WEG (OTCMKTS:WEGZY) Releases Quarterly Earnings Results, Meets Expectations

WEG (OTCMKTS:WEGZY) issued its quarterly earnings data on Wednesday. The company reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07, Zacks reports. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.94 billion.

WEG Stock Performance

Shares of WEGZY traded down $0.11 during mid-day trading on Friday, hitting $9.33. 3,440 shares of the company traded hands, compared to its average volume of 60,532. The business has a 50 day moving average of $8.86 and a 200 day moving average of $9.27. WEG has a 1-year low of $6.40 and a 1-year high of $10.80.

Analyst Ratings Changes

WEGZY has been the topic of a number of recent research reports. The Goldman Sachs Group raised WEG from a “sell” rating to a “neutral” rating in a research report on Tuesday, July 28th. Zacks Research upgraded shares of WEG to a “hold” rating in a research note on Tuesday, July 21st. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus 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.