Royal Bank of Canada reduced its position in shares of AAON, Inc. (NASDAQ:AAON – Free Report) by 18.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,811 shares of the construction company’s stock after selling 22,877 shares during the period. Royal Bank of Canada’s holdings in AAON were worth $8,341,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP raised its position in shares of AAON by 44.3% in the fourth quarter. Wellington Management Group LLP now owns 6,839,277 shares of the construction company’s stock worth $521,495,000 after buying an additional 2,099,385 shares in the last quarter. Wasatch Advisors LP boosted its stake in AAON by 23.8% during the first quarter. Wasatch Advisors LP now owns 2,268,118 shares of the construction company’s stock valued at $187,687,000 after buying an additional 436,704 shares during the period. First Trust Advisors LP grew its position in AAON by 22.1% during the first quarter. First Trust Advisors LP now owns 2,013,215 shares of the construction company’s stock worth $166,594,000 after buying an additional 364,101 shares in the last quarter. Conestoga Capital Advisors LLC grew its position in AAON by 5.0% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,776,013 shares of the construction company’s stock worth $135,421,000 after buying an additional 84,693 shares in the last quarter. Finally, Impax Asset Management Group plc increased its stake in AAON by 53.2% in the 4th quarter. Impax Asset Management Group plc now owns 1,403,648 shares of the construction company’s stock worth $107,028,000 after acquiring an additional 487,601 shares during the last quarter. Institutional investors own 70.81% of the company’s stock.
Key Headlines Impacting AAON
Here are the key news stories impacting AAON this week:
- Positive Sentiment: Record Q2 performance: Revenue more than doubled year over year to $627.0 million, while operating income rose 192% to $68.9 million. Diluted EPS increased to $0.68-$0.69 from $0.19-$0.22 a year earlier, exceeding analysts’ estimates. AAON Reports Record Second Quarter 2026 Results
- Positive Sentiment: Demand and cash flow remain strong: Backlog was approximately $2.0 billion, nearly double the prior year, and first-half operating cash flow improved to $55 million from a $31 million use of cash in the prior-year period. AAON also raised its full-year sales-growth outlook to 55%-60%. AAON Reports Record Q2 2026 Sales and Raises Full Year Outlook
- Neutral Sentiment: Institutional positioning was mixed: Wellington Management, Capital World Investors and State Street added shares, while Capital International Investors, FMR and other funds reduced or eliminated positions. This suggests differing views on valuation and execution.
- Negative Sentiment: Margin guidance became the key concern: Full-year gross-margin guidance of approximately 25%-26% is below the roughly 27%-28% outlook previously cited. Although quarterly margins benefited from stronger volume and operating leverage, investors remain concerned that capacity expansion, outsourcing and ramp-related costs could limit earnings growth. AAON Reports Strong Q2 Results but Lowers FY26 Margin Guidance
- Negative Sentiment: High expectations and insider selling added pressure: With AAON trading at a premium valuation after substantial gains, investors appear to be taking profits and demanding evidence of sustainable margin expansion. Quiver data showed 17 insider open-market sales and no purchases over the past six months, including sales by senior executives. AAON Slides Ahead of Q2 Report
AAON Price Performance
AAON (NASDAQ:AAON – Get Free Report) last released its earnings results on Monday, August 10th. The construction company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.18. The company had revenue of $626.98 million during the quarter, compared to the consensus estimate of $508.82 million. AAON had a return on equity of 13.67% and a net margin of 7.30%.AAON’s quarterly revenue was up 101.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS. Sell-side analysts forecast that AAON, Inc. will post 2.24 EPS for the current fiscal year.
Insider Activity
In other news, Director Gary D. Fields sold 21,173 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $140.34, for a total value of $2,971,418.82. Following the completion of the sale, the director directly owned 34,252 shares in the company, valued at approximately $4,806,925.68. The trade was a 38.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Rebecca Thompson sold 4,230 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $143.42, for a total transaction of $606,666.60. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 77,637 shares of company stock valued at $10,807,621. Insiders own 18.09% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have weighed in on AAON shares. KeyCorp began coverage on AAON in a report on Thursday, July 23rd. They issued a “sector weight” rating on the stock. Oppenheimer reissued an “outperform” rating on shares of AAON in a report on Friday, May 8th. Zacks Research cut shares of AAON from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. 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, AAON currently has an average rating of “Moderate Buy” and an average price target of $112.00.
Check Out Our Latest Stock Report on AAON
About AAON
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.
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