Oppenheimer Asset Management Inc. Boosts Stake in Loar Holdings Inc. $LOAR

Oppenheimer Asset Management Inc. increased its stake in Loar Holdings Inc. (NYSE:LOAR) by 39.4% in the 3rd quarter, Holdings Channel reports. The fund owned 47,858 shares of the company’s stock after buying an additional 13,532 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Loar were worth $3,829,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in LOAR. Bessemer Group Inc. raised its position in Loar by 1,172.0% during the third quarter. Bessemer Group Inc. now owns 1,590 shares of the company’s stock valued at $128,000 after purchasing an additional 1,465 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Loar by 41.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 29,762 shares of the company’s stock valued at $2,381,000 after purchasing an additional 8,699 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Loar by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 9,689 shares of the company’s stock valued at $775,000 after buying an additional 134 shares in the last quarter. New York State Common Retirement Fund lifted its position in Loar by 69.1% in the 3rd quarter. New York State Common Retirement Fund now owns 179,046 shares of the company’s stock worth $14,324,000 after buying an additional 73,189 shares during the last quarter. Finally, Truist Financial Corp lifted its position in Loar by 66.1% in the 3rd quarter. Truist Financial Corp now owns 4,363 shares of the company’s stock worth $349,000 after buying an additional 1,737 shares during the last quarter.

Loar Stock Down 2.1%

NYSE LOAR opened at $63.99 on Thursday. Loar Holdings Inc. has a 1 year low of $62.10 and a 1 year high of $99.67. The stock has a market capitalization of $5.99 billion, a PE ratio of 96.95 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 5.92 and a quick ratio of 3.81. The business’s 50-day moving average is $69.52 and its 200 day moving average is $72.73.

Loar (NYSE:LOAR) last released its quarterly earnings results on Wednesday, November 12th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.13. The business had revenue of $126.75 million during the quarter, compared to analyst estimates of $126.80 million. Loar had a return on equity of 6.45% and a net margin of 13.33%.Loar’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.15 EPS. Sell-side analysts forecast that Loar Holdings Inc. will post 0.28 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on LOAR. Morgan Stanley cut their price objective on shares of Loar from $100.00 to $97.00 and set an “overweight” rating for the company in a research note on Thursday, November 13th. Wall Street Zen lowered shares of Loar from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Citigroup decreased their price objective on Loar from $87.00 to $81.00 and set a “buy” rating on the stock in a report on Thursday, February 5th. The Goldman Sachs Group initiated coverage on Loar in a report on Tuesday, November 25th. They set a “buy” rating and a $91.00 target price for the company. Finally, Zacks Research raised Loar from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $90.25.

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.