Northern Trust Corp Boosts Holdings in Loar Holdings, LLC (NYSE:LOAR)

Northern Trust Corp raised its holdings in Loar Holdings, LLC (NYSE:LOAR - Free Report) by 132.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 100,579 shares of the company's stock after purchasing an additional 57,317 shares during the quarter. Northern Trust Corp owned 0.11% of Loar worth $7,434,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. M&T Bank Corp purchased a new position in shares of Loar during the 4th quarter valued at approximately $306,000. Treasurer of the State of North Carolina increased its stake in shares of Loar by 187.2% during the fourth quarter. Treasurer of the State of North Carolina now owns 13,240 shares of the company's stock worth $979,000 after purchasing an additional 8,630 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Loar during the fourth quarter worth about $1,585,000. New York State Common Retirement Fund increased its stake in shares of Loar by 14.1% during the fourth quarter. New York State Common Retirement Fund now owns 101,802 shares of the company's stock worth $7,524,000 after purchasing an additional 12,592 shares in the last quarter. Finally, Renaissance Capital LLC lifted its position in shares of Loar by 411.5% in the fourth quarter. Renaissance Capital LLC now owns 58,275 shares of the company's stock valued at $4,307,000 after acquiring an additional 46,883 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Royal Bank of Canada restated an "outperform" rating and issued a $92.00 target price on shares of Loar in a research report on Tuesday, April 1st. Morgan Stanley began coverage on Loar in a research report on Friday. They issued an "overweight" rating and a $100.00 price objective for the company. Wall Street Zen raised shares of Loar from a "hold" rating to a "buy" rating in a research report on Thursday. Finally, Citigroup raised their price objective on shares of Loar from $91.00 to $99.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Loar currently has a consensus rating of "Buy" and a consensus target price of $89.00.

Loar Stock Performance

LOAR traded up $1.01 on Friday, reaching $85.33. The company had a trading volume of 934,798 shares, compared to its average volume of 500,741. Loar Holdings, LLC has a 1 year low of $50.02 and a 1 year high of $99.67. The stock has a market capitalization of $7.98 billion and a PE ratio of 224.55. The company has a quick ratio of 2.28, a current ratio of 3.95 and a debt-to-equity ratio of 0.78. The stock has a 50-day moving average price of $83.24 and a 200-day moving average price of $79.44.

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

Insider Buying and Selling

In related news, insider Michael J. Manella sold 19,684 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $80.91, for a total transaction of $1,592,632.44. Following the transaction, the insider now owns 429,960 shares of the company's stock, valued at $34,788,063.60. This trade represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul S. Levy sold 175,923 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $80.91, for a total value of $14,233,929.93. Following the transaction, the director now directly owns 8,012,580 shares in the company, valued at approximately $648,297,847.80. This represents a 2.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,742,872 shares of company stock worth $464,655,774 in the last quarter.

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.