Citigroup Forecasts Strong Price Appreciation for Loar (NYSE:LOAR) Stock

Loar (NYSE:LOAR) had its price objective increased by Citigroup from $91.00 to $99.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 15.67% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. Morgan Stanley raised shares of Loar from an “equal weight” rating to an “overweight” rating and set a $91.00 price target for the company in a report on Thursday, April 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $92.00 price target on shares of Loar in a research note on Tuesday, April 1st.

Loar Trading Up 2.3%

Shares of NYSE:LOAR opened at $85.59 on Thursday. The business’s 50 day simple moving average is $81.31 and its 200 day simple moving average is $79.59. Loar has a 1 year low of $49.62 and a 1 year high of $99.67. 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 company has a market capitalization of $8.01 billion and a P/E ratio of 356.63.

Loar (NYSE:LOAR) last issued its quarterly earnings results on Monday, March 31st. The company reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates of $0.11. The company had revenue of $110.40 million during the quarter, compared to the consensus estimate of $102.51 million. The business’s quarterly revenue was up 27.8% compared to the same quarter last year. On average, research analysts anticipate that Loar will post 0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Loar

Several large investors have recently bought and sold shares of LOAR. GAMMA Investing LLC increased its stake in shares of Loar by 204.9% in the first quarter. GAMMA Investing LLC now owns 372 shares of the company’s stock valued at $26,000 after buying an additional 250 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of Loar by 141.5% during the fourth quarter. Sterling Capital Management LLC now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 293 shares during the period. Corebridge Financial Inc. grew its stake in shares of Loar by 174.3% in the fourth quarter. Corebridge Financial Inc. now owns 524 shares of the company’s stock worth $39,000 after purchasing an additional 333 shares during the last quarter. State of Wyoming acquired a new stake in Loar in the fourth quarter valued at $53,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Loar by 5,286.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 808 shares of the company’s stock valued at $57,000 after purchasing an additional 793 shares during the period.

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.