Loar (NYSE:LOAR) Shares Gap Up – What’s Next?

Loar Holdings, LLC (NYSE:LOAR)’s share price gapped up prior to trading on Friday . The stock had previously closed at $80.07, but opened at $82.51. Loar shares last traded at $83.57, with a volume of 63,848 shares.

Analyst Upgrades and Downgrades

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

Loar Stock Performance

The company has a quick ratio of 3.09, a current ratio of 4.86 and a debt-to-equity ratio of 0.33. The company’s 50 day simple moving average is $74.54.

Loar (NYSE:LOAR) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 earnings per share (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 analyst estimates of $91.70 million. The firm’s revenue was up 31.2% compared to the same quarter last year. Analysts forecast that Loar Holdings, LLC will post 0.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Loar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LOAR. Abrams Capital Management L.P. bought a new stake in Loar in the second quarter valued at about $2,052,780,000. Federated Hermes Inc. bought a new stake in Loar in the second quarter valued at about $38,952,000. Fred Alger Management LLC bought a new stake in Loar in the second quarter valued at about $13,085,000. Zweig DiMenna Associates LLC bought a new stake in Loar in the second quarter valued at about $9,208,000. Finally, TCW Group Inc. bought a new stake in Loar in the second quarter valued at about $7,366,000.

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.