Atmus filtration executive buys $200k in company stock

Gretchen R. Haggerty, a director at Atmus Filtration Technologies Inc. (NYSE:ATMU), has recently increased her stake in the company through the purchase of shares valued at approximately $200,000. The transaction, which took place on August 23, involved the acquisition of 5,848.803 shares at a weighted average price of $34.195.

The shares were bought in multiple transactions with prices ranging between $34.17 and $34.2199. Following this purchase, Haggerty now owns a total of 19,881.803 shares in Atmus Filtration Technologies Inc. The company, which operates in the motor vehicle parts and accessories sector, has its headquarters in Nashville, Tennessee.

This move by a member of the company's board is often seen by investors as a sign of confidence in the firm's future prospects and performance. The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission.

Atmus Filtration Technologies Inc. has been known by its current name since a name change from FILT Red, Inc. in April 2022. The company's business address is listed at 26 Century Boulevard, Suite 500, Nashville, TN, with a business phone number of 615-514-7339.

For investors monitoring insider transactions, the recent purchase by Haggerty represents a notable investment in Atmus Filtration Technologies, reflecting a potential positive outlook on the company's value and direction.

In other recent news, Atmus Filtration Technologies reported a 5% increase in Q2 sales, totaling $433 million. The company's adjusted EBITDA rose to $93 million, up from the previous year's $80 million. Adjusted earnings per share were reported at $0.71, with an adjusted free cash flow of $34 million.

Financial services firm Baird raised its price target for Atmus Filtration shares to $37.00, citing the company's strong Q2 performance. The firm maintained its Outperform rating for the company and noted Atmus Filtration's market share gains and strong execution.

Atmus Filtration has also revised its revenue guidance for first-fit markets and launched a capital return program, which includes a quarterly dividend and a share repurchase program. Despite challenging aftermarket conditions, the company's strong market share and strategic growth initiatives have set it up for continued progress.

Looking ahead, the company has provided guidance for the calendar year 2024 that suggests confidence in its ability to continue executing effectively. The company expects global aftermarket revenue to remain flat or increase by up to 5% and has raised first-fit market revenue guidance to a range of flat to up 3%. Atmus ended the quarter with $161 million in cash and a net debt to adjusted EBITDA ratio of 1.4 times.

InvestingPro Insights

Following the recent insider share purchase by Gretchen R. Haggerty, director at Atmus Filtration Technologies Inc. (NYSE:ATMU), investors are keen to understand the financial standing and market performance of the company. With a market capitalization of $2.87 billion and a P/E ratio of 14.5, Atmus is positioning itself as a robust player in the motor vehicle parts and accessories sector. The company's Price / Book ratio stands at 16.1, indicating a premium market valuation, which aligns with the company trading near its 52-week high.

The financial health of Atmus is further underscored by its revenue growth, posting a 2.26% increase over the last twelve months as of Q2 2024. This is complemented by a gross profit margin of 28.06%, reflecting the company's ability to maintain profitability in its operations. Investors may also be encouraged by the fact that Atmus has delivered a substantial 53.91% return to shareholders over the past year, a testament to its market performance and investor confidence.

Two InvestingPro Tips that may be particularly relevant to those interested in Atmus' prospects include the company's high return over the last year and the fact that its liquid assets exceed short-term obligations. These indicators suggest that the company is not only performing well in terms of market returns but also stands on solid financial footing with respect to liquidity. For investors seeking further insights, there are additional InvestingPro Tips available, which can be accessed for Atmus Filtration Technologies Inc. at InvestingPro.

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