Fred Alger Management LLC Lowers Stake in Loar Holdings, LLC (NYSE:LOAR)

Fred Alger Management LLC cut its position in shares of Loar Holdings, LLC (NYSE:LOAR) by 14.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 210,330 shares of the company’s stock after selling 34,666 shares during the quarter. Fred Alger Management LLC’s holdings in Loar were worth $15,689,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. TCW Group Inc. acquired a new stake in Loar during the 2nd quarter worth approximately $7,366,000. Select Equity Group L.P. purchased a new stake in Loar during the second quarter worth approximately $911,000. Emerald Advisers LLC acquired a new stake in shares of Loar in the second quarter worth $1,146,000. Lisanti Capital Growth LLC purchased a new position in shares of Loar in the 3rd quarter valued at $2,667,000. Finally, Abrams Capital Management L.P. purchased a new position in shares of Loar in the 2nd quarter valued at $2,052,780,000.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LOAR. Citigroup increased their price target on Loar from $64.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Morgan Stanley upped their target price on Loar from $75.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Monday, November 18th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Loar in a report on Thursday, November 14th.

Loar Trading Up 3.7 %

Shares of LOAR stock opened at $92.08 on Friday. 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 company’s fifty day moving average price is $81.58 and its two-hundred day moving average price is $68.95. Loar Holdings, LLC has a 12 month low of $42.57 and a 12 month high of $96.60.

Loar (NYSE:LOAR) last released its quarterly earnings results on Wednesday, November 13th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. The business had revenue of $103.52 million during the quarter, compared to analyst estimates of $97.30 million. The company’s revenue for the quarter was up 25.0% compared to the same quarter last year. On average, research analysts anticipate that Loar Holdings, LLC will post 0.28 earnings per share for the current fiscal year.

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.