Oppenheimer Has Lowered Expectations for AAON (NASDAQ:AAON) Stock Price

Posted by George Bondi on Aug 11th, 2026

AAON (NASDAQ:AAON – Get Free Report) had its price objective reduced by stock analysts at Oppenheimer from $145.00 to $125.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. Oppenheimer’s price target points to a potential upside of 43.81% from the stock’s previous close.

Several other research analysts also recently issued reports on AAON. Zacks Research downgraded shares of AAON from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Robert W. Baird lowered their price objective on shares of AAON from $150.00 to $135.00 and set an “outperform” rating for the company in a research report on Tuesday. KeyCorp initiated coverage on shares of AAON in a research report on Thursday, July 23rd. They issued a “sector weight” rating for the company. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of AAON in a research note on Tuesday, July 14th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $126.67.

Check Out Our Latest Report on AAON

AAON Stock Performance

AAON opened at $86.92 on Tuesday. The stock has a market cap of $7.12 billion, a PE ratio of 60.58, a P/E/G ratio of 2.64 and a beta of 1.45. The company has a current ratio of 2.62, a quick ratio of 1.75 and a debt-to-equity ratio of 0.46. AAON has a 1 year low of $72.09 and a 1 year high of $150.46. The stock’s 50 day simple moving average is $115.40 and its 200-day simple moving average is $105.91.

AAON (NASDAQ:AAON – Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The construction company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.18. AAON had a net margin of 7.30% and a return on equity of 13.67%. The firm had revenue of $626.98 million during the quarter, compared to analyst estimates of $508.82 million. During the same quarter in the prior year, the business posted $0.22 earnings per share. The company’s quarterly revenue was up 101.2% compared to the same quarter last year. Sell-side analysts forecast that AAON will post 2.24 EPS for the current year.

Insider Buying and Selling at AAON

In related news, EVP Gordon Douglas Wichman sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.39, for a total transaction of $421,170.00. Following the completion of the transaction, the executive vice president directly owned 10,997 shares of the company’s stock, valued at approximately $1,543,868.83. This represents a 21.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Joseph Tobolski sold 8,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $135.37, for a total value of $1,082,960.00. Following the completion of the sale, the chief executive officer directly owned 114,371 shares of the company’s stock, valued at approximately $15,482,402.27. The trade was a 6.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 77,637 shares of company stock worth $10,807,621 in the last quarter. Company insiders own 18.09% of the company’s stock.

Institutional Investors Weigh In On AAON

Large investors have recently added to or reduced their stakes in the business. Madison Asset Management LLC acquired a new stake in AAON during the second quarter worth approximately $3,867,000. Bank of New York Mellon Corp acquired a new position in shares of AAON in the second quarter valued at approximately $55,284,000. Wasatch Advisors LP increased its stake in shares of AAON by 3.1% during the second quarter. Wasatch Advisors LP now owns 2,338,517 shares of the construction company’s stock worth $296,664,000 after purchasing an additional 70,399 shares during the period. GAMMA Investing LLC increased its stake in shares of AAON by 62.5% during the second quarter. GAMMA Investing LLC now owns 2,070 shares of the construction company’s stock worth $263,000 after purchasing an additional 796 shares during the period. Finally, Brighton Securities CORP. acquired a new stake in AAON during the 2nd quarter worth approximately $240,000. Institutional investors own 70.81% of the company’s stock.

Key AAON News

Here are the key news stories impacting AAON this week:

Positive Sentiment: AAON reported record second-quarter revenue of approximately $627 million, up 101.2% year over year, while adjusted EPS of $0.69 exceeded the roughly $0.51–$0.52 analyst consensus. Operating income rose 192%, and backlog increased 98% to about $2.0 billion, reflecting strong demand—particularly for data-center cooling equipment. AAON Reports Record Second Quarter 2026 Results
Positive Sentiment: The company raised its full-year outlook, calling for 2026 sales growth of 55% to 60% and revenue of approximately $2.2 billion to $2.3 billion. Management cited strong backlog, expanded capacity, and improving production execution. AAON Posts Record Q2 Results
Neutral Sentiment: Institutional trading was mixed: several large investors added shares, including Wellington Management, Capital World Investors, and State Street, while Capital International Investors and other funds reduced or eliminated positions. This suggests differing views after AAON’s rapid run-up.
Negative Sentiment: Investors were disappointed that full-year gross-margin guidance was set at approximately 25% to 26%, with SG&A at 13% to 14% of sales. The margin outlook indicates that capacity expansion, ramp-up costs, and execution pressures remain despite the revenue and EPS beat. AAON Reports Strong Q2 Results but Lowers FY26 Margin Guidance
Negative Sentiment: Robert W. Baird lowered its AAON price target from $150 to $135, although it maintained an “outperform” rating. The reduction reinforces concerns that expectations and valuation had become difficult to sustain, with AAON trading at a high earnings multiple. Benzinga Price Target Update
Negative Sentiment: Recent insider activity was a potential overhang: company insiders reportedly made 17 open-market sales and no purchases during the past six months. Profit-taking before and after earnings may be adding to short-term selling pressure.

AAON Company Profile

(Get Free Report)

AAON, Inc (NASDAQ: AAON) is a U.S.-based designer and manufacturer of heating, ventilation and air conditioning (HVAC) equipment for commercial and industrial applications. The company’s product portfolio focuses on rooftop packaged units, water-source heat pumps, chillers and custom-engineered solutions that cater to a wide array of building types, from office complexes and schools to data centers and healthcare facilities.

AAON’s core offerings include rooftop units available in gas, electric and dual-fuel configurations, precision air-conditioning systems for temperature- and humidity-sensitive environments, and modular chillers suited for both indoor and outdoor installations.