Insider Selling: Loar Holdings, LLC (NYSE:LOAR) Director Sells 987,248 Shares of Stock

Loar Holdings, LLC (NYSE:LOAR) Director Raja Bobbili sold 987,248 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $81.17, for a total value of $80,134,920.16. Following the completion of the sale, the director now directly owns 36,713,441 shares in the company, valued at approximately $2,980,030,005.97. The trade was a 2.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Loar Stock Down 2.1 %

Shares of NYSE:LOAR opened at $74.68 on Thursday. 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 business’s 50 day moving average price is $84.53 and its 200-day moving average price is $71.89. Loar Holdings, LLC has a 1 year low of $42.57 and a 1 year high of $96.99.

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

Analyst Upgrades and Downgrades

Several analysts have commented on LOAR shares. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Loar in a report on Thursday, November 14th. Morgan Stanley raised their price objective on Loar from $75.00 to $89.00 and gave the company an “equal weight” rating in a report on Monday, November 18th.

Hedge Funds Weigh In On Loar

A number of institutional investors have recently added to or reduced their stakes in the stock. Abrams Capital Management L.P. purchased a new position in Loar during the second quarter worth approximately $2,052,780,000. Lord Abbett & CO. LLC lifted its position in Loar by 71.7% during 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 in the last quarter. Federated Hermes Inc. purchased a new stake in Loar in the second quarter valued at $38,952,000. State Street Corp raised its position in Loar by 413.3% in the third quarter. State Street Corp now owns 416,531 shares of the company’s stock valued at $31,069,000 after purchasing an additional 335,376 shares during the period. Finally, TimesSquare Capital Management LLC raised its position in Loar by 57.3% in the third 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 during the period.

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.