Sumitomo Mitsui Trust Group Inc. Boosts Stock Position in Wabtec $WAB

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Wabtec by 8.7%, owning approximately 0.26% of the company, valued at $91,935,000.
• Wabtec reported earnings of $2.32 per share for the last quarter, surpassing analysts' expectations, with revenue of $2.89 billion, marking an 8.4% year-over-year increase.
• The company announced a quarterly dividend of $0.25, with a 0.5% dividend yield, payable to investors of record on November 12th.

Sumitomo Mitsui Trust Group Inc. increased its stake in Wabtec (NYSE:WAB - Free Report) by 8.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 439,144 shares of the transportation company's stock after buying an additional 35,088 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.26% of Wabtec worth $91,935,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its position in Wabtec by 2,220.1% in the first quarter. Pacer Advisors Inc. now owns 738,038 shares of the transportation company's stock worth $133,843,000 after buying an additional 706,227 shares during the period. Nordea Investment Management AB increased its holdings in shares of Wabtec by 33.4% in the 2nd quarter. Nordea Investment Management AB now owns 1,592,529 shares of the transportation company's stock worth $333,062,000 after acquiring an additional 398,782 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Wabtec by 56.3% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 778,156 shares of the transportation company's stock valued at $162,907,000 after purchasing an additional 280,140 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Wabtec during the 2nd quarter valued at about $32,547,000. Finally, BNP Paribas Financial Markets grew its position in Wabtec by 46.0% in the 1st quarter. BNP Paribas Financial Markets now owns 380,793 shares of the transportation company's stock worth $69,057,000 after purchasing an additional 120,057 shares during the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

Wabtec Stock Performance

Shares of WAB opened at $197.81 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 1.05. The firm's 50 day moving average is $194.06 and its 200-day moving average is $195.96. Wabtec has a 12-month low of $151.81 and a 12-month high of $216.10. The stock has a market capitalization of $33.82 billion, a P/E ratio of 28.75, a P/E/G ratio of 1.52 and a beta of 1.10.

Wabtec (NYSE:WAB - Get Free Report) last issued its earnings results on Wednesday, October 22nd. The transportation company reported $2.32 earnings per share for the quarter, topping analysts' consensus estimates of $2.28 by $0.04. The firm had revenue of $2.89 billion during the quarter, compared to analysts' expectations of $2.88 billion. Wabtec had a net margin of 10.94% and a return on equity of 13.84%. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $2.00 earnings per share. Wabtec has set its FY 2025 guidance at 8.850-9.050 EPS. Equities research analysts anticipate that Wabtec will post 8.54 EPS for the current fiscal year.

Wabtec Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Wednesday, November 12th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, November 12th. Wabtec's payout ratio is presently 14.53%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on WAB shares. Wall Street Zen cut shares of Wabtec from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Citigroup initiated coverage on shares of Wabtec in a research note on Monday, September 22nd. They set a "buy" rating and a $225.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Wabtec from $200.00 to $215.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 14th. Morgan Stanley raised their price objective on shares of Wabtec from $220.00 to $226.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, Susquehanna upped their target price on Wabtec from $235.00 to $240.00 and gave the stock a "positive" rating in a research report on Thursday. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $225.38.

Insiders Place Their Bets

In other news, CEO Rafael Santana sold 1,798 shares of the company's stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $195.04, for a total transaction of $350,681.92. Following the completion of the sale, the chief executive officer directly owned 133,133 shares of the company's stock, valued at $25,966,260.32. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Gregory Sbrocco sold 2,953 shares of the business's stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $195.43, for a total transaction of $577,104.79. Following the transaction, the executive vice president directly owned 17,829 shares in the company, valued at $3,484,321.47. The trade was a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,234 shares of company stock worth $1,781,345 over the last ninety days. 1.10% of the stock is owned by insiders.

Wabtec 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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