Loar (NYSE:LOAR) Trading Down 9.6% – Time to Sell?

Loar Holdings, LLC (NYSE:LOAR) shares dropped 9.6% during mid-day trading on Wednesday . The stock traded as low as $78.70 and last traded at $79.66. Approximately 134,868 shares were traded during trading, a decline of 54% from the average daily volume of 294,770 shares. The stock had previously closed at $88.11.

Analyst Upgrades and Downgrades

LOAR has been the topic of several analyst reports. Morgan Stanley upped their target price on Loar from $70.00 to $75.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price objective on shares of Loar in a research note on Thursday. Finally, Citigroup upped their target price on Loar from $64.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th.

Loar Stock Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 4.86 and a quick ratio of 3.09. The firm has a 50-day moving average price of $78.45 and a 200 day moving average price of $65.80.

Loar (NYSE:LOAR) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. The company had revenue of $97.10 million for the quarter, compared to analyst estimates of $91.70 million. Loar’s quarterly revenue was up 31.2% compared to the same quarter last year. On average, analysts anticipate that Loar Holdings, LLC will post 0.37 EPS for the current year.

Institutional Investors Weigh In On Loar

A number of large investors have recently added to or reduced their stakes in the stock. Abrams Capital Management L.P. acquired a new stake in Loar during the second quarter worth approximately $2,052,780,000. Federated Hermes Inc. acquired a new stake in shares of Loar in the 2nd quarter valued at $38,952,000. TimesSquare Capital Management LLC boosted its holdings in shares of Loar by 57.3% in the 3rd quarter. TimesSquare Capital Management LLC now owns 410,509 shares of the company’s stock valued at $30,620,000 after purchasing an additional 149,460 shares in the last quarter. Loomis Sayles & Co. L P boosted its holdings in shares of Loar by 47.3% in the 3rd quarter. Loomis Sayles & Co. L P now owns 275,500 shares of the company’s stock valued at $20,550,000 after purchasing an additional 88,429 shares in the last quarter. Finally, Fred Alger Management LLC acquired a new stake in shares of Loar in the 2nd quarter valued at $13,085,000.

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.