Bank of New York Mellon Corp Sells 18,031 Shares of Wabtec $WAB

Key Points

• Bank of New York Mellon trimmed its Wabtec stake by 2.2% in the first quarter, selling 18,031 shares and ending with 793,982 shares valued at about $198.4 million.
• Insider selling was also noted, with CEO Rafael Santana and insider Sameer Gaur both selling shares in recent transactions; insiders sold 5,734 shares worth about $1.5 million over the last 90 days.
• Wabtec posted solid results and retains positive analyst support, beating earnings estimates in its latest quarter and continuing to hold a “Moderate Buy” consensus rating with an average price target of $293.36.

Bank of New York Mellon Corp lessened its holdings in shares of Wabtec (NYSE:WAB - Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 793,982 shares of the transportation company's stock after selling 18,031 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.47% of Wabtec worth $198,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of WAB. Whipplewood Advisors LLC bought a new position in shares of Wabtec in the first quarter worth about $25,000. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Wabtec by 125.9% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 131 shares of the transportation company's stock valued at $28,000 after acquiring an additional 73 shares during the period. Manchester Capital Management LLC grew its stake in shares of Wabtec by 122.0% during the 4th quarter. Manchester Capital Management LLC now owns 131 shares of the transportation company's stock valued at $28,000 after acquiring an additional 72 shares during the period. McMillan Office Inc. purchased a new stake in Wabtec in the 4th quarter worth approximately $31,000. Finally, Reflection Asset Management purchased a new stake in Wabtec in the 4th quarter worth approximately $35,000. Institutional investors own 91.69% of the company's stock.

Insider Buying and Selling

In related news, CEO Rafael Santana sold 1,163 shares of the firm's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $262.07, for a total value of $304,787.41. Following the completion of the transaction, the chief executive officer directly owned 122,914 shares of the company's stock, valued at approximately $32,212,071.98. This trade represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sameer Gaur sold 1,082 shares of the business's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $263.50, for a total transaction of $285,107.00. Following the completion of the sale, the insider owned 11,985 shares in the company, valued at $3,158,047.50. This represents a 8.28% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 5,734 shares of company stock worth $1,504,571. Corporate insiders own 0.57% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WAB. Rothschild & Co Redburn upgraded shares of Wabtec from a "neutral" rating to a "buy" rating and upped their price target for the stock from $262.00 to $285.00 in a research report on Thursday, March 26th. JPMorgan Chase & Co. raised their price objective on shares of Wabtec from $290.00 to $300.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Citigroup lowered their target price on shares of Wabtec from $313.00 to $311.00 and set a "buy" rating on the stock in a research note on Monday, July 13th. Wells Fargo & Company upped their target price on shares of Wabtec from $270.00 to $284.00 and gave the stock an "equal weight" rating in a report on Thursday, April 23rd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Wabtec in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Wabtec has an average rating of "Moderate Buy" and an average target price of $293.36.

Wabtec Stock Performance

WAB opened at $261.85 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.54 and a current ratio of 1.02. The stock has a market capitalization of $44.43 billion, a price-to-earnings ratio of 37.04, a PEG ratio of 1.87 and a beta of 0.94. The company has a fifty day moving average of $264.30 and a 200 day moving average of $252.83. Wabtec has a fifty-two week low of $184.26 and a fifty-two week high of $284.91.

Wabtec (NYSE:WAB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The transportation company reported $2.71 EPS for the quarter, topping the consensus estimate of $2.62 by $0.09. The business had revenue of $2.95 billion for the quarter, compared to analysts' expectations of $3.08 billion. Wabtec had a net margin of 10.52% and a return on equity of 14.52%. The business's quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.28 EPS. Wabtec has set its FY 2026 guidance at 10.250-10.650 EPS. As a group, sell-side analysts forecast that Wabtec will post 10.64 earnings per share for the current fiscal year.

Wabtec Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.24 dividend on an annualized basis and a yield of 0.5%. Wabtec's payout ratio is presently 17.54%.

Wabtec Profile

Wabtec Corporation (Westinghouse Air Brake Technologies Corporation) is a global provider of equipment, systems and services for the rail industry. The company supplies products and solutions to freight railroads, transit agencies and other industrial operators, focusing on technologies that improve the performance, safety and efficiency of locomotives and rail networks. Wabtec's business spans new equipment manufacturing, aftermarket parts and services, and digital and control systems for rail operations.

Product and service offerings include locomotive systems and components, braking and air systems, propulsion and traction equipment, signaling and control technologies, and a range of aftermarket services such as maintenance, remanufacturing, parts distribution and fleet modernization.

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