Loar Holdings, LLC (NYSE:LOAR) Chairman Sells $6,805,744.65 in Stock

Loar Holdings, LLC (NYSE:LOAR) Chairman Brett N. Milgrim sold 84,115 shares of the company’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $80.91, for a total transaction of $6,805,744.65. Following the completion of the transaction, the chairman now owns 3,222,517 shares in the company, valued at $260,733,850.47. This represents a 2.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Loar Stock Down 0.5%

Shares of NYSE LOAR traded down $0.41 during midday trading on Monday, reaching $85.18. 1,789,485 shares of the company’s stock traded hands, compared to its average volume of 486,683. The company has a quick ratio of 2.28, a current ratio of 3.95 and a debt-to-equity ratio of 0.78. The stock’s 50 day simple moving average is $81.74 and its 200-day simple moving average is $79.46. Loar Holdings, LLC has a one year low of $49.62 and a one year high of $99.67. The company has a market cap of $7.97 billion and a price-to-earnings ratio of 224.16.

Loar (NYSE:LOAR) last released its quarterly earnings data on Monday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.11. The business had revenue of $110.40 million for 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 EPS for the current fiscal year.

Institutional Investors Weigh In On Loar

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in Loar by 204.9% in the first quarter. GAMMA Investing LLC now owns 372 shares of the company’s stock valued at $26,000 after acquiring an additional 250 shares in the last quarter. Sterling Capital Management LLC boosted its stake in Loar by 141.5% in the fourth quarter. Sterling Capital Management LLC now owns 500 shares of the company’s stock valued at $37,000 after acquiring an additional 293 shares in the last quarter. Corebridge Financial Inc. boosted its stake in Loar by 174.3% in the fourth quarter. Corebridge Financial Inc. now owns 524 shares of the company’s stock valued at $39,000 after acquiring an additional 333 shares in the last quarter. State of Wyoming purchased a new position in Loar in the 4th quarter worth $53,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in Loar by 5,286.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 808 shares of the company’s stock worth $57,000 after acquiring an additional 793 shares during the period.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LOAR. Morgan Stanley upgraded shares of Loar from an “equal weight” rating to an “overweight” rating and set a $91.00 target price on the stock in a research note on Thursday, April 3rd. Citigroup upped their target price on shares of Loar from $91.00 to $99.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $92.00 target price on shares of Loar in a research note on Tuesday, April 1st.

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.