Albert J. Neupaver, a director at Westinghouse Air Brake Technologies Corp (NYSE:WAB), has sold 10,000 shares of the company's common stock. The transaction, which took place on November 11, 2024, was executed at a price of $202.0001 per share, bringing the total value of the sale to approximately $2.02 million.
Following this transaction, Neupaver holds 604,447 shares of Westinghouse Air Brake Technologies Corp. The sale was conducted as a direct ownership transaction, and the details were disclosed in a recent SEC filing.
In other recent news, Wabtec Corporation demonstrated a strong Q3 performance, with sales increasing 4.5% to $2.7 billion compared to the same period last year and adjusted earnings per share (EPS) rising approximately 18% year-over-year to $2.00. The company's backlog grew 7.5% to $7.6 billion, with a total multiyear backlog of $22 billion. These positive results have led Stephens to raise its price target on Wabtec to $205.00, up from the previous $190.00, while maintaining an Overweight rating on the stock.
Wabtec's recent contract wins and acquisition of a Tier 4 new locomotive contract and a long-term parts agreement with a North American Class 1 railroad were highlighted, indicating its strategic positioning. Moreover, the company's international business is experiencing a strong phase, with international locomotive orders reaching multi-year highs.
Wabtec also reported a substantial cash flow in the third quarter, enabling the company to repurchase around 2% of its outstanding shares. These recent developments include contracts with Kazakhstan's KTZ and Siemens (ETR:SIEGn) Mobility. Despite restructuring costs 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
As Albert J. Neupaver reduces his stake in Westinghouse Air Brake Technologies Corp (NYSE:WAB), investors may find additional context in the company's recent performance and valuation metrics. According to InvestingPro data, WAB's stock has shown remarkable strength, with a 79.74% total return over the past year and a 59.15% return year-to-date. This performance aligns with the InvestingPro Tip indicating that WAB is trading near its 52-week high, currently at 98.7% of that level.
The company's financial health appears robust, with a market capitalization of $35.1 billion and revenue of $10.33 billion over the last twelve months as of Q3 2024. WAB's revenue growth of 9.23% during this period suggests steady expansion. Moreover, the company's profitability is evident, with a gross profit margin of 32.58% and an operating income margin of 15.79%.
Investors should note that WAB's P/E ratio stands at 33.31, which may be considered high by some standards. However, an InvestingPro Tip points out that the company is trading at a low P/E ratio relative to near-term earnings growth, with a PEG ratio of 0.78, potentially indicating undervaluation relative to growth prospects.
For those interested in dividend performance, WAB has maintained dividend payments for 30 consecutive years and has raised its dividend for 3 consecutive years, as highlighted by InvestingPro Tips. The current dividend yield is 0.4%, with a notable dividend growth of 17.65% over the last twelve months.
These insights provide a broader picture of WAB's financial position and market performance, offering context to Neupaver's recent stock sale. For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for WAB, which can be accessed through their platform.
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