Loar (NYSE:LOAR) Given New $80.00 Price Target at Royal Bank of Canada

Loar (NYSE:LOAR) had its price objective upped by stock analysts at Royal Bank of Canada from $65.00 to $80.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 6.68% from the company’s current price.

Other analysts have also issued reports about the stock. Citigroup initiated coverage on shares of Loar in a research report on Monday, May 20th. They set a “buy” rating and a $64.00 price target on the stock. Morgan Stanley upped their price objective on Loar from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Jefferies Financial Group assumed coverage on shares of Loar in a research note on Monday, June 3rd. They issued a “buy” rating and a $65.00 price objective for the company.

Loar Trading Up 1.2 %

NYSE:LOAR traded up $0.90 on Wednesday, hitting $74.99. 155,711 shares of the company’s stock were exchanged, compared to its average volume of 318,267. The business has a 50-day simple moving average of $58.58. The company has a debt-to-equity ratio of 1.26, a current ratio of 3.09 and a quick ratio of 1.68. Loar has a 52 week low of $42.57 and a 52 week high of $75.75.

Loar (NYSE:LOAR) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.10 by $0.03. The company had revenue of $97.10 million for the quarter, compared to analyst estimates of $91.70 million. Loar’s revenue was up 31.2% compared to the same quarter last year. On average, equities analysts forecast that Loar will post 0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Loar

Several hedge funds and other institutional investors have recently bought and sold shares of LOAR. Discovery Capital Management LLC CT bought a new position in shares of Loar during the 2nd quarter worth approximately $1,335,000. Sei Investments Co. bought a new stake in shares of Loar during the 2nd quarter valued at $1,195,000. Amalgamated Bank bought a new stake in shares of Loar during the second quarter valued at about $37,000. Primecap Management Co. CA bought a new stake in Loar during the second quarter valued at $1,036,000. Finally, Renaissance Technologies LLC bought a new position in shares of Loar in the second quarter worth approximately $1,800,000.

Loar Company Profile

Loar Holdings Inc is a diversified manufacturer and supplier of niche aerospace and defense components for aircraft and aerospace and defense systems. Loar Holdings Inc is based in WHITE PLAINS, NY.