Loar (NYSE:LOAR) Raised to Overweight at Morgan Stanley

Loar (NYSE:LOAR) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Thursday, Marketbeat reports. The firm currently has a $91.00 price objective on the stock. Morgan Stanley’s target price points to a potential upside of 31.52% from the company’s current price.

Separately, Royal Bank of Canada reaffirmed an “outperform” rating and set a $92.00 price objective on shares of Loar in a research note on Tuesday.

Loar Price Performance

LOAR opened at $69.19 on Thursday. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.95 and a quick ratio of 2.28. The stock’s 50 day simple moving average is $70.68 and its 200 day simple moving average is $76.90. The firm has a market cap of $6.47 billion and a price-to-earnings ratio of 288.30. Loar has a 1 year low of $42.57 and a 1 year high of $96.99.

Loar (NYSE:LOAR) last issued its earnings results on Monday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter, hitting the consensus estimate 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% compared to the same quarter last year. As a group, analysts predict that Loar will post 0.28 earnings per share for the current year.

Hedge Funds Weigh In On Loar

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Loar by 132.4% during the 4th quarter. Vanguard Group Inc. now owns 2,721,325 shares of the company’s stock valued at $201,133,000 after purchasing an additional 1,550,581 shares during the period. TimesSquare Capital Management LLC increased its position in shares of Loar by 159.8% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,066,525 shares of the company’s stock valued at $78,827,000 after buying an additional 656,016 shares during the period. Wasatch Advisors LP bought a new position in Loar in the fourth quarter worth about $40,347,000. Lord Abbett & CO. LLC lifted its holdings in Loar by 71.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,009,558 shares of the company’s stock worth $75,303,000 after buying an additional 421,637 shares during the period. Finally, Norges Bank bought a new stake in Loar during the 4th quarter valued at approximately $30,326,000.

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.