Franklin Resources Inc. Acquires 49,966 Shares of Loar Holdings, LLC (NYSE:LOAR)

Franklin Resources Inc. increased its holdings in Loar Holdings, LLC (NYSE:LOAR - Free Report) by 36.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 188,766 shares of the company's stock after purchasing an additional 49,966 shares during the quarter. Franklin Resources Inc. owned 0.21% of Loar worth $14,556,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Calamos Advisors LLC bought a new stake in Loar in the second quarter valued at approximately $492,000. Bank of New York Mellon Corp bought a new position in shares of Loar during the second quarter valued at about $439,000. RiverPark Advisors LLC bought a new position in shares of Loar during the second quarter valued at about $155,000. Summit Securities Group LLC purchased a new stake in shares of Loar during the second quarter worth about $344,000. Finally, Picton Mahoney Asset Management bought a new stake in shares of Loar in the second quarter worth about $964,000.

Insider Buying and Selling

In other news, insider Michael J. Manella sold 28,153 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $81.17, for a total value of $2,285,179.01. Following the sale, the insider now directly owns 580,388 shares of the company's stock, valued at approximately $47,110,093.96. This represents a 4.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Brett N. Milgrim sold 120,305 shares of the company's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $81.17, for a total transaction of $9,765,156.85. Following the completion of the transaction, the chairman now owns 3,865,327 shares in the company, valued at approximately $313,748,592.59. The trade was a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,135,706 shares of company stock worth $92,185,256 in the last three months.

Loar Price Performance

LOAR traded down $1.06 on Friday, hitting $72.83. The company had a trading volume of 2,159,717 shares, compared to its average volume of 357,032. The stock has a fifty day simple moving average of $84.44 and a 200-day simple moving average of $72.03. 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 52-week low of $42.57 and a 52-week high of $96.99.

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

Analyst Ratings Changes

A number of research firms have commented on LOAR. 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. Morgan Stanley upped their target price on Loar from $75.00 to $89.00 and gave the company an "equal weight" rating in a report on Monday, November 18th.

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.