WEG (OTCMKTS:WEGZY) Issues Earnings Results, Beats Estimates By $0.30 EPS

WEG (OTCMKTS:WEGZY) issued its earnings results on Wednesday. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.30, Zacks reports.

WEG Trading Up 2.5%

Shares of WEGZY traded up $0.24 during mid-day trading on Wednesday, reaching $9.69. The company’s stock had a trading volume of 33,093 shares, compared to its average volume of 61,018. The company’s fifty day moving average price is $8.83 and its two-hundred day moving average price is $9.26. WEG has a 52 week low of $6.40 and a 52 week high of $10.80. The stock has a market cap of $40.67 billion and a PE ratio of 7.70.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on WEGZY. The Goldman Sachs Group upgraded WEG from a “sell” rating to a “neutral” rating in a research note on Tuesday, July 28th. Zacks Research raised WEG to a “hold” rating in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

About WEG

WEG SA, trading in the U.S. over-the-counter as WEGZY, is a Brazilian multinational corporation specializing in the manufacture and distribution of electric motors, automation technologies and power generation equipment. The company’s portfolio spans low-, medium- and high-voltage electric machines, variable frequency drives and control systems designed for a wide array of industrial applications. WEG also offers transformer solutions and integrated automation products that support sectors including oil and gas, mining, pulp and paper, and infrastructure.

Founded in 1961 in Jaraguá do Sul, Brazil, WEG has grown from a small electric motor shop into one of the world’s largest industrial equipment manufacturers.