Westinghouse Air Brake Technologies (NYSE:WAB) Issues Quarterly Earnings Results, Beats Expectations By $0.40 EPS

Westinghouse Air Brake Technologies (NYSE:WAB) released its quarterly earnings data on Wednesday. The transportation company reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40, Briefing.com reports. The business had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.40 billion. Westinghouse Air Brake Technologies had a return on equity of 11.25% and a net margin of 9.20%. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. Westinghouse Air Brake Technologies updated its FY24 guidance to $7.00-$7.40 EPS and its FY 2024 guidance to 7.000-7.400 EPS.

Westinghouse Air Brake Technologies Stock Up 0.4 %

Shares of NYSE WAB traded up $0.58 during mid-day trading on Friday, hitting $163.76. 367,814 shares of the stock traded hands, compared to its average volume of 1,051,778. The stock has a fifty day moving average price of $143.19 and a 200-day moving average price of $127.89. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.63 and a current ratio of 1.52. The company has a market cap of $28.96 billion, a price-to-earnings ratio of 31.87, a PEG ratio of 1.76 and a beta of 1.40. Westinghouse Air Brake Technologies has a 52 week low of $91.89 and a 52 week high of $167.49.

Westinghouse Air Brake Technologies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a $0.20 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. This is a positive change from Westinghouse Air Brake Technologies’s previous quarterly dividend of $0.17. Westinghouse Air Brake Technologies’s dividend payout ratio is currently 15.63%.

Wall Street Analyst Weigh In

WAB has been the topic of several analyst reports. Wells Fargo & Company increased their target price on shares of Westinghouse Air Brake Technologies from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, February 15th. Bank of America lifted their price target on Westinghouse Air Brake Technologies from $156.00 to $162.00 and gave the company a “buy” rating in a report on Monday, April 15th. The Goldman Sachs Group raised their target price on shares of Westinghouse Air Brake Technologies from $138.00 to $152.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. TD Cowen increased their price objective on Westinghouse Air Brake Technologies from $130.00 to $147.00 and gave the company a “hold” rating in a report on Thursday. Finally, Morgan Stanley assumed coverage on Westinghouse Air Brake Technologies in a research report on Monday, January 8th. They set an “overweight” rating and a $137.00 price target on the stock. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $156.18.

Insider Buying and Selling at Westinghouse Air Brake Technologies

In other news, CEO Rafael Santana sold 40,219 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $140.62, for a total value of $5,655,595.78. Following the sale, the chief executive officer now directly owns 123,019 shares of the company’s stock, valued at approximately $17,298,931.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Rafael Santana sold 40,219 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $140.62, for a total value of $5,655,595.78. Following the sale, the chief executive officer now owns 123,019 shares in the company, valued at approximately $17,298,931.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP David L. Deninno sold 6,607 shares of Westinghouse Air Brake Technologies stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $135.61, for a total value of $895,975.27. Following the transaction, the vice president now owns 65,535 shares of the company’s stock, valued at approximately $8,887,201.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 63,964 shares of company stock valued at $8,924,584. 1.10% of the stock is currently owned by company insiders.

About Westinghouse Air Brake Technologies

Westinghouse Air Brake Technologies Corporation, together with its subsidiaries, provides technology-based locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide. It offers diesel-electric, battery, and liquid natural gas-powered locomotives; engines, electric motors, and propulsion systems; and marine and mining products.