Loar (NYSE:LOAR) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Loar (NYSE:LOAR) from a hold rating to a buy rating in a report published on Thursday morning.

Several other brokerages have also recently issued reports on LOAR. Morgan Stanley raised Loar from an “equal weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a report on Thursday, April 3rd. Citigroup boosted their price objective on Loar from $91.00 to $99.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $92.00 price target on shares of Loar in a report on Tuesday, April 1st. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Loar presently has a consensus rating of “Buy” and an average price target of $86.75.

Loar Stock Up 2.1%

Loar stock opened at $84.26 on Thursday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.28 and a current ratio of 3.95. The business’s 50-day simple moving average is $82.81 and its two-hundred day simple moving average is $79.49. The company has a market cap of $7.88 billion and a PE ratio of 221.73. Loar has a fifty-two week low of $50.02 and a fifty-two week high of $99.67.

Loar (NYSE:LOAR) last issued its quarterly earnings data on Monday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.11. The company had revenue of $110.40 million during the quarter, compared to analyst estimates of $102.51 million. Loar’s revenue was up 27.8% on a year-over-year basis. Equities analysts anticipate that Loar will post 0.28 EPS for the current year.

Insider Buying and Selling

In other Loar news, insider Michael J. Manella sold 19,684 shares of the business’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $80.91, for a total transaction of $1,592,632.44. Following the completion of the sale, the insider now directly owns 429,960 shares in the company, valued at approximately $34,788,063.60. The trade was a 4.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul S. Levy sold 175,923 shares of the business’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $80.91, for a total value of $14,233,929.93. Following the sale, the director now owns 8,012,580 shares of the company’s stock, valued at approximately $648,297,847.80. This trade represents a 2.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,742,872 shares of company stock valued at $464,655,774.

Institutional Investors Weigh In On Loar

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Loar by 204.9% during the 1st quarter. GAMMA Investing LLC now owns 372 shares of the company’s stock worth $26,000 after buying an additional 250 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of Loar by 141.5% in the fourth quarter. Sterling Capital Management LLC now owns 500 shares of the company’s stock valued at $37,000 after purchasing an additional 293 shares in the last quarter. Corebridge Financial Inc. grew its position in shares of Loar by 174.3% in the fourth quarter. Corebridge Financial Inc. now owns 524 shares of the company’s stock valued at $39,000 after purchasing an additional 333 shares in the last quarter. State of Wyoming purchased a new stake in shares of Loar in the fourth quarter valued at approximately $53,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Loar by 5,286.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 808 shares of the company’s stock valued at $57,000 after purchasing an additional 793 shares in the last quarter.

Loar Company Profile

Loar Holdings Inc, through its subsidiaries, designs, manufactures, and markets aerospace and defense components for aircraft, and aerospace and defense systems in the United States and internationally. It offers products in various categories, which include airframe components, structural components, avionics, composites, braking system components, de-ice and ice protection, electro-mechanical, engineered materials, flight controls, fluid and motion controls, environmental, metal forming, molded components, and restraints and safety devices.