Loar Holdings, LLC (NYSE:LOAR) Director Raja Bobbili Sells 690,258 Shares of Stock

Loar Holdings, LLC (NYSE:LOAR) Director Raja Bobbili sold 690,258 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $80.91, for a total transaction of $55,848,774.78. Following the completion of the transaction, the director now owns 31,438,420 shares in the company, valued at $2,543,682,562.20. This represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Loar Stock Performance

Shares of LOAR opened at $82.90 on Wednesday. The company’s 50 day simple moving average is $82.13 and its 200-day simple moving average is $79.49. The firm has a market cap of $7.76 billion and a PE ratio of 218.16. Loar Holdings, LLC has a 12-month low of $50.02 and a 12-month high of $99.67. The company has a current ratio of 3.95, a quick ratio of 2.28 and a debt-to-equity ratio of 0.78.

Loar (NYSE:LOAR) last issued its quarterly earnings results on Monday, March 31st. The company reported $0.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.11. The business had revenue of $110.40 million for the quarter, compared to analyst estimates of $102.51 million. The company’s quarterly revenue was up 27.8% on a year-over-year basis. As a group, equities analysts predict that Loar Holdings, LLC will post 0.28 EPS for the current year.

Institutional Investors Weigh In On Loar

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Fortress Investment Group LLC purchased a new position in shares of Loar during the fourth quarter worth about $739,000. M&T Bank Corp acquired a new stake in Loar during the 4th quarter worth approximately $306,000. Treasurer of the State of North Carolina grew its stake in shares of Loar by 187.2% in the 4th quarter. Treasurer of the State of North Carolina now owns 13,240 shares of the company’s stock valued at $979,000 after purchasing an additional 8,630 shares during the last quarter. Soros Fund Management LLC grew its stake in shares of Loar by 12.5% in the 4th quarter. Soros Fund Management LLC now owns 225,000 shares of the company’s stock valued at $16,630,000 after purchasing an additional 25,000 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Loar in the fourth quarter valued at approximately $1,585,000.

Analysts Set New Price Targets

Several research analysts have recently issued reports on LOAR shares. Morgan Stanley upgraded shares of Loar from an “equal weight” rating to an “overweight” rating and set a $91.00 target price for the company in a report on Thursday, April 3rd. 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $92.00 target price on shares of Loar in a research report on Tuesday, April 1st.

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.