Shares of Loar Holdings, LLC (NYSE:LOAR – Get Free Report) fell 9.6% during mid-day trading on Wednesday . The stock traded as low as $78.70 and last traded at $79.66. 134,868 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 294,770 shares. The stock had previously closed at $88.11.
Wall Street Analysts Forecast Growth
LOAR has been the topic of a number of recent research reports. Morgan Stanley raised 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 reaffirmed an “outperform” rating and set a $80.00 price objective on shares of Loar in a research report on Monday, October 7th. Finally, Citigroup increased their price objective on shares of Loar from $64.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th.
View Our Latest Analysis on Loar
Loar Stock Down 6.4 %
Loar (NYSE:LOAR – Get Free Report) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 earnings per share (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 the consensus estimate of $91.70 million. The company’s quarterly revenue was up 31.2% compared to the same quarter last year. As a group, research analysts predict that Loar Holdings, LLC will post 0.37 EPS for the current fiscal year.
Hedge Funds Weigh In On Loar
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new stake in shares of Loar during the third quarter worth $1,247,000. Loomis Sayles & Co. L P lifted its position in shares of Loar by 47.3% during the third quarter. Loomis Sayles & Co. L P now owns 275,500 shares of the company’s stock worth $20,550,000 after purchasing an additional 88,429 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Loar by 52.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 106,897 shares of the company’s stock worth $7,973,000 after purchasing an additional 36,701 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Loar during the third quarter worth $230,000. Finally, Lisanti Capital Growth LLC bought a new stake in shares of Loar during the third quarter worth $2,667,000.
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.
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