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What Makes AAON (AAON) an Attractive Investment?

Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 12.26% net of fees in the first quarter, compared to the Russell 2000 Growth Index’s 6.07% return. In addition to positive stock selection, rebound by many of the higher-growth stocks, which detracted in 2022, and an underweight exposure to the weakest performing sectors of the Index benefitted the strategy in Q1. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Small Cap Strategy highlighted stocks like AAON, Inc. (NASDAQ:AAON) in the first quarter 2023 investor letter. Headquartered in Tulsa, Oklahoma, AAON, Inc. (NASDAQ:AAON) is an air conditioning and heating equipment manufacturer. On May 23, 2023, AAON, Inc. (NASDAQ:AAON) stock closed at $89.91 per share. One-month return of AAON, Inc. (NASDAQ:AAON) was -4.27%, and its shares gained 73.57% of their value over the last 52 weeks. AAON, Inc. (NASDAQ:AAON) has a market capitalization of $4.878 billion.

Conestoga Small Cap Strategy made the following comment about AAON, Inc. (NASDAQ:AAON) in its Q1 2023 investor letter:

"AAON, Inc. (NASDAQ:AAON): AAON is a leading manufacturer of semi-custom HVAC equipment. For the 4Q22 period, AAON reported sales increased by 86% (66% organically) and EBITDA of $56.2 million easily outpaced consensus estimates of $48 million. Importantly, AAON continued to show significant improvement at the gross margin line, which rose to over 30%. Demand for AAON’s products remained strong, with backlogs up over 110% (organically 45%) from a year ago."

Pixabay/Public Domain

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AAON, Inc. (NASDAQ:AAON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held AAON, Inc. (NASDAQ:AAON) at the end of first quarter 2023 which was 16 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.