In a recent transaction, Paul S. Levy, a director and ten percent owner of Loar Holdings Inc. (NASDAQ:LOAR), sold a significant portion of the company's common stock. According to the SEC Form 4 filing, Levy disposed of 251,616 shares at an average price of $81.175 per share, totaling approximately $20.4 million. The transaction represents a notable sale in the company, which currently maintains a market capitalization of $7.1 billion and trades at a P/E ratio of 404x.
The shares were sold indirectly through GPV Loar LLC, a Delaware limited liability company, of which Levy is the sole manager. Following this transaction, GPV Loar LLC holds 9,357,002 shares of Loar Holdings.
This move comes as part of Levy's ongoing management of his investment in the aircraft parts and auxiliary equipment company, headquartered in White Plains, New York.
In other recent news, Loar Holdings Inc. reported strong earnings and revenue results, with a 17% increase in organic growth and an adjusted EBITDA of $35 million. Total (EPA:TTEF) sales reached $97 million. The company also initiated a public offering of 4.75 million shares of common stock, with the proceeds intended for debt repayment and general corporate expenses. In addition, Loar Holdings completed the strategic acquisition of Applied Avionics for $385 million, which is expected to increase annual revenues by approximately $40 million and adjusted EBITDA by around $20 million.
Analyst firms, including RBC Capital, Jefferies, Citi, and Morgan Stanley (NYSE:MS), have initiated coverage on Loar Holdings, expressing belief in the company's potential for significant free cash flow in the coming years and its focus on proprietary products. RBC Capital maintains an Outperform rating on Loar Holdings, with a price target of $100.
These are the recent developments in Loar Holdings' financial strategy and growth trajectory. However, it is important to note that these projections are based on analyst expectations, and actual results may vary.
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