Loar (NYSE:LOAR) Now Covered by Morgan Stanley

Morgan Stanley initiated coverage on shares of Loar (NYSE:LOAR) in a report issued on Friday. The brokerage issued an overweight rating and a $100.00 price objective on the stock.

LOAR has been the subject of several other reports. Citigroup upped their price objective on shares of Loar from $91.00 to $99.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Wall Street Zen raised shares of Loar from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $92.00 price objective on shares of Loar in a research note on Tuesday, April 1st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $89.00.

Loar Stock Performance

Loar stock opened at $85.33 on Friday. The company has a quick ratio of 2.28, a current ratio of 3.95 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $7.98 billion and a PE ratio of 224.55. The firm has a fifty day simple moving average of $83.24 and a two-hundred day simple moving average of $79.51. Loar has a twelve month low of $50.02 and a twelve month high of $99.67.

Loar (NYSE:LOAR) last posted its quarterly earnings results on Monday, March 31st. The company reported $0.11 earnings per share for the quarter, hitting the consensus estimate of $0.11. The business had revenue of $110.40 million during the quarter, compared to the consensus estimate of $102.51 million. Loar’s revenue was up 27.8% compared to the same quarter last year. Research analysts expect that Loar will post 0.28 EPS for the current year.

Insider Activity

In related news, Director Paul S. Levy sold 1,168,499 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $80.91, for a total transaction of $94,543,254.09. Following the transaction, the director now owns 8,188,503 shares in the company, valued at $662,531,777.73. The trade was a 12.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Brett N. Milgrim sold 558,695 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $80.91, for a total transaction of $45,204,012.45. Following the transaction, the chairman now owns 3,306,632 shares in the company, valued at $267,539,595.12. This represents a 14.45% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,742,872 shares of company stock valued at $464,655,774.

Hedge Funds Weigh In On Loar

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in Loar by 204.9% in the first quarter. GAMMA Investing LLC now owns 372 shares of the company’s stock worth $26,000 after purchasing an additional 250 shares during the period. Sterling Capital Management LLC grew its holdings in Loar by 141.5% in the fourth quarter. Sterling Capital Management LLC now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 293 shares during the period. Corebridge Financial Inc. grew its holdings in Loar by 174.3% in the fourth quarter. Corebridge Financial Inc. now owns 524 shares of the company’s stock worth $39,000 after purchasing an additional 333 shares during the period. State of Wyoming purchased a new stake in Loar in the fourth quarter worth about $53,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Loar by 5,286.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 808 shares of the company’s stock worth $57,000 after purchasing an additional 793 shares during the period.

About Loar

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.