Loar Holdings, LLC (NYSE:LOAR) Sees Large Growth in Short Interest

Loar Holdings, LLC (NYSE:LOAR - Get Free Report) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 3,930,000 shares, an increase of 31.9% from the April 30th total of 2,980,000 shares. Based on an average daily volume of 914,300 shares, the short-interest ratio is presently 4.3 days. Currently, 5.2% of the shares of the company are short sold.

Loar Stock Performance

NYSE:LOAR traded up $2.42 on Wednesday, hitting $90.44. The stock had a trading volume of 665,336 shares, compared to its average volume of 520,222. Loar has a 52-week low of $51.50 and a 52-week high of $99.67. The stock has a market cap of $8.46 billion and a price-to-earnings ratio of 238.00. 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 business's 50-day simple moving average is $86.57 and its two-hundred day simple moving average is $79.65.

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

Insider Buying and Selling

In related news, Director Raja Bobbili sold 690,258 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $80.91, for a total transaction of $55,848,774.78. Following the sale, the director now owns 31,438,420 shares of the company's stock, valued at $2,543,682,562.20. This trade represents a 2.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Brett N. Milgrim sold 558,695 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $80.91, for a total transaction of $45,204,012.45. Following the sale, the chairman now directly owns 3,306,632 shares of the company's stock, valued at $267,539,595.12. This represents a 14.45% decrease in their position. 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.

Institutional Investors Weigh In On Loar

Several institutional investors have recently made changes to their positions in LOAR. GAMMA Investing LLC raised its holdings in shares of Loar by 204.9% in the 1st quarter. GAMMA Investing LLC now owns 372 shares of the company's stock valued at $26,000 after purchasing an additional 250 shares in the last quarter. Sterling Capital Management LLC raised its stake in shares of Loar by 141.5% during the 4th quarter. Sterling Capital Management LLC now owns 500 shares of the company's stock worth $37,000 after buying an additional 293 shares during the period. Corebridge Financial Inc. increased its stake in Loar by 174.3% during the 4th quarter. Corebridge Financial Inc. now owns 524 shares of the company's stock worth $39,000 after buying an additional 333 shares in the last quarter. State of Wyoming acquired a new position in Loar during the fourth quarter worth about $53,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Loar by 5,286.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 808 shares of the company's stock valued at $57,000 after purchasing an additional 793 shares in the last quarter.

Wall Street Analyst Weigh In

LOAR has been the topic of several recent research reports. Wall Street Zen upgraded Loar from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Morgan Stanley began coverage on shares of Loar in a research note on Friday, May 23rd. They set an "overweight" rating and a $100.00 price target on the stock. Citigroup raised their price target on Loar from $91.00 to $99.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $92.00 target price on shares of Loar in a report on Tuesday, April 1st.

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.