Suntrust Banks Inc. Lowers Holdings in AAR Corp. (AIR)
Suntrust Banks Inc. reduced its holdings in shares of AAR Corp. (NYSE:AIR) by 2.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 47,739 shares of the aerospace company’s stock after selling 959 shares during the period. Suntrust Banks Inc. owned approximately 0.14% of AAR Corp. worth $1,659,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the business. Neuberger Berman Group LLC increased its stake in 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 purchasing an additional 4,971 shares during the period. Sei Investments Co. raised its holdings 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 last quarter. Heartland Advisors Inc. boosted its stake in shares of AAR Corp. by 99.4% during the second quarter. Heartland Advisors Inc. now owns 273,369 shares of the aerospace company’s stock worth $9,502,000 after buying an additional 136,261 shares during the period. American Century Companies Inc. acquired a new stake in shares of AAR Corp. during the second quarter worth about $4,659,000. Finally, Victory Capital Management Inc. boosted its stake in shares of AAR Corp. by 15.9% during the first quarter. Victory Capital Management Inc. now owns 3,623 shares of the aerospace company’s stock worth $122,000 after buying an additional 496 shares during the period. 87.44% of the stock is currently owned by institutional investors.
A number of research firms recently issued reports on AIR. Zacks Investment Research raised AAR Corp. from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Seaport Global Securities began coverage on AAR Corp. in a research note on Tuesday, September 12th. They set a “neutral” rating and a $39.00 price objective for the company. Canaccord Genuity began coverage on AAR Corp. in a research report on Wednesday, September 6th. They set a “hold” rating and a $40.00 price objective for the company. Noble Financial reaffirmed a “buy” rating on shares of AAR Corp. in a research report on Friday, August 11th. Finally, BidaskClub downgraded AAR Corp. from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. AAR Corp. presently has an average rating of “Hold” and a consensus price target of $44.71.
In related news, VP Robert J. Regan sold 28,640 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $36.53, for a total value of $1,046,219.20. Following the sale, the vice president now owns 114,193 shares of the company’s stock, valued at approximately $4,171,470.29. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ronald B. Woodard sold 20,000 shares of the stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $37.22, for a total transaction of $744,400.00. Following the completion of the sale, the director now directly owns 20,073 shares in the company, valued at approximately $747,117.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,840 shares of company stock valued at $3,401,115. Corporate insiders own 9.33% of the company’s stock.
Shares of AAR Corp. (AIR) opened at 37.78 on Monday. The firm has a market cap of $1.28 billion, a PE ratio of 22.70 and a beta of 1.37. The stock has a 50 day moving average of $35.81 and a 200 day moving average of $35.09. AAR Corp. has a 1-year low of $30.10 and a 1-year high of $39.31.
AAR Corp. (NYSE:AIR) last issued its earnings results on Tuesday, September 19th. The aerospace company reported $0.31 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. The firm had revenue of $439.20 million for the quarter, compared to analyst estimates of $410.52 million. AAR Corp. had a return on equity of 5.66% and a net margin of 3.20%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. Equities research analysts anticipate that AAR Corp. will post $1.77 earnings per share for the current fiscal year.
AAR Corp. declared that its board has initiated a share repurchase plan on Tuesday, July 11th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the aerospace company to purchase up to 20.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
AAR Corp. Company Profile
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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