Royal Bank of Canada Reaffirms "Outperform" Rating for Loar (NYSE:LOAR)

Royal Bank of Canada reaffirmed their outperform rating on shares of Loar (NYSE:LOAR - Free Report) in a research report released on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a $92.00 target price on the stock.

Loar Stock Down 8.7 %

NYSE LOAR traded down $6.56 during trading hours on Tuesday, hitting $69.19. The company's stock had a trading volume of 829,211 shares, compared to its average volume of 412,536. The company has a market capitalization of $6.47 billion and a PE ratio of 288.30. The company's 50-day simple moving average is $70.68 and its two-hundred day simple moving average is $76.90. Loar has a 52 week low of $42.57 and a 52 week high of $96.99. The company has a current ratio of 3.95, a quick ratio of 2.28 and a debt-to-equity ratio of 0.78.

Loar (NYSE:LOAR - Get Free Report) last posted 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 during the quarter, compared to analysts' expectations of $102.51 million. The company's revenue for the quarter was up 27.8% compared to the same quarter last year. Research analysts anticipate that Loar will post 0.28 EPS for the current fiscal year.

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Hedge Funds Weigh In On Loar

A number of hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Loar by 52.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 106,897 shares of the company's stock worth $7,973,000 after buying an additional 36,701 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Loar during the 3rd quarter valued at about $1,247,000. BNP Paribas Financial Markets lifted its position in shares of Loar by 3,444.3% during the third quarter. BNP Paribas Financial Markets now owns 10,633 shares of the company's stock valued at $793,000 after buying an additional 10,333 shares during the last quarter. Captrust Financial Advisors boosted its holdings in Loar by 9.8% in the third quarter. Captrust Financial Advisors now owns 10,471 shares of the company's stock worth $781,000 after acquiring an additional 938 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new position in Loar in the 3rd quarter worth approximately $727,000.

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.