AAR (NYSE:AIR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The brokerage presently has a $35.00 price objective on the aerospace company’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.89% from the company’s current price.
According to Zacks, “AAR Corp. continues to witness strong performance in its parts supply and program activities. The company's strategic investments toward its parts supply activities have enabled it to capitalize on the continued robust parts demand. Further, the company acquired multiple new distributorships that are contributing to its sustained growth. Its Aviation Services segment continues to benefit significantly from its strong position in the growing global aviation market. Going ahead, a favorable trend in comprehensive supply chain and maintenance programs in the commercial, government and defense markets should drive this segment. However, the company has been witnessing labor shortages in its MRO business for quite some time. The company’s shares have underperformed its industry in the past year.”
A number of other equities analysts have also recently weighed in on AIR. ValuEngine cut shares of AAR from a “hold” rating to a “sell” rating in a research report on Tuesday, February 19th. Canaccord Genuity reissued a “buy” rating and issued a $48.00 price objective on shares of AAR in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. AAR currently has an average rating of “Buy” and an average target price of $49.50.
NYSE:AIR traded up $0.18 on Tuesday, reaching $31.28. The stock had a trading volume of 4,834 shares, compared to its average volume of 293,163. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.76 and a quick ratio of 1.33. The stock has a market cap of $1.09 billion, a P/E ratio of 17.47 and a beta of 1.00. AAR has a 12-month low of $30.55 and a 12-month high of $51.52.
AAR (NYSE:AIR) last posted its quarterly earnings data on Tuesday, March 19th. The aerospace company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.10. The company had revenue of $529.50 million during the quarter, compared to analysts’ expectations of $539.70 million. AAR had a negative net margin of 0.17% and a positive return on equity of 9.30%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 EPS. As a group, equities analysts expect that AAR will post 2.54 earnings per share for the current year.
In other news, Director Anthony Anderson sold 3,615 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $33.23, for a total transaction of $120,126.45. Following the transaction, the director now owns 19,469 shares of the company’s stock, valued at $646,954.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 7.43% of the company’s stock.
Several hedge funds have recently modified their holdings of AIR. Bank of New York Mellon Corp lifted its position in shares of AAR by 4.1% during the third quarter. Bank of New York Mellon Corp now owns 461,073 shares of the aerospace company’s stock worth $22,079,000 after purchasing an additional 18,003 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of AAR during the third quarter worth about $2,546,000. Teachers Advisors LLC lifted its position in shares of AAR by 20.2% during the third quarter. Teachers Advisors LLC now owns 73,982 shares of the aerospace company’s stock worth $3,543,000 after purchasing an additional 12,417 shares during the last quarter. Morgan Stanley lifted its position in shares of AAR by 183.6% during the third quarter. Morgan Stanley now owns 332,004 shares of the aerospace company’s stock worth $15,900,000 after purchasing an additional 214,917 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of AAR by 2.5% during the third quarter. Vanguard Group Inc. now owns 3,266,895 shares of the aerospace company’s stock worth $156,452,000 after purchasing an additional 79,403 shares during the last quarter. 92.49% of the stock is currently owned by institutional investors and hedge funds.
AAR Corp. provides products and services to commercial aviation, government, and defense markets worldwide. The company operates in two segments, Aviation Services and Expeditionary Services. The Aviation Services segment offers aftermarket support and services; inventory management and distribution services; and maintenance, repair, and overhaul, as well as engineering services.
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