StandardAero (NYSE:SARO) Shares Gap Down – Here’s What Happened

StandardAero, Inc. (NYSE:SARO) gapped down prior to trading on Monday . The stock had previously closed at $28.59, but opened at $27.64. StandardAero shares last traded at $28.19, with a volume of 146,100 shares traded.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SARO. Bank of America lowered their target price on shares of StandardAero from $34.00 to $32.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Morgan Stanley dropped their price objective on StandardAero from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Friday, March 14th. Finally, UBS Group lifted their target price on StandardAero from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, March 11th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.89.

StandardAero Price Performance

The business’s fifty day moving average is $27.05.

StandardAero (NYSE:SARO) last released its quarterly earnings data on Monday, March 10th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.20). The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.37 billion. StandardAero’s revenue for the quarter was up 21.8% on a year-over-year basis. Analysts forecast that StandardAero, Inc. will post 0.29 earnings per share for the current year.

Hedge Funds Weigh In On StandardAero

Several large investors have recently modified their holdings of SARO. Mirae Asset Global Investments Co. Ltd. bought a new position in StandardAero during the fourth quarter valued at $486,000. Renaissance Capital LLC purchased a new position in shares of StandardAero during the fourth quarter valued at approximately $3,992,000. Jennison Associates LLC bought a new position in shares of StandardAero during the fourth quarter valued at approximately $23,063,000. Legato Capital Management LLC purchased a new stake in shares of StandardAero in the fourth quarter worth approximately $335,000. Finally, Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of StandardAero during the 4th quarter worth approximately $224,000.

About StandardAero

StandardAero, Inc provides aerospace engine aftermarket services for fixed and rotary wing aircraft in the United States, Canada, the United Kingdom, Rest of Europe, Asia, and internationally. It operates in two segments, Engine Services and Component Repair Services. The Engine Services segment provides a suite of aftermarket services, including maintenance, repair and overhaul, on-wing and field service support, asset management, and engineering and related solutions to customers in the commercial aerospace, military and helicopter, and business aviation end markets.