Loar Holdings, LLC (NYSE:LOAR) Sees Large Increase in Short Interest

Loar Holdings, LLC (NYSE:LOAR) saw a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 2,800,000 shares, an increase of 20.2% from the March 15th total of 2,330,000 shares. Currently, 3.9% of the shares of the company are short sold. Based on an average daily trading volume, of 466,500 shares, the days-to-cover ratio is currently 6.0 days.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LOAR. Royal Bank of Canada reiterated an “outperform” rating and set a $92.00 price target on shares of Loar in a research note on Tuesday, April 1st. Morgan Stanley upgraded shares of Loar from an “equal weight” rating to an “overweight” rating and set a $91.00 target price on the stock in a research report on Thursday, April 3rd.

Loar Stock Performance

Loar stock opened at $82.57 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.28 and a current ratio of 3.95. Loar has a one year low of $42.57 and a one year high of $96.99. The stock’s 50 day moving average price is $72.41 and its 200 day moving average price is $77.78. The firm has a market capitalization of $7.72 billion and a PE ratio of 344.02.

Loar (NYSE:LOAR) last issued its quarterly earnings results on Monday, March 31st. The company reported $0.11 EPS for the quarter, hitting the consensus estimate of $0.11. The company had revenue of $110.40 million for the quarter, compared to the consensus estimate of $102.51 million. The firm’s revenue for the quarter was up 27.8% compared to the same quarter last year. As a group, sell-side analysts expect that Loar will post 0.28 EPS for the current fiscal year.

Institutional Trading of Loar

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp grew its holdings in shares of Loar by 413.3% during the third quarter. State Street Corp now owns 416,531 shares of the company’s stock valued at $31,069,000 after buying an additional 335,376 shares in the last quarter. M&T Bank Corp acquired a new position in shares of Loar during the 4th quarter worth about $306,000. New York State Common Retirement Fund grew its holdings in Loar by 14.1% in the 4th quarter. New York State Common Retirement Fund now owns 101,802 shares of the company’s stock valued at $7,524,000 after buying an additional 12,592 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Loar in the fourth quarter worth $1,585,000. Finally, Renaissance Capital LLC raised its stake in Loar by 411.5% during the 4th quarter. Renaissance Capital LLC now owns 58,275 shares of the company’s stock valued at $4,307,000 after purchasing an additional 46,883 shares during the last quarter.

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.