Assenagon Asset Management S.A. Sells 173,710 Shares of Wabtec $WAB

Key Points

• Assenagon Asset Management S.A. reduced its ownership in Wabtec by 36%, selling 173,710 shares and owning 308,935 shares worth approximately $64.68 million after the sale.
• Wabtec's recent earnings report showed $2.27 earnings per share, surpassing analysts' estimates, while the company set its FY 2025 guidance at 8.550-9.150 EPS.
• Equities analysts have mixed ratings on Wabtec, with five giving a Buy rating and two a Hold rating, while the average target price for the stock is $222.57.

Assenagon Asset Management S.A. lowered its position in shares of Wabtec (NYSE:WAB - Free Report) by 36.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 308,935 shares of the transportation company's stock after selling 173,710 shares during the quarter. Assenagon Asset Management S.A. owned about 0.18% of Wabtec worth $64,676,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Putney Financial Group LLC bought a new stake in shares of Wabtec during the 4th quarter worth $52,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Wabtec by 9.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 630 shares of the transportation company's stock worth $114,000 after purchasing an additional 56 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in Wabtec during the fourth quarter valued at $205,000. Goelzer Investment Management Inc. bought a new stake in Wabtec during the 2nd quarter valued at about $209,000. Finally, Kera Capital Partners Inc. grew its position in shares of Wabtec by 35.5% in the 2nd quarter. Kera Capital Partners Inc. now owns 1,671 shares of the transportation company's stock worth $350,000 after buying an additional 438 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

Insiders Place Their Bets

In related news, CEO Rafael Santana sold 1,799 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $189.97, for a total value of $341,756.03. Following the completion of the transaction, the chief executive officer directly owned 136,729 shares in the company, valued at approximately $25,974,408.13. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders sold 5,369 shares of company stock valued at $1,042,586. Corporate insiders own 1.10% of the company's stock.

Wabtec Price Performance

Wabtec stock traded down $1.72 during midday trading on Friday, reaching $188.65. The company's stock had a trading volume of 1,284,580 shares, compared to its average volume of 990,996. The stock has a market cap of $32.25 billion, a PE ratio of 28.16, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The company has a current ratio of 1.76, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $194.93 and a 200-day moving average price of $192.93. Wabtec has a 52 week low of $151.81 and a 52 week high of $216.10.

Wabtec (NYSE:WAB - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The transportation company reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.09. Wabtec had a return on equity of 13.65% and a net margin of 10.92%.The company had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company earned $1.96 EPS. The firm's quarterly revenue was up 2.3% compared to the same quarter last year. Wabtec has set its FY 2025 guidance at 8.550-9.150 EPS. On average, sell-side analysts predict that Wabtec will post 8.54 EPS for the current year.

Wabtec Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were paid a $0.25 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. Wabtec's dividend payout ratio is presently 14.93%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Susquehanna boosted their price target on shares of Wabtec from $210.00 to $235.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Bank of America lifted their price objective on Wabtec from $231.00 to $236.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Wall Street Zen lowered shares of Wabtec from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. JPMorgan Chase & Co. cut their price objective on Wabtec from $216.00 to $200.00 and set a "neutral" rating on the stock in a report on Thursday, August 14th. Finally, KeyCorp reiterated an "overweight" rating and issued a $240.00 price target (up previously from $220.00) on shares of Wabtec in a report on Tuesday, June 24th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Wabtec presently has an average rating of "Moderate Buy" and a consensus price target of $222.57.

About Wabtec

Westinghouse Air Brake Technologies Corporation, together with its subsidiaries, provides technology-based locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide. It offers diesel-electric, battery, and liquid natural gas-powered locomotives; engines, electric motors, and propulsion systems; and marine and mining products.