RBC Doubles Down on Loar with $9 Million Stake
According to a recent SEC filing, Royal Bank of Canada significantly increased its stake in Loar Holdings Inc., purchasing an additional 114,674 shares during the first quarter. This move resulted in the bank owning 163,154 shares of the company's stock, representing 0.17% of Loar's total value at $9,348,000. This is a substantial increase from its previous holdings, which were up by 236.5%.
Other large investors also made changes to their positions in Loar during the same quarter. Rakuten Securities Inc. acquired a new position valued at $27,000, while Fifth Third Bancorp bought a new stake worth $28,000. Sunbelt Securities Inc. grew its position by 238.3% and now owns 592 shares of the company's stock worth $40,000.
Loar Holdings Inc.'s recent earnings report exceeded second-quarter expectations, with adjusted EPS at $0.38 versus a consensus estimate of $0.31. Revenue reached approximately $171.6 million, up 39.4% year over year and ahead of the $162.8 million estimate.