Point72 Asset Management L.P. Takes Position in Loar Holdings, LLC (NYSE:LOAR)

Point72 Asset Management L.P. bought a new stake in shares of Loar Holdings, LLC (NYSE:LOAR - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 8,314 shares of the company's stock, valued at approximately $614,000.

Other hedge funds also recently added to or reduced their stakes in the company. Fortress Investment Group LLC acquired a new position in Loar during the 4th quarter valued at about $739,000. M&T Bank Corp acquired a new position in Loar during the 4th quarter valued at about $306,000. Treasurer of the State of North Carolina increased its position in Loar by 187.2% during the 4th quarter. Treasurer of the State of North Carolina now owns 13,240 shares of the company's stock valued at $979,000 after buying an additional 8,630 shares in the last quarter. Soros Fund Management LLC increased its position in Loar by 12.5% during the 4th quarter. Soros Fund Management LLC now owns 225,000 shares of the company's stock valued at $16,630,000 after buying an additional 25,000 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Loar in the fourth quarter valued at about $1,585,000.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Morgan Stanley assumed coverage on Loar in a report on Friday. They issued an "overweight" rating and a $100.00 price objective on the stock. Wall Street Zen raised Loar from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Royal Bank of Canada reissued an "outperform" rating and issued a $92.00 price objective on shares of Loar in a report on Tuesday, April 1st. Finally, Citigroup increased their price objective on Loar from $91.00 to $99.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $89.00.

Insider Transactions at Loar

In other Loar news, Director David C. Abrams sold 703,691 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was 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 approximately $2,593,184,918.40. This represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul S. Levy sold 1,168,499 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $80.91, for a total value of $94,543,254.09. Following the transaction, the director now owns 8,188,503 shares in the company, valued at $662,531,777.73. This represents a 12.49% 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 over the last quarter.

Loar Stock Performance

Shares of LOAR traded up $1.81 during mid-day trading on Tuesday, reaching $87.20. The company had a trading volume of 406,896 shares, compared to its average volume of 500,451. Loar Holdings, LLC has a 52-week low of $50.02 and a 52-week high of $99.67. 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 market capitalization of $8.16 billion and a P/E ratio of 229.46. The stock has a 50 day moving average of $83.62 and a two-hundred day moving average of $79.42.

Loar (NYSE:LOAR - Get Free Report) last issued its earnings results on Monday, March 31st. The company reported $0.11 EPS for the quarter, hitting analysts' consensus estimates of $0.11. The company had revenue of $110.40 million during the quarter, compared to analysts' expectations of $102.51 million. The business's revenue for the quarter was up 27.8% compared to the same quarter last year. On average, analysts expect that Loar Holdings, LLC will post 0.28 earnings per share for the current year.

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.