Bank of New York Mellon Corp Buys 4,430 Shares of Loar Holdings Inc. (NYSE:LOAR)

Bank of New York Mellon Corp lifted its stake in Loar Holdings Inc. (NYSE:LOAR - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,621 shares of the company's stock after acquiring an additional 4,430 shares during the period. Bank of New York Mellon Corp owned approximately 0.09% of Loar worth $6,190,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC lifted its stake in shares of Loar by 204.9% during the first quarter. GAMMA Investing LLC now owns 372 shares of the company's stock valued at $26,000 after acquiring an additional 250 shares during the period. Sterling Capital Management LLC increased its holdings 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 last quarter. Corebridge Financial Inc. grew its stake in Loar by 174.3% in the 4th quarter. Corebridge Financial Inc. now owns 524 shares of the company's stock valued at $39,000 after buying an additional 333 shares during the last quarter. State of Wyoming acquired a new position in Loar in the 4th quarter valued at about $53,000. Finally, Gen Wealth Partners Inc acquired a new position in Loar in the 4th quarter valued at about $62,000.

Loar Price Performance

NYSE:LOAR traded up $0.47 during trading hours on Friday, hitting $73.56. The company's stock had a trading volume of 480,592 shares, compared to its average volume of 862,141. Loar Holdings Inc. has a twelve month low of $52.26 and a twelve month high of $99.67. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.13 and a quick ratio of 3.21. The company has a market capitalization of $6.88 billion, a P/E ratio of 193.58 and a beta of 0.17. The stock has a fifty day simple moving average of $82.43 and a 200-day simple moving average of $79.40.

Analyst Ratings Changes

Several equities analysts have recently commented on LOAR shares. Wall Street Zen downgraded Loar from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Royal Bank Of Canada restated an "outperform" rating and issued a $92.00 price target on shares of Loar in a research note on Tuesday, April 1st. Morgan Stanley assumed coverage on shares of Loar in a research note on Friday, May 23rd. They issued an "overweight" rating and a $100.00 price target on the stock. Finally, Citigroup increased their target price on shares of Loar from $91.00 to $99.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th.

Insider Activity

In other Loar news, insider Dirkson R. Charles sold 88,767 shares of Loar stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $80.91, for a total transaction of $7,182,137.97. Following the transaction, the insider directly owned 4,043,005 shares of the company's stock, valued at approximately $327,119,534.55. The trade was a 2.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Brett N. Milgrim sold 84,115 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $80.91, for a total value of $6,805,744.65. Following the sale, the chairman directly owned 3,222,517 shares of the company's stock, valued at $260,733,850.47. This represents a 2.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,742,872 shares of company stock valued at $464,655,774. 22.60% of the stock is currently owned by company insiders.

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.