PITTSBURGH—Albert J. Neupaver, a director at Westinghouse Air Brake Technologies Corp (NYSE:WAB), recently executed a series of stock transactions, according to a regulatory filing with the Securities and Exchange Commission.
On October 30, Neupaver sold a total of 35,722 shares of Westinghouse Air Brake Technologies Corp's common stock, generating approximately $6.74 million. The shares were sold at prices ranging from $188.617 to $189.26 per share.
In addition to the sales, Neupaver exercised stock options, acquiring 53,592 shares at prices between $70.635 and $94.87 per share. The total value of these acquisitions was approximately $4.53 million.
Following these transactions, Neupaver holds 614,447 shares of the company directly.
In other recent news, Wabtec Corporation reported a robust Q3 performance, with sales surging 4.5% to $2.7 billion compared to the same period last year. The company also experienced an approximately 18% year-over-year increase in adjusted earnings per share (EPS), 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 Mobility. The company's Freight segment sales rose 2.6%, while the Transit segment sales saw a 9.6% increase. Stephens analysts raised their price target on Wabtec to $205, following the company's strong Q3 results and contract wins. 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
Westinghouse Air Brake Technologies Corp (NYSE:WAB), also known as Wabtec Corporation, has been demonstrating strong financial performance, which aligns with the recent insider transactions by director Albert J. Neupaver. According to InvestingPro data, the company's market capitalization stands at $32.91 billion, reflecting its significant presence in the transportation equipment industry.
Wabtec's financial metrics paint a picture of a company on solid footing. The company has reported a robust revenue of $10.33 billion over the last twelve months as of Q3 2024, with a notable revenue growth of 9.23% during the same period. This growth trajectory is further supported by an impressive EBITDA growth of 21.82%, indicating improved operational efficiency.
InvestingPro Tips highlight several positive aspects of Wabtec's performance. The company has maintained dividend payments for 30 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given that Wabtec has raised its dividend for 3 consecutive years, with a current dividend yield of 0.43%.
Moreover, Wabtec's stock has shown exceptional performance, with a one-year price total return of 78.64% as of the latest data. The stock is currently trading near its 52-week high, with the price at 97.6% of its peak, suggesting strong investor confidence.
For investors seeking a deeper understanding of Wabtec's potential, InvestingPro offers 13 additional tips, providing a comprehensive analysis of the company's financial health and market position.
The recent insider transactions by Neupaver, involving both sales and option exercises, occur against this backdrop of strong company performance. While the sale of shares might raise questions, it's important to note that executives often sell shares for personal financial planning reasons, and Neupaver still retains a substantial position in the company with 614,447 shares held directly after these transactions.
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