Mirae Asset Global Investments Co. Ltd. Makes New $12.91 Million Investment in Wabtec $WAB

Key Points

• Mirae Asset Global Investments bought 44,945 Wabtec shares in the third quarter, valued at about $12.91 million. Institutional investors collectively own 91.69% of the company.
• Wabtec’s latest quarterly results beat earnings estimates: EPS was $2.83 versus $2.73 expected, while revenue rose 8.1% year over year to $3.12 billion, below the $3.20 billion consensus.
• Analysts give Wabtec a consensus “Moderate Buy” rating and an average price target of $320.18. The company also announced a quarterly dividend of $0.31 per share, equivalent to a 0.4% yield.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Wabtec (NYSE:WAB - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 44,945 shares of the transportation company's stock, valued at approximately $12,907,000.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Wabtec during the second quarter worth about $3,741,077,000. State Street Corp raised its stake in Wabtec by 2.1% during 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 acquiring an additional 164,806 shares during the last quarter. Amundi raised its stake in Wabtec by 43.9% during the 2nd quarter. Amundi now owns 1,580,919 shares of the transportation company's stock valued at $426,216,000 after acquiring an additional 482,323 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Wabtec by 2.4% during 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 acquiring an additional 33,942 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in Wabtec during the 2nd quarter worth approximately $212,692,000. Institutional investors and hedge funds own 91.69% of the company's stock.

Insider Transactions at Wabtec

In other news, CEO Rafael Santana sold 1,087 shares of the company's stock in a transaction on Monday, October 5th. The shares were sold at an average price of $291.79, for a total transaction of $317,175.73. Following the transaction, the chief executive officer directly owned 116,155 shares of the company's stock, valued at $33,892,867.45. This represents a 0.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael Fetsko sold 3,250 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $293.22, for a total transaction of $952,965.00. Following the completion of the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,289 shares of company stock valued at $1,555,741 in the last ninety days. 0.57% of the stock is currently owned by company insiders.

Wabtec Stock Performance

Shares of WAB stock opened at $291.79 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 0.56 and a debt-to-equity ratio of 0.41. The stock has a 50 day simple moving average of $285.24 and a 200-day simple moving average of $268.29. The company has a market cap of $48.96 billion, a price-to-earnings ratio of 36.25, a price-to-earnings-growth ratio of 1.61 and a beta of 0.93. Wabtec has a 12-month low of $194.93 and a 12-month high of $306.64.

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

Wabtec Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Tuesday, November 17th. Wabtec's payout ratio is presently 15.40%.

Analyst Upgrades and Downgrades

WAB has been the topic of a number of recent research reports. Citigroup dropped their target price on Wabtec from $338.00 to $334.00 and set a "buy" rating on the stock in a report on Thursday, October 22nd. Wells Fargo & Company increased their price target on Wabtec from $284.00 to $315.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Weiss Ratings upgraded shares of Wabtec from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, October 26th. Susquehanna lifted their price objective on shares of Wabtec from $305.00 to $340.00 and gave the company a "positive" rating in a research report on Thursday, July 23rd. Finally, Jefferies Financial Group boosted their price objective on shares of Wabtec from $315.00 to $350.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Wabtec has an average rating of "Moderate Buy" and a consensus price target of $320.18.

Key Headlines Impacting Wabtec

Here are the key news stories impacting Wabtec this week:

• Positive Sentiment: Wabtec signed a services agreement with Transnet Engineering valued at approximately $390 million. The contract expands its locomotive-services business and adds substantial revenue potential. Wabtec, Transnet Engineering Sign $390MM Locomotive Services Agreement
• Neutral Sentiment: Wabtec priced $500 million of senior notes carrying a 5.9% coupon and maturing in 2037. The financing provides capital, but also creates long-term interest and debt obligations; its net impact depends partly on how proceeds are used. Wabtec Announces Pricing of Senior Notes Offering

Wabtec Profile

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.

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.