Loar (NYSE:LOAR) Reaches New 12-Month High – Here’s Why

Loar Holdings, LLC (NYSE:LOAR) shares hit a new 52-week high on Monday . The stock traded as high as $95.16 and last traded at $91.05, with a volume of 33870 shares trading hands. The stock had previously closed at $88.86.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Citigroup boosted 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 reaffirmed an “outperform” rating and issued a $80.00 price objective on shares of Loar in a research report on Monday, October 7th. Finally, Morgan Stanley boosted their target price on shares of Loar from $70.00 to $75.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th.

Loar Price Performance

The company has a current ratio of 4.86, a quick ratio of 3.09 and a debt-to-equity ratio of 0.33. The stock has a 50-day simple moving average of $78.25 and a two-hundred day simple moving average of $65.69.

Loar (NYSE:LOAR) last issued its earnings results on Tuesday, August 13th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.03. The business had revenue of $97.10 million for the quarter, compared to the consensus estimate of $91.70 million. The company’s revenue for the quarter was up 31.2% on a year-over-year basis. Research analysts expect that Loar Holdings, LLC will post 0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Loar

Large investors have recently bought and sold shares of the business. TCW Group Inc. purchased a new position in shares of Loar in the 2nd quarter valued at $7,366,000. Select Equity Group L.P. bought a new position in Loar in the second quarter worth about $911,000. Emerald Advisers LLC purchased a new stake in shares of Loar during the second quarter valued at about $1,146,000. Lisanti Capital Growth LLC bought a new stake in shares of Loar in the 3rd quarter valued at about $2,667,000. Finally, Abrams Capital Management L.P. purchased a new position in shares of Loar in the 2nd quarter worth approximately $2,052,780,000.

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.