Loar (NYSE:LOAR) Shares Gap Down – Here’s What Happened

Loar Holdings, LLC (NYSE:LOAR) shares gapped down prior to trading on Tuesday . The stock had previously closed at $89.21, but opened at $84.75. Loar shares last traded at $84.31, with a volume of 788,871 shares changing hands.

Analyst Ratings Changes

LOAR has been the topic of a number of recent analyst reports. Morgan Stanley initiated coverage on Loar in a report on Friday, May 23rd. They issued an “overweight” rating and a $100.00 price objective on the stock. Wall Street Zen upgraded Loar from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Citigroup upped their price objective on Loar from $91.00 to $99.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $92.00 price target on shares of Loar in a research note on Tuesday, April 1st.

Loar Stock Up 1.3%

The company has a debt-to-equity ratio of 0.78, a current ratio of 3.95 and a quick ratio of 2.28. The business has a 50 day simple moving average of $88.00 and a 200 day simple moving average of $79.60. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of 221.08 and a beta of 0.32.

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

Insider Transactions at Loar

In other Loar news, Director David C. Abrams sold 703,691 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $80.91, for a total value of $56,935,638.81. Following the sale, the director now directly owns 32,050,240 shares in the company, valued at $2,593,184,918.40. This trade represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul S. Levy sold 1,168,499 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $80.91, for a total value of $94,543,254.09. Following the completion of the sale, the director now owns 8,188,503 shares in the company, valued at approximately $662,531,777.73. This represents a 12.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,742,872 shares of company stock valued at $464,655,774.

Hedge Funds Weigh In On Loar

Several hedge funds have recently made changes to their positions in LOAR. Vanguard Group Inc. grew its holdings in shares of Loar by 132.4% during 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 shares of Loar by 232.6% during 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 shares of Loar by 159.8% during 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 shares of Loar during the fourth quarter worth about $40,347,000. Finally, Norges Bank purchased a new position in shares of Loar during the fourth quarter worth about $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.