12,252 Wabtec $WAB Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Wabtec stake by 3.2%, selling 12,252 shares in the third quarter. The fund still held 365,545 shares valued at approximately $105 million, while institutional investors owned 91.69% of the company.
• Wabtec shares rose 2.6% and opened at $286.91, near their 52-week high of $306.64. The company’s latest quarterly results exceeded earnings expectations, with EPS of $2.83 versus the $2.73 consensus, while revenue increased 8.1% year over year to $3.12 billion.
• The company declared a quarterly dividend of $0.31 per share, equivalent to an annualized yield of 0.4%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $320.18.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Wabtec (NYSE:WAB - Free Report) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 365,545 shares of the transportation company's stock after selling 12,252 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Wabtec worth $104,977,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Welch & Forbes LLC raised its stake in Wabtec by 1.8% in the 2nd quarter. Welch & Forbes LLC now owns 2,050 shares of the transportation company's stock valued at $553,000 after acquiring an additional 36 shares during the period. Quadrant Capital Group LLC raised its position in shares of Wabtec by 0.8% in the third quarter. Quadrant Capital Group LLC now owns 4,317 shares of the transportation company's stock valued at $1,237,000 after purchasing an additional 36 shares during the period. Parkside Financial Bank & Trust raised its position in shares of Wabtec by 4.5% in the second quarter. Parkside Financial Bank & Trust now owns 851 shares of the transportation company's stock valued at $229,000 after purchasing an additional 37 shares during the period. Meeder Advisory Services Inc. raised its position in shares of Wabtec by 1.6% in the first quarter. Meeder Advisory Services Inc. now owns 2,471 shares of the transportation company's stock valued at $618,000 after purchasing an additional 38 shares during the period. Finally, Legacy Financial Advisors Inc. lifted its stake in shares of Wabtec by 3.4% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 1,141 shares of the transportation company's stock worth $308,000 after buying an additional 38 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors.

Wabtec Trading Up 2.6%

Shares of WAB opened at $286.91 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.56 and a current ratio of 1.10. Wabtec has a 52-week low of $194.93 and a 52-week high of $306.64. The firm has a market cap of $48.14 billion, a price-to-earnings ratio of 35.64, a PEG ratio of 1.58 and a beta of 0.92. The business's fifty day moving average is $285.36 and its 200-day moving average is $267.96.

Wabtec (NYSE:WAB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The transportation company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.73 by $0.10. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.20 billion. Wabtec had a net margin of 11.20% and a return on equity of 15.72%. The firm's revenue was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.32 EPS. Equities analysts anticipate that Wabtec will post 10.97 EPS for the current fiscal year.

Wabtec Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be issued a $0.31 dividend. The ex-dividend date is Tuesday, November 17th. This represents a $1.24 annualized dividend and a yield of 0.4%. Wabtec's dividend payout ratio is presently 15.40%.

Insider Activity at Wabtec

In other news, EVP Gregory Sbrocco sold 952 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $300.00, for a total value of $285,600.00. Following the sale, the executive vice president directly owned 21,043 shares of the company's stock, valued at approximately $6,312,900. This represents a 4.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rafael Santana sold 1,087 shares of the company's stock in a transaction on Monday, October 5th. The shares were sold at an average price of $291.79, for a total transaction of $317,175.73. Following the sale, the chief executive officer directly owned 116,155 shares in the company, valued at $33,892,867.45. This trade represents a 0.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 5,289 shares of company stock worth $1,555,741 over the last ninety days. Insiders own 0.57% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on WAB shares. Wells Fargo & Company upped their target price on Wabtec from $284.00 to $315.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Citigroup reduced their price target on Wabtec from $338.00 to $334.00 and set a "buy" rating for the company in a research note on Thursday, October 22nd. Wall Street Zen lowered Wabtec from a "buy" rating to a "hold" rating in a report on Sunday, August 2nd. Weiss Ratings upgraded Wabtec from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, October 26th. Finally, Jefferies Financial Group increased their price objective on Wabtec from $315.00 to $350.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $320.18.

Wabtec Profile

Westinghouse Air Brake Technologies Corporation, doing business as Wabtec NYSE: WAB, is a global provider of equipment, systems, digital solutions and services for the freight and passenger rail industries. The company develops technologies intended to improve the safety, efficiency, reliability and sustainability of rail transportation.

Wabtec's products and services include locomotives, locomotive components and modernization programs, braking systems, train control and signaling equipment, power and propulsion systems, and advanced digital solutions.

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