Westinghouse Air Brake Technologies (NYSE:WAB) Hits New 12-Month High After Earnings Beat

Westinghouse Air Brake Technologies Co. (NYSE:WAB) reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $167.49 and last traded at $162.74, with a volume of 780741 shares. The stock had previously closed at $148.48.

The transportation company reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.40. 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 for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter last year, the business posted $1.28 earnings per share. The company’s revenue for the quarter was up 13.9% compared to the same quarter last year.

Westinghouse Air Brake Technologies Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on WAB. Jefferies Financial Group raised Westinghouse Air Brake Technologies from a “hold” rating to a “buy” rating and increased their price target for the company from $115.00 to $150.00 in a research note on Thursday, January 11th. Susquehanna raised their target price on shares of Westinghouse Air Brake Technologies from $160.00 to $190.00 and gave the company a “positive” rating in a report on Thursday. Redburn Atlantic downgraded shares of Westinghouse Air Brake Technologies from a “buy” rating to a “neutral” rating and set a $135.00 price target on the stock. in a research note on Thursday, February 15th. Morgan Stanley assumed coverage on shares of Westinghouse Air Brake Technologies in a research report on Monday, January 8th. They set an “overweight” rating and a $137.00 price objective for the company. Finally, KeyCorp boosted their target price on shares of Westinghouse Air Brake Technologies from $155.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Westinghouse Air Brake Technologies has a consensus rating of “Moderate Buy” and an average price target of $156.18.

Insider Transactions at Westinghouse Air Brake Technologies

In other Westinghouse Air Brake Technologies news, Director Brian Hehir sold 5,470 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $135.80, for a total value of $742,826.00. Following the transaction, the director now owns 23,065 shares of the company’s stock, valued at approximately $3,132,227. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Nicole B. Theophilus sold 2,668 shares of Westinghouse Air Brake Technologies stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $140.46, for a total transaction of $374,747.28. Following the completion of the sale, the executive vice president now owns 24,792 shares of the company’s stock, valued at $3,482,284.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian Hehir sold 5,470 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $135.80, for a total value of $742,826.00. Following the completion of the transaction, the director now directly owns 23,065 shares in the company, valued at approximately $3,132,227. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,964 shares of company stock worth $8,924,584. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Westinghouse Air Brake Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. iA Global Asset Management Inc. bought a new position in shares of Westinghouse Air Brake Technologies during the 3rd quarter worth $1,915,000. Applied Finance Capital Management LLC grew its holdings in Westinghouse Air Brake Technologies by 9.8% during the 4th quarter. Applied Finance Capital Management LLC now owns 159,384 shares of the transportation company’s stock worth $20,226,000 after acquiring an additional 14,285 shares in the last quarter. Handelsinvest Investeringsforvaltning purchased a new position in Westinghouse Air Brake Technologies during the 4th quarter valued at about $1,030,000. BNP Paribas Financial Markets raised its holdings in shares of Westinghouse Air Brake Technologies by 7.7% in the 4th quarter. BNP Paribas Financial Markets now owns 81,916 shares of the transportation company’s stock valued at $10,395,000 after purchasing an additional 5,859 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. purchased a new stake in shares of Westinghouse Air Brake Technologies in the 3rd quarter worth approximately $498,000. 91.69% of the stock is owned by institutional investors.

Westinghouse Air Brake Technologies Trading Down 0.1 %

The stock has a market capitalization of $28.85 billion, a P/E ratio of 31.87, a P/E/G 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. The stock’s 50 day moving average price is $143.19 and its 200-day moving average price is $127.89.

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.