Loar (NYSE:LOAR) Sees Strong Trading Volume – Should You Buy?

Loar Holdings, LLC (NYSE:LOAR) saw strong trading volume on Wednesday . 853,463 shares were traded during trading, an increase of 180% from the previous session’s volume of 304,526 shares.The stock last traded at $85.72 and had previously closed at $87.69.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on LOAR. Morgan Stanley increased their target price on shares of Loar from $75.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Monday, November 18th. Citigroup increased their price objective on shares of Loar from $64.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Loar in a research report on Thursday, November 14th.

Loar Price Performance

The company’s 50-day simple moving average is $83.88 and its 200-day simple moving average is $71.02. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.95 and a quick ratio of 2.28.

Loar (NYSE:LOAR) last released its quarterly earnings results on Wednesday, November 13th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The firm had revenue of $103.52 million for the quarter, compared to analyst estimates of $97.30 million. The firm’s revenue for the quarter was up 25.0% on a year-over-year basis. On average, analysts anticipate that Loar Holdings, LLC will post 0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Loar

A number of institutional investors have recently made changes to their positions in LOAR. Abrams Capital Management L.P. bought a new stake in Loar in the second quarter valued at about $2,052,780,000. Federated Hermes Inc. bought a new stake in shares of Loar in the 2nd quarter valued at approximately $38,952,000. State Street Corp raised its position in shares of Loar by 413.3% during the 3rd quarter. State Street Corp now owns 416,531 shares of the company’s stock valued at $31,069,000 after acquiring an additional 335,376 shares in the last quarter. Fred Alger Management LLC bought a new position in Loar during the second quarter worth $13,085,000. Finally, Zweig DiMenna Associates LLC acquired a new position in Loar in the second quarter worth $9,208,000.

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.