Palisade Capital Management LP Takes $11.50 Million Position in AAR Corp. $AIR

Palisade Capital Management LP bought a new position in shares of AAR Corp. (NYSE:AIR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 80,481 shares of the aerospace company’s stock, valued at approximately $11,503,000. Palisade Capital Management LP owned about 0.20% of AAR as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of AIR. Canada Pension Plan Investment Board purchased a new position in AAR in the second quarter valued at about $1,315,000. Castleark Management LLC purchased a new stake in AAR during the 2nd quarter worth approximately $10,529,000. Legal & General Group Plc acquired a new position in shares of AAR in the 2nd quarter valued at approximately $13,709,000. The Manufacturers Life Insurance Company acquired a new position in shares of AAR in the 2nd quarter valued at approximately $2,989,000. Finally, Algert Global LLC boosted its stake in shares of AAR by 28.1% during the 2nd quarter. Algert Global LLC now owns 70,316 shares of the aerospace company’s stock valued at $10,050,000 after buying an additional 15,407 shares during the last quarter. Institutional investors and hedge funds own 90.74% of the company’s stock.

AAR Price Performance

Shares of NYSE AIR opened at $135.41 on Wednesday. The company has a current ratio of 2.84, a quick ratio of 1.24 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 28.04 and a beta of 1.11. AAR Corp. has a twelve month low of $73.05 and a twelve month high of $154.00. The business has a 50 day simple moving average of $138.74 and a 200-day simple moving average of $122.33.

AAR (NYSE:AIR) last announced its quarterly earnings data on Tuesday, July 21st. The aerospace company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.15. The firm had revenue of $928.00 million for the quarter, compared to analysts’ expectations of $893.03 million. AAR had a return on equity of 12.67% and a net margin of 5.67%.The firm’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same period last year, the business posted $1.16 earnings per share. As a group, equities research analysts expect that AAR Corp. will post 5.92 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Jefferies Financial Group lifted their price target on shares of AAR from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Wall Street Zen downgraded shares of AAR from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. KeyCorp reissued a “sector weight” rating on shares of AAR in a report on Wednesday, July 22nd. Weiss Ratings raised shares of AAR from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 23rd. Finally, Zacks Research upgraded shares of AAR from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, AAR currently has a consensus rating of “Moderate Buy” and an average target price of $135.60.

About AAR

AAR Corp. (NYSE: AIR) is a global provider of aviation products and services to commercial, government and defense customers. The company offers a comprehensive portfolio of maintenance, repair and overhaul (MRO) solutions, component repair and overhaul, and engineering services designed to support a wide variety of fixed-wing and rotary aircraft. Leveraging FAA and EASA certifications, AAR delivers turnkey maintenance programs and ad hoc repair services that enhance aircraft availability and reliability.

In its Aviation Supply Chain Services segment, AAR sources, stores and distributes parts for both commercial airlines and military operators.