Thomas Amato, President and CEO of TriMas Corp (NASDAQ:TRS), has recently increased his stake in the company by purchasing 10,000 shares of common stock. The acquisition, which took place on November 15, 2024, was executed at an average price of $25.8252 per share, amounting to a total investment of approximately $258,252. Following this transaction, Amato's total direct ownership in TriMas Corp stands at 327,335 shares. This move reflects a significant addition to his holdings in the company.
In other recent news, TriMas Corporation reported a mixed financial performance in its third quarter, with sales slightly declining by 2.5% to $229 million. Despite this, the company saw robust growth in its Packaging (NYSE:PKG) and Aerospace segments, up 12.3% and 4.8% respectively. Adjusted earnings per share were impacted by a work stoppage, but the company maintains its growth strategy, which includes plans to acquire GMT Aerospace to bolster its European presence.
TriMas also reported an adjusted EBITDA of $44.2 million. The company maintains 2024 sales growth guidance at 9%-10% and an adjusted EBITDA margin at 21%-23%. It returned over 2% of capital to shareholders in Q3 through buybacks and dividends.
On the downside, demand for Specialty Products declined, leading to lower sales in that segment. A 10-week work stoppage at a key aerospace facility also negatively impacted sales and EPS. However, the company expects continuous improvement in its Aerospace and Packaging segments and maintains an adjusted EPS guidance of $1.70 to $1.90 for the year.
InvestingPro Insights
Thomas Amato's recent purchase of TriMas Corp (NASDAQ:TRS) shares aligns with several positive indicators from InvestingPro. According to InvestingPro Tips, management has been aggressively buying back shares, which, coupled with Amato's personal investment, suggests confidence in the company's future prospects. This insider buying activity is particularly noteworthy given that TriMas is trading at a high earnings multiple, with a P/E ratio of 39.45.
The company's financial health appears robust, with InvestingPro Data showing liquid assets exceeding short-term obligations. This strong liquidity position supports the company's ability to invest in growth opportunities or weather potential economic headwinds. Additionally, TriMas has been profitable over the last twelve months, with a revenue of $906.52 million and an operating income margin of 6.17%.
Investors considering TriMas might be interested to know that analysts predict the company will remain profitable this year, as indicated by another InvestingPro Tip. This positive outlook is further supported by the fact that two analysts have revised their earnings upwards for the upcoming period.
For those seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide deeper insights into TriMas Corp's financial position and market performance. These additional tips, along with real-time metrics and expert analysis, are available to InvestingPro subscribers, offering a valuable resource for investors looking to make informed decisions about TriMas and other companies in their portfolio.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.