StandardAero’s (SARO) “Outperform” Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reiterated their outperform rating on shares of StandardAero (NYSE:SARO) in a report published on Thursday,Benzinga reports. The brokerage currently has a $37.00 price target on the stock.

SARO has been the subject of several other research reports. Bank of America lowered their target price on shares of StandardAero from $33.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, November 14th. Sanford C. Bernstein reissued an “outperform” rating on shares of StandardAero in a report on Monday, November 24th. Wall Street Zen downgraded StandardAero from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. Zacks Research lowered StandardAero from a “hold” rating to a “strong sell” rating in a report on Friday, January 23rd. Finally, Truist Financial assumed coverage on StandardAero in a report on Friday, October 10th. They issued a “buy” rating and a $35.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $34.00.

StandardAero Trading Down 0.9%

NYSE SARO opened at $30.91 on Thursday. StandardAero has a 12 month low of $21.31 and a 12 month high of $34.48. The stock has a 50-day simple moving average of $29.18 and a 200 day simple moving average of $28.04. The company has a current ratio of 2.18, a quick ratio of 1.48 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $10.34 billion, a PE ratio of 56.20 and a beta of 1.04.

StandardAero (NYSE:SARO) last posted its earnings results on Monday, November 10th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.43 billion. StandardAero had a return on equity of 9.63% and a net margin of 3.15%.The company’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.06 EPS. Research analysts forecast that StandardAero will post 0.29 EPS for the current year.

StandardAero announced that its board has initiated a stock repurchase program on Wednesday, December 10th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other StandardAero news, CEO Russell Wayne Ford sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $30.24, for a total transaction of $1,209,600.00. Following the transaction, the chief executive officer owned 886,955 shares of the company’s stock, valued at $26,821,519.20. The trade was a 4.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On StandardAero

Institutional investors have recently added to or reduced their stakes in the company. Carlyle Group Inc. lifted its stake in StandardAero by 13.6% in the second quarter. Carlyle Group Inc. now owns 152,673,891 shares of the company’s stock valued at $4,832,129,000 after acquiring an additional 18,321,061 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in StandardAero by 311.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,548,613 shares of the company’s stock valued at $261,759,000 after purchasing an additional 6,471,813 shares during the last quarter. Norges Bank bought a new position in StandardAero during the second quarter worth about $203,038,000. State Street Corp increased its position in StandardAero by 90.7% during the second quarter. State Street Corp now owns 6,047,097 shares of the company’s stock worth $191,391,000 after buying an additional 2,875,579 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in StandardAero by 8,451.2% in the third quarter. Victory Capital Management Inc. now owns 1,827,896 shares of the company’s stock valued at $49,883,000 after buying an additional 1,806,520 shares during the period.

About StandardAero

StandardAero is a global aerospace maintenance, repair and overhaul (MRO) provider specializing in gas turbine engines, auxiliary power units (APUs), airframe components and oil & gas rotating equipment. The company offers a full suite of technical services including engine repair and overhaul, component repair, accessory maintenance, parts manufacturing and on-site field support. Its customer base spans commercial airlines, business and general aviation operators, regional carriers, original equipment manufacturers (OEMs) and defense organizations.

With roots dating back to 1911, StandardAero has grown through strategic acquisitions and organic expansion to become one of the largest independent MRO providers in the industry.