Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
In a recent transaction disclosed in a Form 4 filing, Stewart David Raymond (NSE:RYMD), a director at AAON , Inc. (NASDAQ:AAON), purchased 1,000 shares of the company’s common stock. The HVAC manufacturer, currently valued at $6.64 billion, has maintained dividend payments for 20 consecutive years and operates with strong liquidity, according to InvestingPro data. The shares were acquired on March 5, 2025, at a price of $80.86 per share, totaling $80,860. Following this transaction, Raymond now holds 7,052 shares directly and indirectly through IRAs. The filing noted an administrative delay in reporting this purchase to the SEC. While the stock has faced recent pressure, trading below its 52-week high of $144.06, analysts maintain price targets ranging from $96 to $125. Discover more insights and 14 additional ProTips with InvestingPro’s comprehensive research report.
In other recent news, AAON, Inc. reported fourth-quarter earnings and revenue that fell short of analyst expectations. The company announced adjusted earnings per share of $0.30, significantly below the consensus estimate of $0.53. Revenue was reported at $297.72 million, missing the anticipated $331.02 million and reflecting a 2.9% year-over-year decline. Additionally, AAON’s gross profit for the quarter decreased by 30.5% to $77.6 million, with gross margins contracting to 26.1% from the previous year’s 36.4%.
In response to these challenges, the company announced a 25% increase in its quarterly cash dividend to $0.10 per share. Despite the earnings miss, AAON’s total backlog for 2024 increased by 70% compared to the end of 2023, driven by strong demand for data center cooling solutions. DA Davidson adjusted its price target for AAON to $125 from $150, maintaining a Buy rating despite the revision. The firm highlighted AAON’s potential for growth in the data center market and its execution in the rooftop segment. Meanwhile, AAON’s board approved a new $100 million share repurchase program, focusing on organic growth investments.
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