Rhumbline Advisers Grows Position in Loar Holdings, LLC (NYSE:LOAR)

Rhumbline Advisers raised its position in shares of Loar Holdings, LLC (NYSE:LOAR) by 26.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,950 shares of the company’s stock after buying an additional 7,188 shares during the quarter. Rhumbline Advisers’ holdings in Loar were worth $2,399,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of LOAR. Sterling Capital Management LLC increased 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 valued at $37,000 after acquiring an additional 293 shares in the last quarter. Corebridge Financial Inc. lifted its holdings in Loar by 174.3% in the 4th quarter. Corebridge Financial Inc. now owns 524 shares of the company’s stock valued at $39,000 after purchasing an additional 333 shares in the last quarter. State of Wyoming purchased a new position in Loar in the 4th quarter valued at $53,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Loar in the 4th quarter worth $61,000. Finally, Gen Wealth Partners Inc acquired a new stake in shares of Loar in the 4th quarter worth $62,000.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LOAR. Wall Street Zen downgraded Loar from a “buy” rating to a “hold” rating in a research report on Saturday. Morgan Stanley initiated coverage on Loar in a research note on Friday, May 23rd. They set an “overweight” rating and a $100.00 target price for the company. Citigroup boosted their price objective on Loar from $91.00 to $99.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $92.00 target price on shares of Loar in a report on Tuesday, April 1st.

Loar Stock Down 1.6%

Loar stock opened at $82.07 on Tuesday. 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 Holdings, LLC has a fifty-two week low of $51.50 and a fifty-two week high of $99.67. The stock’s fifty day moving average is $88.55 and its two-hundred day moving average is $79.32. The firm has a market capitalization of $7.68 billion, a price-to-earnings ratio of 215.97 and a beta of 0.32.

Loar (NYSE:LOAR) last released its earnings results on Monday, March 31st. The company reported $0.11 earnings per share for the quarter, hitting the consensus estimate of $0.11. The business had revenue of $110.40 million for the quarter, compared to analysts’ expectations of $102.51 million. The company’s revenue was up 27.8% compared to the same quarter last year. Analysts predict that Loar Holdings, LLC will post 0.28 EPS for the current fiscal year.

Insider Transactions at Loar

In other Loar news, Director Paul S. Levy sold 1,168,499 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $80.91, for a total value of $94,543,254.09. Following the completion of the sale, the director now owns 8,188,503 shares of the company’s stock, valued at $662,531,777.73. This trade represents a 12.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Raja Bobbili sold 690,258 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $80.91, for a total transaction of $55,848,774.78. Following the sale, the director now directly owns 31,438,420 shares of the company’s stock, valued at $2,543,682,562.20. The trade was a 2.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,742,872 shares of company stock worth $464,655,774. 22.60% of the stock is currently owned by company insiders.

Loar 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.