Wall Street Zen Downgrades Loar (NYSE:LOAR) to Hold

Wall Street Zen downgraded shares of Loar (NYSE:LOAR - Free Report) from a buy rating to a hold rating in a report published on Saturday morning.

LOAR has been the subject of several other reports. Morgan Stanley began coverage on shares of Loar in a research note on Friday, May 23rd. They issued an "overweight" rating and a $100.00 price target for the company. Citigroup boosted 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. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $92.00 target price on shares of Loar in a research report on Tuesday, April 1st.

Loar Stock Down 1.3%

LOAR traded down $1.08 during midday trading on Friday, hitting $83.31. The company had a trading volume of 1,265,335 shares, compared to its average volume of 549,192. Loar has a 52 week low of $51.50 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 company has a market capitalization of $7.79 billion, a price-to-earnings ratio of 219.24 and a beta of 0.32. The stock's 50 day moving average price is $88.41 and its 200 day moving average price is $79.52.

Loar (NYSE:LOAR - Get Free Report) last posted its quarterly earnings results on Monday, March 31st. The company reported $0.11 earnings per share for the quarter, meeting the consensus estimate of $0.11. The company had revenue of $110.40 million during the quarter, compared to the consensus estimate of $102.51 million. The firm's quarterly revenue was up 27.8% compared to the same quarter last year. On average, research analysts anticipate that Loar will post 0.28 earnings per share for the current fiscal year.

Insider Transactions at Loar

In other Loar news, Director David C. Abrams sold 703,691 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $80.91, for a total value of $56,935,638.81. Following the completion of the sale, the director now directly owns 32,050,240 shares of the company's stock, valued at approximately $2,593,184,918.40. This represents a 2.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul S. Levy sold 1,168,499 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $80.91, for a total transaction of $94,543,254.09. Following the completion of the sale, the director now directly owns 8,188,503 shares of the company's stock, valued at $662,531,777.73. The trade was a 12.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,742,872 shares of company stock valued at $464,655,774 over the last three months. Corporate insiders own 22.60% of the company's stock.

Institutional Investors Weigh In On Loar

A number of institutional investors have recently added to or reduced their stakes in LOAR. Vanguard Group Inc. grew its position in Loar by 132.4% in the 4th quarter. Vanguard Group Inc. now owns 2,721,325 shares of the company's stock worth $201,133,000 after purchasing an additional 1,550,581 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in Loar by 232.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,601,485 shares of the company's stock worth $113,145,000 after purchasing an additional 1,119,958 shares in the last quarter. TimesSquare Capital Management LLC boosted its stake in Loar by 159.8% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,066,525 shares of the company's stock valued at $78,827,000 after acquiring an additional 656,016 shares during the last quarter. Wasatch Advisors LP purchased a new position in Loar in the fourth quarter valued at about $40,347,000. Finally, Norges Bank purchased a new position in Loar in the fourth quarter valued at about $30,326,000.

Loar Company 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.