Gregory Sbrocco, Executive Vice President of Operations at Westinghouse Air Brake Technologies Corp (NYSE:WAB), recently sold shares of the company valued at approximately $113,772. The transaction, which took place on November 26, involved the sale of 565 shares at an average price of $201.37 per share. Following this sale, Sbrocco holds 16,101 shares of the company. This transaction was documented in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Wabtec Corporation has reported strong Q3 results, with a 4.5% surge in sales to $2.7 billion compared to the same period last year. The company's adjusted earnings per share (EPS) also saw an approximately 18% year-over-year increase, reaching $2.00. Wabtec's backlog grew 7.5% to $7.6 billion, with a total multiyear backlog of $22 billion. These recent developments include contracts with Kazakhstan's KTZ and Siemens (ETR:SIEGn) Mobility.
Wabtec's Freight segment sales rose 2.6%, while the Transit segment sales saw a 9.6% increase. The company also reported a strong cash flow from operations at $542 million. According to analysts, there is a mixed outlook for the Freight business, with strong international markets but a revised down North American railcar build forecast to 41,000 for 2024.
Stephens raised its price target on Wabtec to $205.00, up from the previous $190.00, following Wabtec's third-quarter earnings per share (EPS) surpassing expectations. The company also raised its full-year adjusted EPS guidance for 2024 to between $7.45 and $7.65, reflecting a 27.5% rise at the midpoint. Despite restructuring costs of $18 million and a decrease in service revenue due to a shift in production mix, Wabtec executives expressed confidence in the company's future performance.
InvestingPro Insights
While Gregory Sbrocco's recent sale of Westinghouse Air Brake Technologies Corp (NYSE:WAB) shares might raise eyebrows, a closer look at the company's financial metrics and market performance reveals a more nuanced picture.
According to InvestingPro data, WAB's stock has shown remarkable strength, with a 73.66% total return over the past year and a 59.74% return year-to-date. This robust performance is reflected in the stock trading at 98.41% of its 52-week high, suggesting strong investor confidence.
The company's financial health appears solid, with revenue of $10.33 billion in the last twelve months as of Q3 2024, representing a 9.23% growth. Moreover, WAB's EBITDA growth of 21.82% over the same period indicates improving operational efficiency.
InvestingPro Tips highlight that WAB has maintained dividend payments for 30 consecutive years and has raised its dividend for 3 consecutive years, with a current dividend yield of 0.4%. This commitment to shareholder returns, coupled with a moderate level of debt, underscores the company's financial stability.
It's worth noting that WAB is trading at a P/E ratio of 33.15, which might seem high at first glance. However, an InvestingPro Tip suggests that this is actually low relative to the company's near-term earnings growth, with a PEG ratio of 0.77 indicating potential undervaluation.
Analysts remain optimistic about WAB's prospects, with 5 analysts revising their earnings upwards for the upcoming period. The company's perfect Piotroski Score of 9 further reinforces its strong financial position and operational efficiency.
For investors seeking a deeper understanding of WAB's potential, InvestingPro offers 13 additional tips, providing a comprehensive analysis of the company's strengths and market position.
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