Glen Harbor Capital Management LLC Reduces Position in Aon (AON)
Glen Harbor Capital Management LLC cut its position in shares of Aon (NYSE:AON) by 0.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 211,412 shares of the financial services provider’s stock after selling 680 shares during the period. Glen Harbor Capital Management LLC owned approximately 0.09% of AON worth $29,668,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA boosted its stake in AON by 13.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 19,814,377 shares of the financial services provider’s stock valued at $2,780,551,000 after buying an additional 2,387,473 shares during the last quarter. Mawer Investment Management Ltd. boosted its stake in AON by 3.4% during the first quarter. Mawer Investment Management Ltd. now owns 5,367,977 shares of the financial services provider’s stock valued at $753,288,000 after buying an additional 178,402 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in AON by 2.6% during the first quarter. Neuberger Berman Group LLC now owns 4,296,908 shares of the financial services provider’s stock valued at $602,808,000 after buying an additional 108,182 shares during the last quarter. Boston Partners boosted its stake in AON by 2.0% during the first quarter. Boston Partners now owns 2,553,512 shares of the financial services provider’s stock valued at $358,334,000 after buying an additional 51,135 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of AON by 69.0% in the 1st quarter. Wells Fargo & Company MN now owns 1,255,481 shares of the financial services provider’s stock valued at $176,182,000 after purchasing an additional 512,417 shares during the last quarter. 85.31% of the stock is owned by institutional investors.
In related news, insider Anthony R. Goland sold 2,124 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $141.16, for a total transaction of $299,823.84. Following the completion of the sale, the insider now directly owns 261 shares of the company’s stock, valued at approximately $36,842.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Peter M. Lieb sold 1,611 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $141.24, for a total value of $227,537.64. Following the sale, the general counsel now directly owns 32,144 shares of the company’s stock, valued at $4,540,018.56. The disclosure for this sale can be found here. Insiders have sold a total of 10,883 shares of company stock valued at $1,532,721 over the last three months. 0.42% of the stock is owned by corporate insiders.
AON (NYSE:AON) last issued its quarterly earnings results on Friday, May 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.81 by $0.15. AON had a return on equity of 39.65% and a net margin of 14.28%. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same period last year, the company earned $1.45 EPS. AON’s quarterly revenue was up 29.8% compared to the same quarter last year. research analysts expect that Aon will post 8.06 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 15th. Investors of record on Tuesday, May 1st were paid a dividend of $0.40 per share. This is a positive change from AON’s previous quarterly dividend of $0.36. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Monday, April 30th. AON’s dividend payout ratio (DPR) is currently 24.54%.
Several equities research analysts have recently issued reports on AON shares. Wells Fargo set a $143.00 price objective on AON and gave the company a “hold” rating in a research note on Wednesday, March 7th. TheStreet lowered AON from a “b-” rating to a “c” rating in a research note on Friday, February 2nd. Citigroup raised their price objective on AON from $157.00 to $162.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Goldman Sachs raised AON from a “neutral” rating to a “buy” rating and raised their price objective for the company from $144.22 to $149.00 in a research note on Thursday, March 15th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $138.00 price objective (up from $135.00) on shares of AON in a research note on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. AON has an average rating of “Hold” and an average target price of $148.27.
Aon plc provides risk management services, insurance and reinsurance brokerage, and human resource consulting and outsourcing services worldwide. The company operates through two segments, Risk Solutions and HR Solutions. The Risk Solutions segment offers retail brokerage services, including affinity products, managing general underwriting, placement, captive management services, and data and analytics; risk management solutions for property liability, general liability, professional liability, directors' and officers' liability, transaction liability, cyber liability, workers' compensation, and various healthcare products; and health and benefits consulting services comprising structuring, funding, and administering employee benefit programs.
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