Following this transaction, Manella directly owns 580,388 shares of Loar Holdings. Additionally, he holds 466,571 shares indirectly as a trustee of the Michael J. Manella Living Trust - 2006. Manella has disclaimed beneficial ownership of the indirectly held shares except for his pecuniary interest. With LOAR's market capitalization at $7.1 billion, InvestingPro subscribers can access 14 additional investment tips and comprehensive valuation metrics to better understand this stock's potential. With LOAR's market capitalization at $7.1 billion, InvestingPro subscribers can access 14 additional investment tips and comprehensive valuation metrics to better understand this stock's potential.
Following this transaction, Manella directly owns 580,388 shares of Loar Holdings. Additionally, he holds 466,571 shares indirectly as a trustee of the Michael J. Manella Living Trust - 2006. Manella has disclaimed beneficial ownership of the indirectly held shares except for his pecuniary interest.
In other recent news, Loar Holdings Inc. reported strong earnings and revenue results, with organic growth increasing by 17%, adjusted EBITDA reaching $35 million, and total sales hitting $97 million. The company also initiated a roadshow for a public offering of 4.75 million shares of common stock, intending to use the proceeds for debt repayment and general corporate expenses. Additionally, 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.
RBC Capital maintained its Outperform rating and $100.00 price target for Loar Holdings, following an equity offering that resulted in approximately $310 million in net proceeds. This move is anticipated to lead to a reduction in debt and lower interest expenses. Analyst firms, including Jefferies, Citi, and Morgan Stanley (NYSE:MS), initiated coverage on Loar Holdings, expressing confidence in the company's potential for significant free cash flow in the coming years.
These developments are part of recent strategic and financial maneuvers by Loar Holdings. However, it is important to note that these projections are based on analyst expectations, and actual results may vary.
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