Loar (NYSE:LOAR) Sets New 12-Month High Following Analyst Upgrade

Loar Holdings, LLC (NYSE:LOAR)’s share price reached a new 52-week high during trading on Monday after Morgan Stanley raised their price target on the stock from $70.00 to $75.00. Morgan Stanley currently has an equal weight rating on the stock. Loar traded as high as $81.15 and last traded at $79.08, with a volume of 38113 shares traded. The stock had previously closed at $78.49.

Several other research firms also recently commented on LOAR. Citigroup increased their target price on Loar from $64.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 target price on shares of Loar in a research note on Monday, October 7th.

Institutional Investors Weigh In On Loar

A number of institutional investors and hedge funds have recently made changes to their positions in the business. nVerses Capital LLC purchased a new position in Loar during the 3rd quarter worth $45,000. Seven Grand Managers LLC raised its stake in Loar by 33.3% in the 3rd quarter. Seven Grand Managers LLC now owns 100,000 shares of the company’s stock valued at $7,459,000 after acquiring an additional 25,000 shares during the period. Renaissance Capital LLC raised its position in shares of Loar by 22.4% in the third quarter. Renaissance Capital LLC now owns 11,392 shares of the company’s stock valued at $850,000 after purchasing an additional 2,083 shares during the period. Quent Capital LLC purchased a new stake in shares of Loar during the third quarter worth $236,000. Finally, Ghisallo Capital Management LLC purchased a new position in shares of Loar in the second quarter valued at $534,000.

Loar Stock Performance

The company’s 50 day simple moving average is $73.69. The company has a debt-to-equity ratio of 0.33, a current ratio of 4.86 and a quick ratio of 3.09.

Loar (NYSE:LOAR) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. The firm had revenue of $97.10 million during the quarter, compared to analysts’ expectations of $91.70 million. Loar’s revenue for the quarter was up 31.2% compared to the same quarter last year. On average, research analysts anticipate that Loar Holdings, LLC will post 0.37 earnings per share for the current year.

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.