State of New Jersey Common Pension Fund D Acquires New Holdings in StandardAero, Inc. $SARO

State of New Jersey Common Pension Fund D acquired a new position in StandardAero, Inc. (NYSE:SARO) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 79,161 shares of the company’s stock, valued at approximately $2,160,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position in shares of StandardAero by 20.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 4,411 shares of the company’s stock worth $120,000 after buying an additional 751 shares in the last quarter. M.D. Sass LLC acquired a new position in shares of StandardAero during the third quarter valued at approximately $32,065,000. Envestnet Asset Management Inc. increased its stake in shares of StandardAero by 188.8% during the third quarter. Envestnet Asset Management Inc. now owns 58,351 shares of the company’s stock valued at $1,592,000 after acquiring an additional 38,147 shares during the period. State of Wyoming bought a new position in StandardAero during the 3rd quarter valued at $27,000. Finally, Arizona State Retirement System increased its position in shares of StandardAero by 30.4% during the 3rd quarter. Arizona State Retirement System now owns 43,733 shares of the company’s stock valued at $1,193,000 after purchasing an additional 10,187 shares during the period.

StandardAero Stock Down 1.8%

SARO stock opened at $31.39 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.18 and a quick ratio of 1.48. The firm has a market capitalization of $10.50 billion, a P/E ratio of 57.08 and a beta of 1.04. StandardAero, Inc. has a 52-week low of $21.31 and a 52-week high of $34.48. The company’s 50 day simple moving average is $30.59 and its 200-day simple moving average is $28.25.

StandardAero declared that its Board of Directors has authorized a share repurchase plan on Wednesday, December 10th that allows the company to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SARO. Weiss Ratings reaffirmed a “hold (c)” rating on shares of StandardAero in a research note on Monday, December 22nd. Zacks Research lowered shares of StandardAero from a “hold” rating to a “strong sell” rating in a research report on Friday, January 23rd. UBS Group lowered their price objective on shares of StandardAero from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Thursday, January 15th. Bank of America reduced their target price on shares of StandardAero from $33.00 to $30.00 and set a “neutral” rating for the company in a report on Friday, November 14th. Finally, Susquehanna set a $38.00 price target on shares of StandardAero in a research report on Thursday, January 15th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $34.00.

Insider Activity at StandardAero

In other news, CEO Russell Wayne Ford sold 40,000 shares of StandardAero stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $30.12, for a total transaction of $1,204,800.00. Following the transaction, the chief executive officer owned 726,955 shares in the company, valued at approximately $21,895,884.60. The trade was a 5.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 160,000 shares of company stock valued at $4,840,400 over the last ninety days.

StandardAero Company Profile

StandardAero is a global aerospace maintenance, repair and overhaul (MRO) provider specializing in gas turbine engines, auxiliary power units (APUs), airframe components and oil & gas rotating equipment. The company offers a full suite of technical services including engine repair and overhaul, component repair, accessory maintenance, parts manufacturing and on-site field support. Its customer base spans commercial airlines, business and general aviation operators, regional carriers, original equipment manufacturers (OEMs) and defense organizations.

With roots dating back to 1911, StandardAero has grown through strategic acquisitions and organic expansion to become one of the largest independent MRO providers in the industry.