Westinghouse Air Brake Technologies (NYSE:WAB) Announces Quarterly Earnings Results

Westinghouse Air Brake Technologies (NYSE:WAB) posted its earnings results on Wednesday. The transportation company reported $1.89 EPS for the quarter, topping the consensus estimate of $1.49 by $0.40, Briefing.com reports. Westinghouse Air Brake Technologies had a net margin of 9.20% and a return on equity of 11.25%. The firm had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the firm earned $1.28 EPS. Westinghouse Air Brake Technologies’s quarterly revenue was up 13.9% on a year-over-year basis. 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 Performance

Shares of WAB opened at $163.18 on Friday. The company’s fifty day moving average is $143.19 and its 200-day moving average is $127.89. Westinghouse Air Brake Technologies has a 12 month low of $91.89 and a 12 month high of $167.49. The firm has a market cap of $28.85 billion, a price-to-earnings ratio of 31.87, a price-to-earnings-growth ratio of 1.76 and a beta of 1.40. The company has a quick ratio of 0.63, a current ratio of 1.52 and a debt-to-equity ratio of 0.38.

Westinghouse Air Brake Technologies Increases Dividend

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

Insider Transactions at Westinghouse Air Brake Technologies

In other news, Director Brian Hehir sold 5,470 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $135.80, for a total transaction of $742,826.00. Following the transaction, the director now owns 23,065 shares in the company, valued at approximately $3,132,227. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Brian Hehir sold 5,470 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $135.80, for a total value of $742,826.00. Following the transaction, the director now directly owns 23,065 shares in the company, valued at approximately $3,132,227. 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 the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $135.61, for a total transaction of $895,975.27. Following the completion of the transaction, the vice president now owns 65,535 shares in the company, valued at $8,887,201.35. The disclosure for this sale can be found here. Insiders have sold a total of 63,964 shares of company stock worth $8,924,584 in the last 90 days. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have commented on WAB. The Goldman Sachs Group upped their target price on shares of Westinghouse Air Brake Technologies from $138.00 to $152.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Bank of America increased their price objective on shares of Westinghouse Air Brake Technologies from $156.00 to $162.00 and gave the company a “buy” rating in a report on Monday, April 15th. KeyCorp increased their target price on shares of Westinghouse Air Brake Technologies from $155.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday. TD Cowen increased their target price on shares of Westinghouse Air Brake Technologies from $130.00 to $147.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Stephens increased their target price on shares of Westinghouse Air Brake Technologies from $165.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Westinghouse Air Brake Technologies has an average rating of “Moderate Buy” and a consensus price target of $156.18.

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.