Lorne A. Weil, a director at Tecnoglass Inc. (NASDAQ:NYSE:TGLS), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Weil sold 88,173 ordinary shares on November 12, 2024. The shares were sold at a weighted average price of $72.71, with transactions occurring at prices ranging from $72.00 to $73.88. This sale totaled approximately $6.41 million.
Following the transaction, Weil no longer holds any shares in Tecnoglass. The sale was conducted directly by Weil, as indicated in the filing. This transaction provides insight into the trading activities of company insiders, which can be of interest to investors tracking executive movements and share ownership changes.
In other recent news, Tecnoglass Inc. reported record revenues for the third quarter of 2024, amounting to $238.3 million, driven by significant organic growth across key sectors. The company's adjusted EBITDA stood at $81.4 million, with a margin of 34.2%. Following these robust results, Tecnoglass announced a 36% dividend increase to $0.15 per share along with a $100 million share buyback program.
The company's backlog, ensuring visibility through 2026, is approximately $1.04 billion. The full-year 2024 revenue forecast is between $880 million and $900 million, with adjusted EBITDA expectations of $270 million to $280 million.
In other recent developments, the single-family residential sector revenue grew by 25% to $109.7 million, while the multi-family and commercial segment revenue increased by 4.6% year-over-year, reaching $128.6 million. These developments are part of Tecnoglass's ongoing growth and stability in market conditions, with expected gross margins in the low-to-mid 40% range. The company's management remains confident in the growth trajectory and is committed to maintaining industry-leading margins.
InvestingPro Insights
Lorne A. Weil's significant sale of Tecnoglass Inc. (NASDAQ:TGLS) shares comes at a time when the company's stock has shown remarkable performance. According to InvestingPro data, TGLS has delivered a strong return of 125.75% over the last year, with a 41.3% increase in the past six months alone. This robust performance aligns with one of the InvestingPro Tips, which highlights the company's "high return over the last year."
Despite the insider sale, Tecnoglass continues to demonstrate financial strength. The company boasts impressive gross profit margins, as noted in another InvestingPro Tip. This is reflected in the latest data showing a gross profit margin of 42.17% for the last twelve months as of Q3 2024. Additionally, Tecnoglass operates with a moderate level of debt, and its liquid assets exceed short-term obligations, indicating a solid financial position.
For investors seeking a deeper understanding of Tecnoglass's potential, InvestingPro offers 13 additional tips beyond those mentioned here. These insights could provide valuable context for interpreting insider transactions like Weil's sale in light of the company's overall financial health and market performance.
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