DA Davidson upgraded AAON Inc. to a strong-buy rating on Friday. The upgrade follows a quarterly earnings report that significantly exceeded analyst projections.
The HVAC manufacturer reported earnings of $0.69 per share. This result beat the consensus estimate of $0.51. Quarterly revenue reached $626.98 million. This figure represents a 101.2% year-over-year increase. Analysts had previously expected revenue of $508.82 million.
The stock currently trades near its 12-month low despite the strong financial performance. Wellington Management Group LLP increased its stake in AAON by nearly 50% at the end of August. The firm now holds more than 10% of the company's total shares.