Loar (NYSE:LOAR) Shares Down 5.3% – Here’s Why

Loar Holdings, LLC (NYSE:LOAR)’s stock price fell 5.3% on Friday . The company traded as low as $65.69 and last traded at $66.14. 231,070 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 338,328 shares. The stock had previously closed at $69.86.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on LOAR. Morgan Stanley boosted their target price on Loar from $75.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Monday, November 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Loar in a research note on Thursday, November 14th.

Loar Stock Performance

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 company has a 50 day moving average price of $77.02 and a 200-day moving average price of $77.28.

Loar (NYSE:LOAR) last posted its earnings results on Wednesday, November 13th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. The business had revenue of $103.52 million for the quarter, compared to analysts’ expectations of $97.30 million. Loar’s revenue was up 25.0% compared to the same quarter last year. As a group, equities analysts anticipate that Loar Holdings, LLC will post 0.28 EPS for the current year.

Insider Activity

In related news, Chairman Brett N. Milgrim sold 120,305 shares of Loar stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $81.17, for a total transaction of $9,765,156.85. Following the sale, the chairman now directly owns 3,865,327 shares in the company, valued at $313,748,592.59. The trade was a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael J. Manella sold 28,153 shares of Loar stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $81.17, for a total value of $2,285,179.01. Following the sale, the insider now owns 580,388 shares in the company, valued at $47,110,093.96. This represents a 4.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,135,706 shares of company stock valued at $92,185,256.

Institutional Investors Weigh In On Loar

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Loar by 132.4% in the fourth quarter. Vanguard Group Inc. now owns 2,721,325 shares of the company’s stock worth $201,133,000 after acquiring an additional 1,550,581 shares during the last quarter. TimesSquare Capital Management LLC grew its stake in shares of Loar by 159.8% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,066,525 shares of the company’s stock worth $78,827,000 after acquiring an additional 656,016 shares during the last quarter. Wasatch Advisors LP purchased a new stake in shares of Loar in the fourth quarter worth $40,347,000. Lord Abbett & CO. LLC grew its stake in shares of Loar by 71.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,009,558 shares of the company’s stock worth $75,303,000 after acquiring an additional 421,637 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Loar in the fourth quarter worth $30,326,000.

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.