Renaissance Capital LLC Reduces Position in StandardAero, Inc. (NYSE:SARO)

Renaissance Capital LLC reduced its stake in StandardAero, Inc. (NYSE:SARO - Free Report) by 19.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 129,106 shares of the company's stock after selling 32,132 shares during the quarter. StandardAero accounts for 2.7% of Renaissance Capital LLC's investment portfolio, making the stock its 17th biggest holding. Renaissance Capital LLC's holdings in StandardAero were worth $3,439,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of SARO. Wellington Management Group LLP acquired a new position in StandardAero during the fourth quarter worth $183,924,000. Carlyle Group Inc. acquired a new position in shares of StandardAero in the fourth quarter worth $165,294,000. T. Rowe Price Investment Management Inc. acquired a new position in shares of StandardAero in the fourth quarter worth $161,324,000. Price T Rowe Associates Inc. MD acquired a new position in shares of StandardAero in the fourth quarter worth $155,829,000. Finally, Vanguard Group Inc. purchased a new stake in shares of StandardAero in the fourth quarter valued at $147,628,000.

Insider Activity at StandardAero

In related news, major shareholder Private Ltd Gic sold 5,524,862 shares of StandardAero stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $27.30, for a total value of $150,828,732.60. Following the sale, the insider now owns 35,292,362 shares of the company's stock, valued at approximately $963,481,482.60. The trade was a 13.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 12,983,425 shares of company stock valued at $353,519,326 in the last three months. Corporate insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. UBS Group boosted their price target on StandardAero from $25.00 to $30.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Morgan Stanley decreased their target price on StandardAero from $33.00 to $32.00 and set an "equal weight" rating for the company in a research report on Friday, March 14th. Finally, Wall Street Zen raised StandardAero from a "hold" rating to a "buy" rating in a research report on Saturday, May 24th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $35.11.

StandardAero Stock Up 2.7%

Shares of StandardAero stock opened at $30.51 on Friday. StandardAero, Inc. has a 12-month low of $21.31 and a 12-month high of $34.38. The stock's fifty day moving average is $27.11 and its 200-day moving average is $26.84.

StandardAero (NYSE:SARO - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.51 billion. The company's revenue was up 16.2% on a year-over-year basis. As a group, sell-side analysts predict that StandardAero, Inc. will post 0.29 EPS for the current fiscal year.

StandardAero Company Profile

StandardAero, Inc provides aerospace engine aftermarket services for fixed and rotary wing aircraft in the United States, Canada, the United Kingdom, Rest of Europe, Asia, and internationally. It operates in two segments, Engine Services and Component Repair Services. The Engine Services segment provides a suite of aftermarket services, including maintenance, repair and overhaul, on-wing and field service support, asset management, and engineering and related solutions to customers in the commercial aerospace, military and helicopter, and business aviation end markets.

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