Loar (NYSE:LOAR) Reaches New 1-Year High – Here’s Why

Loar Holdings, LLC (NYSE:LOAR)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $85.74 and last traded at $85.00, with a volume of 18743 shares trading hands. The stock had previously closed at $84.58.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on LOAR shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 target price on shares of Loar in a research note on Monday, October 7th. Morgan Stanley lifted their target price on shares of Loar from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, Citigroup raised their price target on shares of Loar from $64.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th.

Loar Stock Performance

The stock has a 50 day moving average price of $74.54. The company has a current ratio of 4.86, a quick ratio of 3.09 and a debt-to-equity ratio of 0.33.

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 firm had revenue of $97.10 million during the quarter, compared to analysts’ expectations of $91.70 million. The company’s quarterly revenue was up 31.2% compared to the same quarter last year. As a group, equities analysts forecast that Loar Holdings, LLC will post 0.37 EPS for the current year.

Hedge Funds Weigh In On Loar

Several hedge funds have recently added to or reduced their stakes in LOAR. Arcadia Investment Management Corp MI purchased a new stake in Loar in the second quarter valued at approximately $26,000. nVerses Capital LLC purchased a new position in shares of Loar during the third quarter worth about $45,000. Amalgamated Bank acquired a new position in Loar in the 2nd quarter valued at about $37,000. Linonia Partnership LP acquired a new stake in Loar during the 2nd quarter worth approximately $53,000. Finally, RiverPark Advisors LLC purchased a new position in shares of Loar in the 2nd quarter valued at approximately $155,000.

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.