Campbell Newman Asset Management 13F: Adds $1.4M to AAON Stake

Campbell Newman Asset Management grew its stake in AAON, Inc. AAON by 78.3%, lifting its holdings during the period. The fund detailed the changes in a Form 13F filed with the Securities and Exchange Commission on October 22, 2026.

AAON AAON, Inc.

$69.62 ▼ -11.80% year to date

1M 3M YTD

Daily close · Oct 22, 2026

What Changed in Campbell Newman Asset Management's AAON, Inc. Position

The firm added 17,410 shares to bring its total holdings to 39,635 shares. The reported value of the stake reached about $3.3 million at the close of the period, up from 22,225 shares previously.

Other Institutional Activity in AAON, Inc.

Other large investors adjusted their holdings in the heating and air conditioning equipment maker around the same time. Wasatch Advisors LP grew its holdings by 620,889 shares, ending with 2,959,453 shares worth about $206.0 million. First Trust Advisors LP trimmed its position by 434,051 shares, ending with 1,579,172 shares worth about $110.0 million. BLAIR WILLIAM & CO/IL reduced its holdings by 88,733 shares, leaving it with 1,533,434 shares valued at about $106.8 million. Fort Washington Investment Advisors opened a new position with 182,330 shares worth about $15.1 million.

AAON, Inc. Stock Down 5.9%

AAON shares recently traded around $69.59 as of October 23, 2026. The stock closed at $69.62 on the filing date.

Recent Earnings

AAON, Inc. reported $1.9 billion in trailing twelve-month revenue, alongside a net profit margin of 8.2% and a return on equity of 17.3%. The company earned $1.9 in trailing earnings per share and holds a price-to-earnings ratio of 39.6. Investors look toward the next earnings release scheduled for November 5, 2026.

Dividend

AAON pays an annual dividend of $0.40 per share, giving it a dividend yield of 0.53% with a payout ratio of 21.0%.

Insider Buying and Selling at AAON, Inc.

Company insiders executed several transactions prior to the filing. Director Gary D. Fields sold 19,000 shares on May 29, 2026, at $140.20 for a total value of $2.7 million. Officer Rebecca A. Thompson sold 4,230 shares on June 2, 2026, at $143.42 for about $606,667. On the buying side, officer Matthew Shaub purchased 457 shares on August 28, 2026, at $76.42 for $34,924, and director David Raymond Stewart bought 1,000 shares on September 15, 2026, at $74.66 for $74,660.

Analysts Set New Price Targets

Wall Street firms updated their outlooks on the stock ahead of the filing. Keybanc initiated coverage with a Sector Weight rating on July 23, 2026. Oppenheimer maintained an Outperform rating while lowering its price target from $145.00 to $125.00 on August 11, 2026, and later adjusted its target to $115.00 on October 14, 2026. Baird also maintained an Outperform rating while reducing its target from $150.00 to $135.00 on August 11, 2026. The stock carries a consensus recommendation of strong buy with a mean price target of $134.75 across 4 analyst opinions.

About AAON, Inc.

Based in Tulsa, Oklahoma, AAON, Inc. designs and manufactures commercial heating, ventilation, and air conditioning equipment alongside indoor air quality products. The company serves customers across the United States and Canada through specialized operating units that engineer custom solutions for large buildings.

Bottom Line

Institutional interest in AAON remains active as the company approaches its November earnings report. Market watchers will monitor upcoming filings and profitability metrics to gauge demand for commercial building equipment.