Loar Holdings, LLC (NYSE:LOAR) Short Interest Down 21.6% in December

Loar Holdings, LLC (NYSE:LOAR) was the target of a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 1,380,000 shares, a drop of 21.6% from the November 30th total of 1,760,000 shares. Based on an average daily trading volume, of 448,700 shares, the short-interest ratio is presently 3.1 days. Approximately 1.9% of the shares of the company are short sold.

Analyst Ratings Changes

A number of brokerages have weighed in on LOAR. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Loar in a research report on Thursday, November 14th. Morgan Stanley raised their price objective on shares of Loar from $75.00 to $89.00 and gave the stock an “equal weight” rating in a report on Monday, November 18th.

Loar Stock Down 0.7 %

NYSE LOAR traded down $0.52 during trading hours on Tuesday, hitting $73.91. The company had a trading volume of 601,858 shares, compared to its average volume of 365,243. The company has a quick ratio of 2.28, a current ratio of 3.95 and a debt-to-equity ratio of 0.78. Loar has a 52 week low of $42.57 and a 52 week high of $96.99. The firm has a 50 day simple moving average of $84.17 and a 200 day simple moving average of $72.85.

Loar (NYSE:LOAR) last released its quarterly earnings data on Wednesday, November 13th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The firm had revenue of $103.52 million during the quarter, compared to the consensus estimate of $97.30 million. The business’s quarterly revenue was up 25.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Loar will post 0.28 EPS for the current year.

Insider Buying and Selling

In other news, Chairman Brett N. Milgrim sold 120,305 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $81.17, for a total transaction of $9,765,156.85. Following the transaction, the chairman now owns 3,865,327 shares of the company’s stock, valued at $313,748,592.59. This represents a 3.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Raja Bobbili sold 987,248 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $81.17, for a total value of $80,134,920.16. Following the transaction, the director now owns 36,713,441 shares of the company’s stock, valued at $2,980,030,005.97. The trade was a 2.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,135,706 shares of company stock worth $92,185,256.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Abrams Capital Management L.P. purchased a new stake in shares of Loar in the second quarter worth $2,052,780,000. Federated Hermes Inc. bought a new position in Loar in the 2nd quarter worth about $38,952,000. Lord Abbett & CO. LLC raised its holdings in shares of Loar by 71.7% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,009,558 shares of the company’s stock valued at $75,303,000 after acquiring an additional 421,637 shares in the last quarter. State Street Corp boosted its position in shares of Loar by 413.3% during the 3rd quarter. State Street Corp now owns 416,531 shares of the company’s stock valued at $31,069,000 after acquiring an additional 335,376 shares during the last quarter. Finally, Fred Alger Management LLC purchased a new position in shares of Loar during the second quarter worth about $13,085,000.

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.