John McClain Holmes III, the Chairman, President, and CEO of AAR Corp (NYSE:AIR), recently sold 5,000 shares of the company. The aviation services provider, currently valued at $2.55 billion, has seen its stock surge 14.57% year-to-date, demonstrating strong momentum despite trading at a relatively high P/E ratio of 246.3. The shares were sold at an average price of $70.8053, amounting to a total transaction value of $354,026. Following this transaction, Holmes retains ownership of 341,680 shares. The shares were sold in multiple transactions, with prices ranging from $70.26 to $71.3534. According to InvestingPro analysis, AIR shows strong financial health with a current ratio of 2.68, though the stock appears slightly overvalued at current levels. InvestingPro subscribers have access to 8 additional key insights and a comprehensive Pro Research Report for deeper analysis.
In other recent news, AAR Corporation reported strong fiscal second quarter results, surpassing analyst expectations. The company posted adjusted earnings per share of $0.90, exceeding the analyst consensus of $0.88. Revenue for the quarter rose by 26% year-over-year, reaching $686.1 million, considerably higher than estimates of $654.18 million. In addition, AAR Corp announced the departure of Senior Vice President and Chief Human Resources Officer, Tracey Patterson, who will be leaving the company to pursue a new professional opportunity outside of the aviation industry. KeyBanc Capital Markets initiated coverage on AAR Corporation shares, assigning an Overweight rating and setting a price target of $83.00. The firm's analyst pointed to the aviation and defense industry's multiyear up-cycle as a positive environment for AAR, particularly in the aftermarket sector. These are recent developments concerning AAR Corporation.
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