Loar (NYSE:LOAR) Sets New 12-Month High on Analyst Upgrade

Loar Holdings, LLC (NYSE:LOAR) reached a new 52-week high during mid-day trading on Monday after Morgan Stanley raised their price target on the stock from $70.00 to $75.00. Morgan Stanley currently has an equal weight rating on the stock. Loar traded as high as $81.15 and last traded at $79.08, with a volume of 38113 shares trading hands. The stock had previously closed at $78.49.

Several other analysts also recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 price objective on shares of Loar in a research report on Monday, October 7th. Citigroup upped 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.

Institutional Investors Weigh In On Loar

Institutional investors and hedge funds have recently modified their holdings of the business. Arcadia Investment Management Corp MI purchased a new stake in Loar in the second quarter worth about $26,000. nVerses Capital LLC bought a new stake in Loar during the 3rd quarter valued at $45,000. Amalgamated Bank bought a new stake in Loar during the second quarter valued at about $37,000. Linonia Partnership LP bought a new position in Loar in the second quarter worth about $53,000. Finally, RiverPark Advisors LLC purchased a new stake in shares of Loar during the second quarter valued at about $155,000.

Loar Price Performance

The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.09 and a current ratio of 4.86. The firm has a 50-day moving average of $74.04.

Loar (NYSE:LOAR) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The business had revenue of $97.10 million during the quarter, compared to analysts’ expectations of $91.70 million. The company’s revenue was up 31.2% compared to the same quarter last year. As a group, research analysts forecast that Loar Holdings, LLC will post 0.37 earnings per share for the current year.

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.