $5.52 during trading hours on Wednesday, hitting $80.77. The company had a trading volume of 346,270 shares, compared to its average volume of 629,374. AAON has a 1 year low of $69.52 and a 1 year high of $144.07. The company has a current ratio of 3.06, a quick ratio of 1.79 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $114.73 and a 200 day moving average of $114.16. The company has a market cap of $6.56 billion, a P/E ratio of 35.45 and a beta of 0.87.

Insider Activity at AAON

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

Analyst Ratings Changes

AAON has been the topic of several recent analyst reports. Robert W. Baird decreased their target price on shares of AAON from $155.00 to $116.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. DA Davidson reduced their price target on shares of AAON from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. CJS Securities upgraded AAON from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research report on Friday, February 28th. Finally, StockNews.com downgraded AAON from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.50.

AAON announced that its Board of Directors has initiated a share buyback plan on Tuesday, March 4th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the construction company to buy up to 0.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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.