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

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

AAON Stock Performance

AAON opened at $81.25 on Friday. The firm has a market capitalization of $6.60 billion, a P/E ratio of 35.79 and a beta of 0.87. The stock’s 50 day moving average price is $113.90 and its two-hundred day moving average price is $113.94. The company has a quick ratio of 1.79, a current ratio of 3.06 and a debt-to-equity ratio of 0.07. AAON has a 12-month low of $69.52 and a 12-month high of $144.07.

AAON Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Tuesday, March 18th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend is Tuesday, March 18th. This is a positive change from AAON’s previous quarterly dividend of $0.08. AAON’s dividend payout ratio (DPR) is presently 15.92%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. 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 report on Friday, February 28th. Robert W. Baird decreased their target price on AAON from $155.00 to $116.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. DA Davidson decreased their target price on AAON from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, StockNews.com lowered AAON from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. 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 issued a strong buy rating to the company. According to MarketBeat.com, AAON currently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Insider Transactions at AAON

In other AAON news, VP Stephen E. Wakefield sold 5,362 shares of AAON stock in a transaction on Friday, December 13th. The stock was 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. The trade was a 54.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 18.55% of the stock is owned by insiders.

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.