Loar (NYSE:LOAR) Shares Gap Down – Here’s What Happened

Loar Holdings, LLC (NYSE:LOAR)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $89.21, but opened at $84.75. Loar shares last traded at $84.31, with a volume of 788,871 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Citigroup boosted their price target on shares of Loar from $91.00 to $99.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Royal Bank of Canada restated an “outperform” rating and set a $92.00 target price on shares of Loar in a research report on Tuesday, April 1st. Morgan Stanley began coverage on Loar in a research report on Friday, May 23rd. They set an “overweight” rating and a $100.00 price target for the company. Finally, Wall Street Zen upgraded shares of Loar from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd.

Loar Trading Down 6.0%

The stock has a 50 day moving average of $87.56 and a 200 day moving average of $79.54. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.95 and a quick ratio of 2.28. The firm has a market cap of $7.84 billion, a P/E ratio of 220.66 and a beta of 0.32.

Loar (NYSE:LOAR) last announced its quarterly earnings data on Monday, March 31st. The company reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. The firm had revenue of $110.40 million for the quarter, compared to analysts’ expectations of $102.51 million. Loar’s revenue for the quarter was up 27.8% on a year-over-year basis. As a group, equities research analysts predict that Loar Holdings, LLC will post 0.28 EPS for the current year.

Insiders Place Their Bets

In other news, Chairman Brett N. Milgrim sold 558,695 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $80.91, for a total transaction of $45,204,012.45. Following the transaction, the chairman now directly owns 3,306,632 shares of the company’s stock, valued at approximately $267,539,595.12. The trade was a 14.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Raja Bobbili sold 690,258 shares of the business’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $80.91, for a total transaction of $55,848,774.78. Following the transaction, the director now directly owns 31,438,420 shares in the company, valued at approximately $2,543,682,562.20. The trade was a 2.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,742,872 shares of company stock valued at $464,655,774 over the last three months.

Institutional Trading of Loar

Several institutional investors and hedge funds have recently bought and sold shares of LOAR. Fortress Investment Group LLC purchased a new position in Loar during the fourth quarter valued at $739,000. Polar Asset Management Partners Inc. raised its holdings in shares of Loar by 343.9% during the fourth 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 last quarter. M&T Bank Corp bought a new stake in shares of Loar in the fourth quarter worth $306,000. Treasurer of the State of North Carolina lifted its stake in shares of Loar by 187.2% in the 4th quarter. Treasurer of the State of North Carolina now owns 13,240 shares of the company’s stock worth $979,000 after purchasing an additional 8,630 shares during the period. Finally, Soros Fund Management LLC raised its position in Loar by 12.5% in the fourth quarter. Soros Fund Management LLC now owns 225,000 shares of the company’s stock worth $16,630,000 after acquiring an additional 25,000 shares during the period.

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.