Loar Holdings, LLC (NYSE:LOAR) Director Sells $56,935,638.81 in Stock

Loar Holdings, LLC (NYSE:LOAR) Director David C. Abrams sold 703,691 shares of Loar 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 $56,935,638.81. Following the sale, the director now directly owns 32,050,240 shares of the company’s stock, valued at $2,593,184,918.40. This represents a 2.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Loar Stock Performance

Shares of NYSE:LOAR opened at $84.26 on Friday. The company has a market capitalization of $7.88 billion and a price-to-earnings ratio of 221.73. Loar Holdings, LLC has a 52 week low of $50.02 and a 52 week high of $99.67. 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 firm has a 50 day moving average of $82.81 and a 200 day moving average of $79.49.

Loar (NYSE:LOAR) last issued its quarterly earnings data on Monday, March 31st. The company reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates 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 for the quarter was up 27.8% compared to the same quarter last year. On average, sell-side analysts predict that Loar Holdings, LLC will post 0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Loar

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in 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 purchasing an additional 1,550,581 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Loar by 232.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,601,485 shares of the company’s stock worth $113,145,000 after purchasing an additional 1,119,958 shares during the last quarter. TimesSquare Capital Management LLC grew its holdings in 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 purchasing an additional 656,016 shares during the last quarter. Wasatch Advisors LP purchased a new position in Loar in the fourth quarter worth $40,347,000. Finally, Norges Bank purchased a new position in Loar in the fourth quarter worth $30,326,000.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on LOAR shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $92.00 price target on shares of Loar in a research note on Tuesday, April 1st. Citigroup lifted their price target 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, Morgan Stanley raised shares of Loar from an “equal weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a research note on Thursday, April 3rd. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $86.75.

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.