State Street Corp Boosts Holdings in Loar Holdings, LLC (NYSE:LOAR)

State Street Corp raised its stake in shares of Loar Holdings, LLC (NYSE:LOAR) by 413.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 416,531 shares of the company’s stock after buying an additional 335,376 shares during the quarter. State Street Corp’s holdings in Loar were worth $31,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of LOAR. Abrams Capital Management L.P. purchased a new stake in shares of Loar in the second quarter worth about $2,052,780,000. Federated Hermes Inc. bought a new position in shares of Loar during the 2nd quarter valued at approximately $38,952,000. TimesSquare Capital Management LLC boosted its position in shares of Loar by 57.3% during the 3rd quarter. TimesSquare Capital Management LLC now owns 410,509 shares of the company’s stock valued at $30,620,000 after acquiring an additional 149,460 shares during the last quarter. Loomis Sayles & Co. L P boosted its position in shares of Loar by 47.3% during the 3rd quarter. Loomis Sayles & Co. L P now owns 275,500 shares of the company’s stock valued at $20,550,000 after acquiring an additional 88,429 shares during the last quarter. Finally, Fred Alger Management LLC purchased a new position in shares of Loar in the second quarter valued at $13,085,000.

Loar Stock Performance

NYSE:LOAR opened at $72.83 on Friday. The stock’s fifty day moving average is $84.44 and its 200 day moving average is $72.13. 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 released its earnings results on Wednesday, November 13th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. The firm had revenue of $103.52 million during the quarter, compared to the consensus estimate of $97.30 million. The business’s revenue was up 25.0% on a year-over-year basis. As a group, equities research analysts forecast that Loar Holdings, LLC will post 0.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

LOAR has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Loar in a research note on Thursday, November 14th. Morgan Stanley upped their target price on shares of Loar from $75.00 to $89.00 and gave the company an “equal weight” rating in a research report on Monday, November 18th.

Insiders Place Their Bets

In other news, insider Michael J. Manella sold 28,153 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $81.17, for a total transaction of $2,285,179.01. Following the completion of the sale, the insider now directly owns 580,388 shares of the company’s stock, valued at approximately $47,110,093.96. The trade was a 4.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Brett N. Milgrim sold 120,305 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $81.17, for a total transaction of $9,765,156.85. Following the completion of the transaction, the chairman now directly owns 3,865,327 shares in the company, valued at $313,748,592.59. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,135,706 shares of company stock valued at $92,185,256 over the last 90 days.

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.