Alliancebernstein L.P. Cuts Stake in Loar Holdings, LLC (NYSE:LOAR)

Alliancebernstein L.P. cut its position in Loar Holdings, LLC (NYSE:LOAR) by 0.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 586,638 shares of the company’s stock after selling 327 shares during the period. Alliancebernstein L.P. owned approximately 0.65% of Loar worth $43,358,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Corebridge Financial Inc. raised its holdings in Loar by 174.3% in the 4th quarter. Corebridge Financial Inc. now owns 524 shares of the company’s stock worth $39,000 after acquiring an additional 333 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Loar in the 4th quarter worth $61,000. R Squared Ltd purchased a new position in shares of Loar in the fourth quarter worth $95,000. Amalgamated Bank lifted its holdings in shares of Loar by 190.7% during the fourth quarter. Amalgamated Bank now owns 2,000 shares of the company’s stock valued at $148,000 after purchasing an additional 1,312 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in shares of Loar during the fourth quarter valued at $201,000.

Analysts Set New Price Targets

LOAR has been the subject of a number of recent analyst reports. Morgan Stanley raised Loar from an “equal weight” rating to an “overweight” rating and set a $91.00 target price for the company in a research report on Thursday. Royal Bank of Canada reissued an “outperform” rating and set a $92.00 price objective on shares of Loar in a report on Tuesday, April 1st.

Loar Stock Down 8.7 %

LOAR stock opened at $69.19 on Friday. The business’s 50-day moving average is $70.68 and its two-hundred day moving average is $76.90. The company has a market cap of $6.47 billion and a price-to-earnings ratio of 288.30. Loar Holdings, LLC has a fifty-two week low of $42.57 and a fifty-two week high of $96.99. 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 posted its quarterly earnings data on Monday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter, hitting 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. Loar’s revenue for the quarter was up 27.8% compared to the same quarter last year. As a group, analysts forecast that Loar Holdings, LLC will post 0.28 earnings per share for the current year.

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.