Short Interest in Loar Holdings, LLC (NYSE:LOAR) Drops By 21.6%

Loar Holdings, LLC (NYSE:LOAR) was the target of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 1,380,000 shares, a decrease of 21.6% from the November 30th total of 1,760,000 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average daily volume of 448,700 shares, the days-to-cover ratio is presently 3.1 days.

Loar Stock Down 0.7 %

Shares of LOAR traded down $0.52 during trading hours on Tuesday, hitting $73.91. The stock had a trading volume of 601,858 shares, compared to its average volume of 365,243. Loar has a 1-year low of $42.57 and a 1-year high of $96.99. The firm has a 50 day simple moving average of $84.17 and a 200-day simple moving average of $72.85. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.28 and a current ratio of 3.95.

Loar (NYSE:LOAR) last issued its earnings results on Wednesday, November 13th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The firm had revenue of $103.52 million for the quarter, compared to analyst estimates of $97.30 million. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. Analysts anticipate that Loar will post 0.28 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LOAR. Morgan Stanley raised their price objective on shares of Loar from $75.00 to $89.00 and gave the company an “equal weight” rating in a report on Monday, November 18th. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price target on shares of Loar in a research report on Thursday, November 14th.

Insider Buying and Selling

In related news, Chairman Brett N. Milgrim sold 120,305 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $81.17, for a total value of $9,765,156.85. Following the sale, the chairman now directly owns 3,865,327 shares of the company’s stock, valued at $313,748,592.59. This trade represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Raja Bobbili sold 987,248 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $81.17, for a total value of $80,134,920.16. Following the transaction, the director now directly owns 36,713,441 shares of the company’s stock, valued at approximately $2,980,030,005.97. The trade was a 2.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,135,706 shares of company stock valued at $92,185,256 over the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of LOAR. Abrams Capital Management L.P. bought a new stake in Loar in the 2nd quarter worth about $2,052,780,000. Federated Hermes Inc. bought a new position in shares of Loar in the second quarter valued at approximately $38,952,000. Lord Abbett & CO. LLC increased its position in shares of Loar by 71.7% during the third quarter. Lord Abbett & CO. LLC now owns 1,009,558 shares of the company’s stock valued at $75,303,000 after acquiring an additional 421,637 shares during the last quarter. State Street Corp increased its position in shares of Loar by 413.3% during the third quarter. State Street Corp now owns 416,531 shares of the company’s stock valued at $31,069,000 after acquiring an additional 335,376 shares during the last quarter. Finally, Fred Alger Management LLC bought a new stake in Loar during the second quarter worth $13,085,000.

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.