David L. DeNinno, Executive Vice President, General Counsel, and Secretary at Westinghouse Air Brake Technologies Corp (NYSE:WAB), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On October 30, DeNinno sold 875 shares of common stock directly at a price of $188.704 per share, amounting to a total of $165,116.
Additionally, DeNinno exercised non-qualified stock options to acquire 875 shares at a price of $87.03 per share. Following these transactions, DeNinno holds 55,352 shares of Westinghouse Air Brake Technologies Corp.
In other recent news, Wabtec Corporation reported a strong third quarter, with sales rising 4.5% to $2.7 billion compared to the same period last year. The company also saw an approximately 18% year-over-year increase in adjusted earnings per share (EPS), reaching $2.00. Wabtec's backlog grew by 7.5% to $7.6 billion, with a total multiyear backlog of $22 billion. These recent developments include a robust Q3 performance and significant contracts with Kazakhstan's KTZ and Siemens Mobility.
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's recent contract wins, including a Tier 4 new locomotive contract and a long-term parts agreement with a North American Class 1 railroad, were highlighted as indicators of its strategic positioning. Wabtec's international business is also experiencing a strong phase, with the international locomotive orders pipeline reaching multi-year highs.
Wabtec reported substantial cash flow in the third quarter, enabling the company to repurchase approximately 2% of its outstanding shares. 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 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
In light of David L. DeNinno's recent stock transactions at Westinghouse Air Brake Technologies Corp (NYSE:WAB), it's worth examining some key financial metrics and insights provided by InvestingPro.
WAB's stock has shown remarkable performance, with a 78.64% total return over the past year. This strong performance aligns with the company's solid financial position. According to InvestingPro data, WAB boasts a market capitalization of $32.91 billion and has generated revenue of $10.33 billion in the last twelve months as of Q3 2024, with a 9.23% growth rate.
An InvestingPro Tip highlights that WAB has maintained dividend payments for 30 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by a recent dividend growth of 17.65%, although the current yield stands at a modest 0.43%.
The company's financial health is underscored by its perfect Piotroski Score of 9, another InvestingPro Tip that suggests strong operational efficiency and financial stability. This score may provide context for why executives like DeNinno might engage in stock transactions.
For investors seeking more comprehensive analysis, InvestingPro offers 13 additional tips for WAB, providing a deeper understanding of the company's financial position and market performance.
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