Loar (NYSE:LOAR) Sets New 12-Month High - Here's Why

Loar Holdings, LLC (NYSE:LOAR - Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as $99.67 and last traded at $99.43, with a volume of 1558114 shares traded. The stock had previously closed at $95.88.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Citigroup raised their price objective on shares of Loar from $91.00 to $99.00 and gave the stock a "buy" rating in a report on Thursday. Royal Bank of Canada reaffirmed an "outperform" rating and set a $92.00 price objective on shares of Loar in a research note on Tuesday, April 1st. Finally, Morgan Stanley raised shares of Loar from an "equal weight" rating to an "overweight" rating and set a $91.00 price target on the stock in a report on Thursday, April 3rd.

Loar Price Performance

The stock has a market capitalization of $7.87 billion and a PE ratio of 350.23. The business has a fifty day moving average price of $80.50 and a 200-day moving average price of $79.64. The company has a current ratio of 3.95, a quick ratio of 2.28 and a debt-to-equity ratio of 0.78.

Loar (NYSE:LOAR - Get Free Report) last issued its 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 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. Research analysts expect that Loar Holdings, LLC will post 0.28 EPS for the current fiscal year.

Institutional Trading of Loar

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Loar by 0.5% in the first quarter. Vanguard Group Inc. now owns 2,735,157 shares of the company's stock worth $193,239,000 after purchasing an additional 13,832 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Loar by 232.6% in the first 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 during the period. Invesco Ltd. boosted its position in shares of Loar by 38.5% during the first quarter. Invesco Ltd. now owns 1,179,384 shares of the company's stock worth $83,323,000 after acquiring an additional 327,888 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Loar by 4.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,142,073 shares of the company's stock worth $84,411,000 after acquiring an additional 50,287 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Loar by 13.8% in the 1st quarter. Federated Hermes Inc. now owns 1,136,653 shares of the company's stock valued at $80,305,000 after acquiring an additional 137,920 shares during 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.