Loar (NYSE:LOAR) Reaches New 1-Year High – What’s Next?

Loar Holdings, LLC (NYSE:LOAR)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $85.74 and last traded at $85.00, with a volume of 18743 shares trading hands. The stock had previously closed at $84.58.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on LOAR shares. Morgan Stanley lifted their target price on Loar from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Citigroup lifted their price objective on shares of Loar from $64.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $80.00 target price on shares of Loar in a research report on Monday, October 7th.

Loar Stock Performance

The company has a 50 day simple moving average of $74.78. The company has a quick ratio of 3.09, a current ratio of 4.86 and a debt-to-equity ratio of 0.33.

Loar (NYSE:LOAR) last issued its earnings results on Tuesday, August 13th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. The business had revenue of $97.10 million for the quarter, compared to the consensus estimate of $91.70 million. The company’s revenue was up 31.2% compared to the same quarter last year. On average, research analysts forecast that Loar Holdings, LLC will post 0.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Loar

A number of institutional investors and hedge funds have recently modified their holdings of the company. Arcadia Investment Management Corp MI purchased a new position in shares of Loar during the 2nd quarter valued at $26,000. nVerses Capital LLC bought a new stake in Loar during the third quarter valued at $45,000. Amalgamated Bank purchased a new position in Loar during the second quarter worth about $37,000. Linonia Partnership LP bought a new position in Loar in the 2nd quarter worth about $53,000. Finally, Renaissance Capital LLC raised its holdings in shares of Loar by 22.4% in the 3rd quarter. Renaissance Capital LLC now owns 11,392 shares of the company’s stock valued at $850,000 after acquiring an additional 2,083 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.