Royal Bank of Canada Reiterates “Outperform” Rating for Loar (NYSE:LOAR)

Loar (NYSE:LOAR)‘s stock had its “outperform” rating reissued by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $80.00 price target on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 10.70% from the stock’s current price.

A number of other analysts have also recently commented on the company. Morgan Stanley boosted their price objective on Loar from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. Citigroup boosted their price objective on Loar from $64.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th.

Loar Stock Down 1.9 %

LOAR stock traded down $1.39 during trading on Monday, hitting $72.27. 28,444 shares of the company traded hands, compared to its average volume of 296,405. The stock’s 50-day moving average is $70.50. The company has a current ratio of 4.86, a quick ratio of 3.09 and a debt-to-equity ratio of 0.33. Loar has a 1 year low of $42.57 and a 1 year high of $80.79.

Loar (NYSE:LOAR) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.03. The company had revenue of $97.10 million for the quarter, compared to analysts’ expectations of $91.70 million. The company’s quarterly revenue was up 31.2% compared to the same quarter last year. As a group, sell-side analysts expect that Loar will post 0.44 EPS for the current year.

Hedge Funds Weigh In On Loar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Abrams Capital Management L.P. acquired a new position in Loar during the second quarter worth $2,052,780,000. Federated Hermes Inc. acquired a new position in shares of Loar in the 2nd quarter valued at $38,952,000. Fred Alger Management LLC acquired a new position in shares of Loar in the 2nd quarter valued at $13,085,000. Zweig DiMenna Associates LLC acquired a new position in shares of Loar in the 2nd quarter valued at $9,208,000. Finally, TCW Group Inc. acquired a new position in shares of Loar in the 2nd quarter valued at $7,366,000.

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.