International Assets Investment Management LLC Purchases 24,107 Shares of Wabtec $WAB

Key Points

• International Assets Investment Management increased its Wabtec position by 2,699.6% in the third quarter, acquiring 24,107 shares for a total holding of 25,000 shares valued at approximately $7.18 million. Institutional investors collectively own 91.69% of Wabtec.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $320.18. Recent firms raised their targets, including Morgan Stanley to $355 and Stephens to $340.
• Wabtec reported quarterly earnings of $2.83 per share, exceeding estimates by $0.10, while revenue rose 8.1% year over year to $3.12 billion. The company also declared a quarterly dividend of $0.31 per share, equivalent to a 0.4% annual yield.

International Assets Investment Management LLC lifted its position in Wabtec (NYSE:WAB - Free Report) by 2,699.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,000 shares of the transportation company's stock after acquiring an additional 24,107 shares during the quarter. International Assets Investment Management LLC's holdings in Wabtec were worth $7,180,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Wabtec during the 2nd quarter worth about $3,741,077,000. State Street Corp raised its holdings in shares of Wabtec by 2.1% in the 2nd quarter. State Street Corp now owns 7,905,748 shares of the transportation company's stock valued at $2,131,390,000 after purchasing an additional 164,806 shares in the last quarter. Amundi lifted its position in shares of Wabtec by 43.9% in the 2nd quarter. Amundi now owns 1,580,919 shares of the transportation company's stock worth $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 lifted its position in shares of Wabtec by 2.4% in 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 worth $384,165,000 after purchasing an additional 33,942 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Wabtec in the 2nd quarter worth approximately $212,692,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WAB has been the topic of several research reports. Weiss Ratings raised shares of Wabtec from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, October 26th. Stephens lifted their price target on Wabtec from $330.00 to $340.00 and gave the company an "overweight" rating in a report on Wednesday, October 21st. Rothschild & Co Redburn reduced their price target on Wabtec from $293.00 to $292.00 and set a "buy" rating for the company in a research report on Wednesday, July 29th. Morgan Stanley upped 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, Wells Fargo & Company raised their price objective on Wabtec from $284.00 to $315.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. One investment 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $320.18.

Wabtec Trading Up 0.1%

NYSE WAB opened at $279.92 on Monday. Wabtec has a 52 week low of $194.93 and a 52 week high of $306.64. The company has a 50 day moving average price of $285.59 and a 200 day moving average price of $267.67. The company has a quick ratio of 0.56, a current ratio of 1.10 and a debt-to-equity ratio of 0.41. The firm has a market cap of $46.97 billion, a PE ratio of 34.77, a price-to-earnings-growth ratio of 1.57 and a beta of 0.93.

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

Wabtec Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be given a $0.31 dividend. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 0.4%. Wabtec's dividend payout ratio (DPR) is presently 15.40%.

Insider Buying and Selling

In other Wabtec news, EVP Gregory Sbrocco sold 952 shares of the stock in a transaction dated Monday, August 17th. The stock was 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. This trade represents a 4.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael Fetsko sold 3,250 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $293.22, for a total value of $952,965.00. Following the completion of the sale, the insider directly owned 37,380 shares of the company's stock, valued at approximately $10,960,563.60. This represents a 8.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,452 shares of company stock worth $1,903,524 in the last ninety days. 0.57% of the stock is owned by insiders.

About Wabtec

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.

Want to see what other hedge funds are holding WAB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wabtec (NYSE:WAB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.