AAR Corp. (AIR) Stake Decreased by Bank of America Corp DE
Bank of America Corp DE lowered its stake in AAR Corp. (NYSE:AIR) by 4.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 61,794 shares of the aerospace company’s stock after selling 3,198 shares during the period. Bank of America Corp DE’s holdings in AAR Corp. were worth $2,078,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in AIR. Neuberger Berman Group LLC increased its stake in shares of AAR Corp. by 27.4% in the first quarter. Neuberger Berman Group LLC now owns 23,129 shares of the aerospace company’s stock valued at $778,000 after buying an additional 4,971 shares during the period. Sei Investments Co. increased its stake in shares of AAR Corp. by 1.7% in the first quarter. Sei Investments Co. now owns 93,995 shares of the aerospace company’s stock valued at $3,161,000 after buying an additional 1,608 shares during the period. Victory Capital Management Inc. increased its stake in shares of AAR Corp. by 15.9% in the first quarter. Victory Capital Management Inc. now owns 3,623 shares of the aerospace company’s stock valued at $122,000 after buying an additional 496 shares during the period. BlackRock Inc. increased its stake in shares of AAR Corp. by 29,054.7% in the first quarter. BlackRock Inc. now owns 4,657,468 shares of the aerospace company’s stock valued at $156,630,000 after buying an additional 4,641,493 shares during the period. Finally, Chicago Equity Partners LLC increased its stake in shares of AAR Corp. by 10.1% in the first quarter. Chicago Equity Partners LLC now owns 49,865 shares of the aerospace company’s stock valued at $1,677,000 after buying an additional 4,555 shares during the period. 88.99% of the stock is owned by institutional investors.
AAR Corp. (NYSE AIR) traded up 0.23% during mid-day trading on Friday, reaching $35.37. 152,659 shares of the company traded hands. The company’s 50-day moving average is $36.07 and its 200-day moving average is $34.65. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 21.65 and a beta of 1.38. AAR Corp. has a 12-month low of $23.34 and a 12-month high of $38.75.
AAR Corp. (NYSE:AIR) last issued its quarterly earnings results on Tuesday, July 11th. The aerospace company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The company had revenue of $492.30 million for the quarter, compared to analysts’ expectations of $486.93 million. AAR Corp. had a return on equity of 5.69% and a net margin of 3.20%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 earnings per share. Equities analysts predict that AAR Corp. will post $1.78 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 2nd. Investors of record on Friday, July 21st were paid a $0.075 dividend. The ex-dividend date was Wednesday, July 19th. This represents a $0.30 annualized dividend and a yield of 0.85%. AAR Corp.’s payout ratio is 18.18%.
AAR Corp. announced that its Board of Directors has authorized a stock buyback program on Tuesday, July 11th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the aerospace company to purchase up to 20.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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Several analysts have recently commented on AIR shares. Zacks Investment Research downgraded shares of AAR Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. BidaskClub raised shares of AAR Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, Noble Financial reaffirmed a “buy” rating on shares of AAR Corp. in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $46.80.
In related news, Director Anthony Anderson sold 3,500 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $35.21, for a total value of $123,235.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ronald B. Woodard sold 20,000 shares of the company’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $37.22, for a total value of $744,400.00. Following the completion of the sale, the director now directly owns 20,073 shares in the company, valued at $747,117.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,340 shares of company stock worth $3,524,350. 8.23% of the stock is owned by insiders.
About AAR Corp.
AAR CORP. (AAR) is a provider of services and products to the commercial aviation and government and defense markets. The Company operates in two segments: Aviation Services, which consists of supply chain and maintenance, repair and overhaul (MRO) activities, and Expeditionary Services, which includes airlift and mobility activities.
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