Loar (NYSE:LOAR) Shares Gap Down - What's Next?

Loar Holdings, LLC (NYSE:LOAR - Get Free Report)'s stock price 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 traded.

Analysts Set New Price Targets

Several research firms have commented on LOAR. Citigroup lifted their price target on shares of Loar from $91.00 to $99.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Wall Street Zen raised Loar from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Royal Bank of Canada reiterated an "outperform" rating and issued a $92.00 price target on shares of Loar in a research note on Tuesday, April 1st. Finally, Morgan Stanley started coverage on shares of Loar in a research report on Friday, May 23rd. They set an "overweight" rating and a $100.00 price target for the company.

Loar Trading Up 1.3%

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 cap of $7.86 billion, a price-to-earnings ratio of 221.08 and a beta of 0.32. The company's 50-day moving average is $88.00 and its 200 day moving average is $79.60.

Loar (NYSE:LOAR - Get Free Report) last issued its quarterly earnings results on Monday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.11. The firm had revenue of $110.40 million during the quarter, compared to analysts' expectations of $102.51 million. The company's quarterly revenue was up 27.8% compared to the same quarter last year. Research analysts predict that Loar Holdings, LLC will post 0.28 EPS for the current year.

Insiders Place Their Bets

In other news, Director Alison Bomberg sold 690,258 shares of the 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 in the company, valued at approximately $2,543,682,562.20. This 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 link. Also, Director Paul S. Levy sold 175,923 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $80.91, for a total value of $14,233,929.93. Following the completion of the transaction, the director now owns 8,012,580 shares in the company, valued at approximately $648,297,847.80. This represents a 2.15% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,742,872 shares of company stock worth $464,655,774.

Hedge Funds Weigh In On Loar

Several hedge funds have recently added to or reduced their stakes in LOAR. Rhumbline Advisers raised its position in shares of Loar by 26.9% during the first quarter. Rhumbline Advisers now owns 33,950 shares of the company's stock worth $2,399,000 after purchasing an additional 7,188 shares during the period. Strs Ohio bought a new position in shares of Loar during the first quarter worth about $1,016,000. Goldman Sachs Group Inc. grew its holdings in shares of Loar by 10.1% during the first quarter. Goldman Sachs Group Inc. now owns 538,592 shares of the company's stock worth $38,052,000 after buying an additional 49,629 shares in the last quarter. Select Equity Group L.P. grew its stake in Loar by 279.6% in the first quarter. Select Equity Group L.P. now owns 21,693 shares of the company's stock valued at $1,533,000 after purchasing an additional 15,979 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in Loar by 30.9% in the first quarter. Alliancebernstein L.P. now owns 767,863 shares of the company's stock valued at $54,250,000 after purchasing an additional 181,225 shares in 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.