Loar (NYSE:LOAR) Shares Gap Down - Time to Sell?

Loar Holdings, LLC (NYSE:LOAR - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $89.21, but opened at $84.75. Loar shares last traded at $84.31, with a volume of 788,871 shares changing hands.

Analyst Ratings Changes

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

Loar Stock Down 1.3%

The company has a current ratio of 3.95, a quick ratio of 2.28 and a debt-to-equity ratio of 0.78. The firm has a market cap of $7.79 billion, a P/E ratio of 219.24 and a beta of 0.32. The business has a 50-day moving average price of $88.41 and a 200-day moving average price of $79.52.

Loar (NYSE:LOAR - Get Free Report) last issued 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 company had revenue of $110.40 million for the quarter, compared to analysts' expectations of $102.51 million. The business's quarterly revenue was up 27.8% on a year-over-year basis. On average, equities analysts forecast that Loar Holdings, LLC will post 0.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Loar news, Director David C. Abrams sold 703,691 shares of the firm's 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 $56,935,638.81. Following 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 trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul S. Levy sold 175,923 shares of Loar stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $80.91, for a total value of $14,233,929.93. Following the transaction, the director now owns 8,012,580 shares in the company, valued at approximately $648,297,847.80. The trade was a 2.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,742,872 shares of company stock valued at $464,655,774 over the last ninety days. Company insiders own 22.60% of the company's stock.

Institutional Investors Weigh In On Loar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fortress Investment Group LLC purchased a new stake in shares of Loar in the 4th quarter valued at $739,000. Polar Asset Management Partners Inc. raised its holdings in shares of Loar by 343.9% in the 4th quarter. Polar Asset Management Partners Inc. now owns 18,200 shares of the company's stock valued at $1,345,000 after buying an additional 14,100 shares during the period. M&T Bank Corp purchased a new stake in shares of Loar in the 4th quarter valued at $306,000. Treasurer of the State of North Carolina raised its holdings in shares of Loar by 187.2% in 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 during the period. Finally, Soros Fund Management LLC raised its holdings in shares of Loar by 12.5% in 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 during the period.

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.