Fred Alger Management LLC Acquires Shares of 244,996 Loar Holdings, LLC (NYSE:LOAR)

Fred Alger Management LLC bought a new position in Loar Holdings, LLC (NYSE:LOAR) during the 2nd quarter, Holdings Channel.com reports. The firm bought 244,996 shares of the company’s stock, valued at approximately $13,085,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. TCW Group Inc. purchased a new stake in Loar during the 2nd quarter valued at $7,366,000. Emerald Advisers LLC purchased a new stake in shares of Loar during the second quarter worth about $1,146,000. Picton Mahoney Asset Management bought a new stake in shares of Loar in the second quarter worth about $964,000. Bank of New York Mellon Corp purchased a new position in Loar during the 2nd quarter valued at about $439,000. Finally, Abrams Capital Management L.P. bought a new position in Loar during the 2nd quarter valued at approximately $2,052,780,000.

Loar Stock Performance

NYSE LOAR opened at $75.32 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.09 and a current ratio of 4.86. Loar Holdings, LLC has a twelve month low of $42.57 and a twelve month high of $80.79. The company’s 50 day moving average price is $68.61.

Loar (NYSE:LOAR) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.10 by $0.03. The firm had revenue of $97.10 million for the quarter, compared to analysts’ expectations of $91.70 million. Loar’s quarterly revenue was up 31.2% compared to the same quarter last year. As a group, equities analysts predict that Loar Holdings, LLC will post 0.44 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on LOAR shares. Morgan Stanley lifted their price objective on Loar from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 14th. Jefferies Financial Group initiated coverage on shares of Loar in a report on Monday, June 3rd. They issued a “buy” rating and a $65.00 price target on the stock. Royal Bank of Canada boosted their price objective on shares of Loar from $65.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. Finally, Citigroup raised their target price 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.

Loar Profile

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.