Loar (NYSE:LOAR) Earns Outperform Rating from Royal Bank of Canada

Loar (NYSE:LOAR)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank of Canada in a research note issued to investors on Thursday,Benzinga reports. They currently have a $100.00 price target on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 23.76% from the stock’s current price.

A number of other equities research analysts also recently commented on the stock. Citigroup raised their price objective on shares of Loar from $64.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Morgan Stanley raised their price target on Loar from $70.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday, October 18th.

Loar Price Performance

NYSE:LOAR opened at $80.80 on Thursday. The company has a current ratio of 4.86, a quick ratio of 3.09 and a debt-to-equity ratio of 0.33. The firm’s fifty day moving average price is $78.90 and its 200 day moving average price is $66.13. Loar has a 1-year low of $42.57 and a 1-year high of $95.35.

Loar (NYSE:LOAR) last released its earnings results on Tuesday, August 13th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.10 by $0.03. The firm had revenue of $97.10 million during the quarter, compared to analyst estimates of $91.70 million. The business’s revenue was up 31.2% on a year-over-year basis. Sell-side analysts anticipate that Loar will post 0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Abrams Capital Management L.P. purchased a new stake in shares of Loar during the 2nd quarter worth approximately $2,052,780,000. Federated Hermes Inc. purchased a new stake in Loar during the second quarter worth $38,952,000. State Street Corp grew its holdings in Loar by 413.3% in the third quarter. State Street Corp now owns 416,531 shares of the company’s stock valued at $31,069,000 after purchasing an additional 335,376 shares during the last quarter. TimesSquare Capital Management LLC grew its holdings in Loar by 57.3% in the third quarter. TimesSquare Capital Management LLC now owns 410,509 shares of the company’s stock valued at $30,620,000 after purchasing an additional 149,460 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its position in shares of Loar by 47.3% in the third quarter. Loomis Sayles & Co. L P now owns 275,500 shares of the company’s stock valued at $20,550,000 after buying an additional 88,429 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.