Loar (NYSE:LOAR) Shares Up 2.8% – Here’s Why

Loar Holdings, LLC (NYSE:LOAR)’s stock price rose 2.8% on Monday . The company traded as high as $69.00 and last traded at $67.83. Approximately 201,239 shares were traded during trading, a decline of 50% from the average daily volume of 405,023 shares. The stock had previously closed at $65.97.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $92.00 price target on shares of Loar in a report on Tuesday.

Loar Trading Up 5.8 %

The business has a fifty day moving average price of $71.08 and a two-hundred day moving average price of $76.95. 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) last issued its earnings results on Monday, March 31st. The company reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. The business had revenue of $110.40 million during the quarter, compared to analyst estimates of $102.51 million. The company’s revenue for the quarter was up 27.8% on a year-over-year basis. On average, equities research analysts anticipate that Loar Holdings, LLC will post 0.28 EPS for the current year.

Hedge Funds Weigh In On Loar

A number of hedge funds have recently modified their holdings of LOAR. California State Teachers Retirement System raised its position in Loar by 184.3% during the fourth quarter. California State Teachers Retirement System now owns 2,226 shares of the company’s stock valued at $165,000 after acquiring an additional 1,443 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Loar in the 4th quarter valued at approximately $2,978,000. Polar Asset Management Partners Inc. boosted its holdings in Loar by 343.9% in the 4th quarter. Polar Asset Management Partners Inc. now owns 18,200 shares of the company’s stock valued at $1,345,000 after purchasing an additional 14,100 shares during the period. Public Employees Retirement System of Ohio lifted its position in shares of Loar by 950.5% in the 4th quarter. Public Employees Retirement System of Ohio now owns 40,299 shares of the company’s stock worth $2,978,000 after acquiring an additional 36,463 shares during the period. Finally, Woodline Partners LP increased its holdings in Loar by 156.0% in the 4th quarter. Woodline Partners LP now owns 83,928 shares of the company’s stock valued at $6,203,000 after buying an additional 51,149 shares during the period.

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.