Morgan Stanley Begins Coverage on Loar (NYSE:LOAR)

Analysts at Morgan Stanley initiated coverage on shares of Loar (NYSE:LOAR) in a research note issued to investors on Friday. The brokerage set an “overweight” rating and a $100.00 price target on the stock. Morgan Stanley’s price target suggests a potential upside of 17.19% from the stock’s previous close.

A number of other research firms also recently commented on LOAR. Royal Bank of Canada restated an “outperform” rating and issued a $92.00 target price on shares of Loar in a research report on Tuesday, April 1st. Citigroup boosted their price objective on Loar from $91.00 to $99.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Finally, Wall Street Zen upgraded Loar from a “hold” rating to a “buy” rating in a report on Thursday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $89.00.

Loar Price Performance

NYSE:LOAR opened at $85.33 on Friday. Loar has a 52 week low of $50.02 and a 52 week high of $99.67. 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 company has a market capitalization of $7.98 billion and a P/E ratio of 224.55. The stock’s fifty day moving average is $83.24 and its two-hundred day moving average is $79.48.

Loar (NYSE:LOAR) last posted its earnings results on Monday, March 31st. The company reported $0.11 EPS for the quarter, meeting analysts’ consensus estimates of $0.11. The business had revenue of $110.40 million during the quarter, compared to analysts’ expectations of $102.51 million. The business’s quarterly revenue was up 27.8% compared to the same quarter last year. Equities analysts expect that Loar will post 0.28 EPS for the current year.

Insider Activity at Loar

In other Loar news, Director Alison Bomberg sold 690,258 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $80.91, for a total transaction of $55,848,774.78. Following the sale, the director now owns 31,438,420 shares in the company, valued at $2,543,682,562.20. This represents a 2.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul S. Levy sold 1,168,499 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $80.91, for a total value of $94,543,254.09. Following the sale, the director now owns 8,188,503 shares in the company, valued at approximately $662,531,777.73. This trade represents a 12.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,742,872 shares of company stock worth $464,655,774.

Institutional Investors Weigh In On Loar

Several large investors have recently bought and sold shares of LOAR. GAMMA Investing LLC increased its holdings in Loar by 204.9% during the 1st quarter. GAMMA Investing LLC now owns 372 shares of the company’s stock worth $26,000 after purchasing an additional 250 shares during the period. Sterling Capital Management LLC boosted its position in shares of Loar by 141.5% during the 4th quarter. Sterling Capital Management LLC now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 293 shares in the last quarter. Corebridge Financial Inc. boosted its position in shares of Loar by 174.3% during the 4th quarter. Corebridge Financial Inc. now owns 524 shares of the company’s stock worth $39,000 after acquiring an additional 333 shares in the last quarter. State of Wyoming acquired a new position in shares of Loar during the 4th quarter worth about $53,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of 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 in the last quarter.

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.