Bank of America Corp DE Raises Position in Loar Holdings, LLC (NYSE:LOAR)

Bank of America Corp DE boosted its position in Loar Holdings, LLC (NYSE:LOAR - Free Report) by 83.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,739 shares of the company's stock after purchasing an additional 18,503 shares during the period. Bank of America Corp DE's holdings in Loar were worth $3,011,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sterling Capital Management LLC raised its position in shares of Loar by 141.5% in the fourth quarter. Sterling Capital Management LLC now owns 500 shares of the company's stock valued at $37,000 after purchasing an additional 293 shares during the period. Corebridge Financial Inc. grew its position in shares of Loar by 174.3% in the fourth quarter. Corebridge Financial Inc. now owns 524 shares of the company's stock valued at $39,000 after purchasing an additional 333 shares in the last quarter. Barclays PLC raised its stake in shares of Loar by 12.1% during the 4th quarter. Barclays PLC now owns 3,298 shares of the company's stock valued at $243,000 after purchasing an additional 355 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in Loar during the 4th quarter worth about $61,000. Finally, Picton Mahoney Asset Management boosted its stake in Loar by 5.6% in the 4th quarter. Picton Mahoney Asset Management now owns 19,300 shares of the company's stock worth $1,426,000 after purchasing an additional 1,030 shares during the period.

Loar Trading Up 1.2%

NYSE:LOAR traded up $1.07 during midday trading on Wednesday, reaching $89.09. 63,769 shares of the stock traded hands, compared to its average volume of 516,458. The stock has a market capitalization of $8.33 billion and a P/E ratio of 234.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.28 and a current ratio of 3.95. The company has a fifty day moving average of $86.08 and a 200 day moving average of $79.57. Loar Holdings, LLC has a 12 month low of $51.50 and a 12 month high of $99.67.

Loar (NYSE:LOAR - Get Free Report) last announced its earnings results on Monday, March 31st. The company reported $0.11 earnings per share for the quarter, meeting analysts' consensus estimates of $0.11. The company had revenue of $110.40 million for the quarter, compared to the consensus estimate of $102.51 million. The firm's revenue for the quarter was up 27.8% on a year-over-year basis. On average, research analysts predict that Loar Holdings, LLC will post 0.28 EPS for the current year.

Insiders Place Their Bets

In other news, Director David C. Abrams sold 703,691 shares of Loar stock in a transaction on Friday, May 16th. The shares were sold at an average price of $80.91, for a total transaction of $56,935,638.81. Following the transaction, the director now owns 32,050,240 shares in the company, valued at $2,593,184,918.40. This trade represents a 2.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Alison Bomberg sold 690,258 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $80.91, for a total value of $55,848,774.78. Following the sale, the director now directly owns 31,438,420 shares of the company's stock, valued at $2,543,682,562.20. This represents a 2.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,742,872 shares of company stock valued at $464,655,774.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LOAR. Wall Street Zen raised shares of Loar from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Morgan Stanley began coverage on shares of Loar in a research note on Friday, May 23rd. They issued an "overweight" rating and a $100.00 target price on the stock. Royal Bank of Canada restated an "outperform" rating and set a $92.00 price target on shares of Loar in a research report on Tuesday, April 1st. Finally, Citigroup increased their price objective on Loar from $91.00 to $99.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th.

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.