WHITE PLAINS, NY—Glenn D'Alessandro, the Treasurer and Chief Financial Officer of Loar Holdings Inc. (NASDAQ:LOAR), a company with a market capitalization of $7.1 billion and currently trading at $79.87, has recently sold a significant portion of the company's common stock. According to a filing with the Securities and Exchange Commission, D'Alessandro sold 28,518 shares on December 12 at an average price of $81.175 per share, totaling approximately $2.31 million.
Following this transaction, D'Alessandro retains ownership of 1,060,510 shares of Loar Holdings. The transaction was executed directly by D'Alessandro, as disclosed in the filing.
In other recent news, Loar Holdings Inc. reported a strong financial performance, with a 17% increase in organic growth, an adjusted EBITDA of $35 million, and total sales reaching $97 million. Following this, the company completed a strategic acquisition of Applied Avionics for $385 million, expected to boost annual revenues by approximately $40 million and adjusted EBITDA by around $20 million. Analyst firms Jefferies, Citi, Morgan Stanley (NYSE:MS), and RBC (TSX:RY) Capital initiated coverage on Loar Holdings, expressing confidence in the company's potential for significant free cash flow in the coming years. RBC Capital Markets adjusted its outlook on Loar Holdings shares, increasing the price target to $100 while maintaining an Outperform rating. This follows Loar Holdings' successful completion of an equity offering, which resulted in approximately $310 million in net proceeds. These are recent developments in Loar Holdings' growth trajectory and financial strategy.
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