Loar (NYSE:LOAR) Trading Up 3.9% - Here's What Happened

Loar Holdings, LLC (NYSE:LOAR - Get Free Report)'s stock price was up 3.9% on Friday . The company traded as high as $95.29 and last traded at $95.40. Approximately 121,892 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 426,736 shares. The stock had previously closed at $91.85.

Analysts Set New Price Targets

A number of analysts have weighed in on LOAR shares. Morgan Stanley raised Loar from an "equal weight" rating to an "overweight" rating and set a $91.00 price target for the company in a research report on Thursday, April 3rd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $92.00 price target on shares of Loar in a research report on Tuesday, April 1st.

Loar Stock Down 1.3 %

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 business has a 50 day moving average price of $73.81 and a 200 day moving average price of $78.17. The firm has a market capitalization of $8.95 billion and a P/E ratio of 398.42.

Loar (NYSE:LOAR - Get Free Report) last posted its quarterly earnings data on Monday, March 31st. The company reported $0.11 EPS for the quarter, hitting analysts' consensus estimates of $0.11. The business had revenue of $110.40 million during the quarter, compared to the consensus estimate of $102.51 million. The company's revenue was up 27.8% compared to the same quarter last year. On average, analysts predict that Loar Holdings, LLC will post 0.28 earnings per share for the current year.

Hedge Funds Weigh In On Loar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Loar by 132.4% during the fourth quarter. Vanguard Group Inc. now owns 2,721,325 shares of the company's stock valued at $201,133,000 after acquiring an additional 1,550,581 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Loar by 4.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,142,073 shares of the company's stock valued at $84,411,000 after acquiring an additional 50,287 shares during the period. TimesSquare Capital Management LLC increased its stake in Loar by 159.8% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,066,525 shares of the company's stock valued at $78,827,000 after acquiring an additional 656,016 shares during the period. Lord Abbett & CO. LLC increased its stake in Loar by 71.7% during the third quarter. Lord Abbett & CO. LLC now owns 1,009,558 shares of the company's stock valued at $75,303,000 after acquiring an additional 421,637 shares during the period. Finally, Federated Hermes Inc. increased its stake in Loar by 29.7% during the fourth quarter. Federated Hermes Inc. now owns 998,733 shares of the company's stock valued at $73,816,000 after acquiring an additional 228,477 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.