Arizona State Retirement System Makes New Investment in Loar Holdings Inc. (NYSE:LOAR)

Arizona State Retirement System purchased a new position in shares of Loar Holdings Inc. (NYSE:LOAR - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,357 shares of the company's stock, valued at approximately $378,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Xponance Inc. raised its stake in Loar by 19.2% in the 1st quarter. Xponance Inc. now owns 4,585 shares of the company's stock valued at $324,000 after acquiring an additional 740 shares during the period. Linden Thomas Advisory Services LLC grew its holdings in shares of Loar by 2.5% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 29,716 shares of the company's stock worth $2,099,000 after purchasing an additional 729 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Loar by 5.3% in the first quarter. Bank of New York Mellon Corp now owns 87,621 shares of the company's stock valued at $6,190,000 after buying an additional 4,430 shares in the last quarter. Huntleigh Advisors Inc. boosted its stake in Loar by 1.6% in the first quarter. Huntleigh Advisors Inc. now owns 11,477 shares of the company's stock valued at $811,000 after buying an additional 182 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in shares of Loar by 13.1% during the first quarter. Amalgamated Bank now owns 2,261 shares of the company's stock valued at $160,000 after purchasing an additional 261 shares in the last quarter.

Loar Stock Performance

Shares of LOAR traded up $0.47 during mid-day trading on Friday, hitting $73.56. The stock had a trading volume of 480,592 shares, compared to its average volume of 862,141. The firm has a market cap of $6.88 billion, a P/E ratio of 193.58 and a beta of 0.17. The business has a fifty day moving average price of $82.43 and a 200-day moving average price of $79.40. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.13 and a quick ratio of 3.21. Loar Holdings Inc. has a 52 week low of $52.26 and a 52 week high of $99.67.

Insider Transactions at Loar

In related news, Chairman Brett N. Milgrim sold 84,115 shares of the business's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $80.91, for a total transaction of $6,805,744.65. Following the sale, the chairman directly owned 3,222,517 shares in the company, valued at approximately $260,733,850.47. The trade was a 2.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Glenn D'alessandro sold 19,939 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $80.91, for a total value of $1,613,264.49. Following the sale, the insider owned 908,135 shares in the company, valued at approximately $73,477,202.85. The trade was a 2.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,742,872 shares of company stock valued at $464,655,774. 22.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wall Street Zen lowered Loar from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Citigroup raised their price objective on Loar from $91.00 to $99.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Morgan Stanley initiated coverage on Loar in a research note on Friday, May 23rd. They issued an "overweight" rating and a $100.00 price objective for the company. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $92.00 target price on shares of Loar in a research report on Tuesday, April 1st.

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.