Renaissance Capital LLC Increases Position in StandardAero, Inc. $SARO

Renaissance Capital LLC grew its position in shares of StandardAero, Inc. (NYSE:SARO) by 39.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 179,994 shares of the company’s stock after purchasing an additional 50,588 shares during the period. StandardAero comprises about 2.8% of Renaissance Capital LLC’s holdings, making the stock its 15th largest holding. Renaissance Capital LLC owned approximately 0.05% of StandardAero worth $4,912,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SARO. Carlyle Group Inc. raised its holdings in shares of StandardAero by 13.6% during the 2nd quarter. Carlyle Group Inc. now owns 152,673,891 shares of the company’s stock valued at $4,832,129,000 after buying an additional 18,321,061 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of StandardAero by 311.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 8,548,613 shares of the company’s stock worth $261,759,000 after acquiring an additional 6,471,813 shares in the last quarter. Norges Bank bought a new position in shares of StandardAero during the 2nd quarter valued at $203,038,000. State Street Corp raised its position in StandardAero by 90.7% in the 2nd quarter. State Street Corp now owns 6,047,097 shares of the company’s stock worth $191,391,000 after purchasing an additional 2,875,579 shares during the period. Finally, Alliancebernstein L.P. boosted its position in StandardAero by 49.4% during the first quarter. Alliancebernstein L.P. now owns 4,552,851 shares of the company’s stock valued at $121,288,000 after buying an additional 1,505,726 shares during the period.

Wall Street Analysts Forecast Growth

SARO has been the topic of several recent research reports. Bank of America reduced their price target on StandardAero from $33.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, November 14th. Sanford C. Bernstein reissued an “outperform” rating on shares of StandardAero in a report on Monday, November 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of StandardAero in a research report on Monday, December 22nd. Wall Street Zen downgraded StandardAero from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Zacks Research upgraded StandardAero from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $32.43.

StandardAero Trading Down 0.9%

SARO stock opened at $28.75 on Wednesday. The firm has a fifty day moving average price of $27.17 and a 200 day moving average price of $27.86. StandardAero, Inc. has a fifty-two week low of $21.31 and a fifty-two week high of $31.97. The firm has a market cap of $9.62 billion, a PE ratio of 52.27 and a beta of 1.16. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.48 and a current ratio of 2.18.

StandardAero (NYSE:SARO) last released its quarterly earnings results on Monday, November 10th. The company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20. StandardAero had a net margin of 3.15% and a return on equity of 9.63%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the firm earned $0.06 earnings per share. StandardAero’s revenue was up 20.4% on a year-over-year basis. Sell-side analysts anticipate that StandardAero, Inc. will post 0.29 earnings per share for the current fiscal year.

StandardAero declared that its Board of Directors has approved a share buyback program on Wednesday, December 10th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at StandardAero

In related news, insider Alex Trapp sold 10,000 shares of StandardAero stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $29.21, for a total value of $292,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

StandardAero Company Profile

StandardAero is a global aerospace maintenance, repair and overhaul (MRO) provider specializing in gas turbine engines, auxiliary power units (APUs), airframe components and oil & gas rotating equipment. The company offers a full suite of technical services including engine repair and overhaul, component repair, accessory maintenance, parts manufacturing and on-site field support. Its customer base spans commercial airlines, business and general aviation operators, regional carriers, original equipment manufacturers (OEMs) and defense organizations.

With roots dating back to 1911, StandardAero has grown through strategic acquisitions and organic expansion to become one of the largest independent MRO providers in the industry.