RBC Sells Stake in AAR Corp., Reduces Ownership to 1.16%
Royal Bank of Canada (RBC) has reduced its stake in AAR Corp. (NYSE:AIR), selling 36,724 shares in the first quarter. This move decreased RBC's ownership to 460,344 shares, representing 1.16% of AAR's total stock and a value of $50,389,000. The institutional investor's reduced stake is part of a broader trend, with other large investors also buying and selling shares of AAR.
The aerospace company has seen its stock price perform well in recent times, with AAR (NYSE:AIR) currently trading at $140.00 per share. Over the past year, the firm's stock has ranged from $71.43 to $146.75, with a 50-day moving average of $130.00 and a two-hundred day moving average of $117.80.
AAR Corp.'s quarterly earnings report for July 21st revealed a profit of $1.53 per share, surpassing analyst estimates of $1.38. The company's revenue for the quarter was $928.00 million, a 23.0% increase from the same period last year.