Loar’s (NYSE:LOAR – Get Free Report) lock-up period is set to end on Tuesday, October 22nd. Loar had issued 11,000,000 shares in its IPO on April 25th. The total size of the offering was $308,000,000 based on an initial share price of $28.00. After the end of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Loar from $64.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Morgan Stanley upped their price target on shares of Loar from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 price target on shares of Loar in a research note on Monday, October 7th.
Read Our Latest Report on Loar
Loar Price Performance
Loar (NYSE:LOAR – Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 EPS for the quarter, beating the consensus estimate 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. The business’s revenue was up 31.2% on a year-over-year basis. As a group, research analysts expect that Loar will post 0.37 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of LOAR. Renaissance Capital LLC acquired a new position in Loar in the 2nd quarter valued at $497,000. TCW Group Inc. bought a new stake in Loar in the 2nd quarter valued at $7,366,000. Zweig DiMenna Associates LLC bought a new position in shares of Loar during the 2nd quarter worth about $9,208,000. Calamos Advisors LLC bought a new position in shares of Loar during the 2nd quarter worth about $492,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Loar during the 2nd quarter worth about $439,000.
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.
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