Loar Holdings, LLC (NYSE:LOAR) Director Sells $55,848,774.78 in Stock

Loar Holdings, LLC (NYSE:LOAR) Director Alison Bomberg sold 690,258 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $80.91, for a total transaction of $55,848,774.78. Following the completion of the transaction, the director now owns 31,438,420 shares in the company, valued at approximately $2,543,682,562.20. This trade represents a 2.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Loar Stock Performance

Shares of NYSE LOAR traded down $2.04 during mid-day trading on Tuesday, hitting $82.90. The company had a trading volume of 1,367,562 shares, compared to its average volume of 490,192. The stock’s 50-day moving average price is $81.74 and its 200-day moving average price is $79.46. 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 has a market capitalization of $7.76 billion and a price-to-earnings ratio of 218.16. Loar Holdings, LLC has a 1 year low of $49.62 and a 1 year high of $99.67.

Loar (NYSE:LOAR) last released its earnings results on Monday, March 31st. The company reported $0.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.11. The firm had revenue of $110.40 million during the quarter, compared to the consensus estimate of $102.51 million. The business’s revenue for the quarter was up 27.8% on a year-over-year basis. On average, sell-side analysts forecast that Loar Holdings, LLC will post 0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Fortress Investment Group LLC bought a new stake in shares of Loar in the 4th quarter worth approximately $739,000. M&T Bank Corp bought a new position in Loar in the fourth quarter worth approximately $306,000. Treasurer of the State of North Carolina grew its stake in shares of Loar by 187.2% during 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 acquiring an additional 8,630 shares during the period. Soros Fund Management LLC boosted its stake in shares of Loar by 12.5% in the fourth quarter. Soros Fund Management LLC now owns 225,000 shares of the company’s stock worth $16,630,000 after acquiring an additional 25,000 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Loar during the fourth quarter valued at $1,585,000.

Wall Street Analysts Forecast Growth

LOAR has been the topic of a number of analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $92.00 price objective on shares of Loar in a research note on Tuesday, April 1st. Morgan Stanley upgraded Loar from an “equal weight” rating to an “overweight” rating and set a $91.00 target price on the stock in a research report on Thursday, April 3rd. Finally, Citigroup upped their price target on Loar from $91.00 to $99.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th.

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.