AAON, Inc. $AAON Position Lifted by Wasatch Advisors LP

Wasatch Advisors LP boosted its stake in shares of AAON, Inc. (NASDAQ:AAON) by 3.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,338,517 shares of the construction company’s stock after buying an additional 70,399 shares during the quarter. AAON makes up 1.9% of Wasatch Advisors LP’s portfolio, making the stock its 8th largest position. Wasatch Advisors LP’s holdings in AAON were worth $296,664,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake in AAON by 96.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 334 shares of the construction company’s stock worth $25,000 after acquiring an additional 164 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of AAON during the fourth quarter valued at approximately $45,000. Danske Bank A S bought a new stake in shares of AAON during the third quarter valued at approximately $47,000. Huntington National Bank boosted its holdings in shares of AAON by 21.1% in the fourth quarter. Huntington National Bank now owns 689 shares of the construction company’s stock valued at $53,000 after purchasing an additional 120 shares during the period. Finally, UMB Bank n.a. boosted its holdings in shares of AAON by 46.8% in the fourth quarter. UMB Bank n.a. now owns 885 shares of the construction company’s stock valued at $67,000 after purchasing an additional 282 shares during the period. 70.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AAON has been the topic of several research analyst reports. Robert W. Baird dropped their price objective on AAON from $150.00 to $135.00 and set an “outperform” rating on the stock in a research note on Tuesday. Weiss Ratings reiterated a “hold (c)” rating on shares of AAON in a report on Tuesday, July 14th. Oppenheimer dropped their price target on AAON from $145.00 to $125.00 and set an “outperform” rating on the stock in a research report on Tuesday. Zacks Research lowered AAON from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, KeyCorp initiated coverage on AAON in a report on Thursday, July 23rd. They issued a “sector weight” rating for the company. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $126.67.

AAON News Summary

Here are the key news stories impacting AAON this week:

• Positive Sentiment: Record quarterly performance: Second-quarter revenue surged 101.2% year over year to $627.0 million, while operating income rose 192.1% to $68.9 million. Adjusted EPS of $0.69 substantially exceeded the $0.51 consensus estimate. AAON Reports Record Second Quarter 2026 Results
• Positive Sentiment: Strong demand and backlog: Backlog reached approximately $2.0 billion, nearly double the prior-year level, supported by demand for AAON and BASX equipment, including data-center cooling systems. First-half operating cash flow also improved to $55 million from a $31 million use of cash last year. AAON Earnings and Data-Center Cooling Demand
• Positive Sentiment: Higher revenue outlook: AAON raised its 2026 outlook to 55%–60% sales growth, with projected revenue of roughly $2.2 billion to $2.3 billion, above the approximately $2.1 billion consensus estimate. Oppenheimer and Robert W. Baird maintained “outperform” ratings, with price targets of $125 and $135, respectively. AAON Posts Record Q2 Results
• Neutral Sentiment: Reported short-interest data showed zero shares and a zero-day days-to-cover ratio, indicating no meaningful short-position signal; the entry appears to contain a data error because it describes an increase from zero shares.
• Negative Sentiment: Margin guidance pressured sentiment: Full-year gross-margin guidance of approximately 25%–26% was below the prior outlook near 27%–28%. Investors remain concerned that capacity expansion, outsourcing, and ramp-related costs could limit the conversion of rapid sales growth into profits. AAON Reports Strong Q2 Results but Lowers Margin Guidance
• Negative Sentiment: Oppenheimer lowered its price target from $145 to $125, while Baird reduced its target from $150 to $135. In addition, reported insider activity showed 17 sales and no purchases over the past six months, potentially adding to investor caution.

Insider Buying and Selling

In related news, EVP Gordon Douglas Wichman sold 3,000 shares of the company’s stock in a transaction 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 sale, the executive vice president directly owned 10,997 shares in the company, valued at $1,543,868.83. This represents a 21.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gary D. Fields sold 19,000 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $140.20, for a total value of $2,663,800.00. Following the sale, the director owned 15,252 shares of the company’s stock, valued at $2,138,330.40. This trade represents a 55.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 50,556 shares of company stock worth $7,099,115 over the last quarter. Insiders own 18.09% of the company’s stock.

AAON Price Performance

NASDAQ AAON opened at $85.78 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.75 and a current ratio of 2.62. The firm’s 50 day moving average price is $114.25 and its 200-day moving average price is $105.84. AAON, Inc. has a 52-week low of $72.09 and a 52-week high of $150.46. The company has a market cap of $7.03 billion, a PE ratio of 44.68, a P/E/G ratio of 2.49 and a beta of 1.45.

AAON (NASDAQ:AAON) last issued its quarterly earnings data on Monday, August 10th. The construction company reported $0.69 EPS 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 net margin of 8.24% and a return on equity of 17.86%. AAON’s revenue for the quarter was up 101.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.22 earnings per share. Sell-side analysts forecast that AAON, Inc. will post 2.24 EPS for the current fiscal year.

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.