6,956 Shares of Wabtec $WAB Bought by Sowell Financial Services LLC

Key Points

• Sowell Financial Services acquired 6,956 Wabtec shares worth approximately $2.0 million in the third quarter. Institutional investors collectively own 91.69% of Wabtec’s outstanding stock.
• Wabtec reported quarterly EPS of $2.83, beating estimates of $2.73, while revenue rose 8.1% year over year to $3.12 billion but fell short of the $3.20 billion consensus.
• The company declared a quarterly dividend of $0.31 per share, equal to an annualized $1.24 payout and a 0.4% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $320.18.

Sowell Financial Services LLC acquired a new position in shares of Wabtec (NYSE:WAB - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,956 shares of the transportation company's stock, valued at approximately $1,998,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Wabtec in the second quarter worth $3,741,077,000. State Street Corp lifted its holdings in Wabtec by 2.1% in the second quarter. State Street Corp now owns 7,905,748 shares of the transportation company's stock worth $2,131,390,000 after buying an additional 164,806 shares during the period. Amundi lifted its stake in shares of Wabtec by 43.9% in the 2nd quarter. Amundi now owns 1,580,919 shares of the transportation company's stock valued at $426,216,000 after purchasing an additional 482,323 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Wabtec by 2.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,424,945 shares of the transportation company's stock valued at $384,165,000 after buying an additional 33,942 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Wabtec during the second quarter worth about $212,692,000. Hedge funds and other institutional investors own 91.69% of the company's stock.

Wabtec Trading Down 2.0%

NYSE WAB opened at $279.92 on Friday. Wabtec has a 12-month low of $194.93 and a 12-month high of $306.64. The company has a fifty day simple moving average of $285.59 and a two-hundred day simple moving average of $267.67. The company has a current ratio of 1.10, a quick ratio of 0.56 and a debt-to-equity ratio of 0.41. The stock has a market cap of $46.97 billion, a P/E ratio of 34.77, a P/E/G ratio of 1.60 and a beta of 0.92.

Wabtec (NYSE:WAB - Get Free Report) last released its earnings results on Wednesday, October 21st. The transportation company reported $2.83 EPS for the quarter, topping analysts' consensus estimates of $2.73 by $0.10. Wabtec had a return on equity of 15.72% and a net margin of 11.20%. The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.20 billion. During the same quarter in the previous year, the company posted $2.32 earnings per share. The company's revenue was up 8.1% compared to the same quarter last year. On average, analysts forecast that Wabtec will post 10.97 earnings per share for the current year.

Wabtec Announces Dividend

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

Insider Activity at Wabtec

In other news, insider Michael Fetsko sold 3,250 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $293.22, for a total transaction of $952,965.00. Following the sale, the insider directly owned 37,380 shares of the company's stock, valued at $10,960,563.60. This represents a 8.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Gregory Sbrocco sold 952 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 21,043 shares in the company, valued at approximately $6,312,900. The trade was a 4.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 6,452 shares of company stock worth $1,903,524. 0.57% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on WAB shares. JPMorgan Chase & Co. lifted their target price on Wabtec from $315.00 to $320.00 and gave the stock a "neutral" rating in a report on Monday, September 21st. KeyCorp lifted their price objective on Wabtec from $308.00 to $340.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Citigroup dropped 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. Morgan Stanley lifted their price objective on Wabtec from $318.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Finally, Wall Street Zen cut shares of Wabtec from a "buy" rating to a "hold" rating in a research note on Sunday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company 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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