Bank of America Corp DE Purchases 21,366 Shares of Wabtec $WAB

Key Points

• Bank of America increased its Wabtec position by 3.2% in the second quarter, purchasing 21,366 shares to own 689,065 shares valued at approximately $185.8 million. Institutional investors collectively hold 91.69% of Wabtec’s stock.
• Analyst sentiment remains positive, with 10 Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $313.36. Citigroup and Morgan Stanley recently raised their targets to $341 and $355, respectively.
• Wabtec exceeded quarterly expectations with adjusted earnings of $2.76 per share and revenue of $3.18 billion, up 17.5% year over year. The company also declared a quarterly dividend of $0.31 per share, representing a 0.4% yield.

Bank of America Corp DE grew its position in shares of Wabtec (NYSE:WAB - Free Report) by 3.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 689,065 shares of the transportation company's stock after purchasing an additional 21,366 shares during the period. Bank of America Corp DE owned approximately 0.41% of Wabtec worth $185,772,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Wabtec during the 2nd quarter valued at about $3,741,077,000. Geode Capital Management LLC lifted its position in Wabtec by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,366,157 shares of the transportation company's stock valued at $928,249,000 after purchasing an additional 38,029 shares during the last quarter. Norges Bank purchased a new position in Wabtec in the 4th quarter worth approximately $409,039,000. Aviva PLC grew its stake in Wabtec by 1.4% in the 4th quarter. Aviva PLC now owns 971,941 shares of the transportation company's stock worth $207,461,000 after buying an additional 13,458 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Wabtec by 16.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 925,021 shares of the transportation company's stock worth $197,446,000 after buying an additional 132,091 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company's stock.

Analyst Upgrades and Downgrades

WAB has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price objective on shares of Wabtec from $284.00 to $315.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Wall Street Zen downgraded Wabtec from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Wabtec in a research note on Friday, July 17th. Citigroup upped their price objective on Wabtec from $311.00 to $341.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Finally, Morgan Stanley increased their price objective on Wabtec from $318.00 to $355.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $313.36.

Insiders Place Their Bets

In related news, insider Sameer Gaur sold 1,000 shares of Wabtec stock in a transaction on Friday, July 24th. The shares were sold at an average price of $300.64, for a total value of $300,640.00. Following the transaction, the insider directly owned 10,985 shares of the company's stock, valued at $3,302,530.40. The trade was a 8.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Fetsko sold 3,250 shares of the company's stock in a transaction on 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 owned 37,380 shares of the company's stock, valued at $10,960,563.60. This represents a 8.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 17,628 shares of company stock worth $5,220,523. 0.57% of the stock is currently owned by corporate insiders.

Wabtec Price Performance

WAB stock opened at $279.10 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.59 and a current ratio of 1.12. Wabtec has a 52 week low of $185.95 and a 52 week high of $306.64. The firm's fifty day moving average is $286.48 and its 200 day moving average is $269.09. The firm has a market cap of $47.14 billion, a P/E ratio of 37.51, a P/E/G ratio of 1.87 and a beta of 0.92.

Wabtec (NYSE:WAB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $2.76 earnings per share for the quarter, topping the consensus estimate of $2.60 by $0.16. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.07 billion. Wabtec had a net margin of 10.59% and a return on equity of 15.10%. The firm's revenue for the quarter was up 17.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.27 earnings per share. Wabtec has set its FY 2026 guidance at 10.600-10.900 EPS. Research analysts predict that Wabtec will post 10.86 earnings per share for the current year.

Wabtec Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 0.4%. The ex-dividend date was Tuesday, August 18th. Wabtec's dividend payout ratio (DPR) is presently 16.67%.

Wabtec Company Profile

Westinghouse Air Brake Technologies Corporation, known as Wabtec, is a global provider of equipment, systems, and services for the freight and transit rail industries. The company develops technologies designed to improve the safety, efficiency, reliability, and environmental performance of rail transportation.

Wabtec's products and services include locomotives and locomotive components, braking systems, rail-control and signaling technologies, digital train-management solutions, and equipment for freight cars and passenger rail vehicles.

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