Fred Alger Management LLC Cuts Position in Wabtec $WAB

Key Points

• Fred Alger Management LLC has reduced its position in Wabtec (NYSE: WAB) by 47.3%, selling 97,407 shares and now owning approximately 0.06% of the company valued at $19.71 million.
• Wabtec recently reported an earnings per share (EPS) of $2.27 for the most recent quarter, surpassing analysts' expectations of $2.18, while its revenue was $2.71 billion, below the estimated $2.76 billion.
• The company has declared a quarterly dividend of $0.25 per share, reflecting an annualized yield of 0.5%, with a dividend payout ratio of 14.93%.

Fred Alger Management LLC decreased its stake in Wabtec (NYSE:WAB - Free Report) by 47.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 108,685 shares of the transportation company's stock after selling 97,407 shares during the period. Fred Alger Management LLC owned approximately 0.06% of Wabtec worth $19,710,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Putney Financial Group LLC acquired a new stake in shares of Wabtec in the fourth quarter valued at about $52,000. MassMutual Private Wealth & Trust FSB raised its holdings in Wabtec by 9.8% during 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 during the last quarter. GF Fund Management CO. LTD. acquired a new position in Wabtec during the fourth quarter worth $205,000. Mufg Securities Americas Inc. acquired a new position in Wabtec during the fourth quarter worth $481,000. Finally, Greenleaf Trust raised its holdings in Wabtec by 2.8% during the first quarter. Greenleaf Trust now owns 3,437 shares of the transportation company's stock worth $623,000 after purchasing an additional 93 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

Insider Activity

In other Wabtec news, EVP Gina Trombley sold 4,299 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $202.00, for a total transaction of $868,398.00. Following the completion of the sale, the executive vice president directly owned 13,696 shares in the company, valued at $2,766,592. This represents a 23.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Rafael Santana sold 886 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $192.83, for a total value of $170,847.38. Following the completion of the sale, the chief executive officer directly owned 139,414 shares of the company's stock, valued at $26,883,201.62. The trade was a 0.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,957 shares of company stock valued at $1,406,563 over the last 90 days. 1.10% of the stock is currently owned by insiders.

Wabtec Stock Down 1.3%

Shares of WAB opened at $190.76 on Tuesday. The firm has a market cap of $32.61 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a quick ratio of 1.05, a current ratio of 1.76 and a debt-to-equity ratio of 0.44. The company's fifty day moving average is $199.21 and its two-hundred day moving average is $192.43. Wabtec has a fifty-two week low of $151.81 and a fifty-two week high of $216.10.

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

Wabtec Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.00 annualized dividend and a yield of 0.5%. Wabtec's dividend payout ratio is currently 14.93%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WAB. Wall Street Zen cut Wabtec from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Susquehanna upped their target price on Wabtec from $210.00 to $235.00 and gave the company a "positive" rating in a research note on Friday, July 25th. Morgan Stanley upped their target price on Wabtec from $220.00 to $226.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Bank of America upped their target price on Wabtec from $231.00 to $236.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, JPMorgan Chase & Co. dropped their target price on Wabtec from $216.00 to $200.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $222.57.

Wabtec Company Profile

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.

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