Tredje AP fonden Cuts Holdings in Wabtec (NYSE:WAB)

Key Points

• Tredje AP fonden has reduced its holdings in Wabtec by 45.7%, now owning 20,861 shares worth approximately $3.78 million after selling 17,543 shares in the first quarter.
• Wabtec reported quarterly earnings of $2.27 per share, exceeding estimates by $0.09, with a revenue of $2.71 billion, although slightly below analyst expectations.
• The company declared a quarterly dividend of $0.25, with an annualized yield of 0.53%, set to be paid to shareholders on August 28th.

Tredje AP fonden trimmed its position in shares of Wabtec (NYSE:WAB - Free Report) by 45.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,861 shares of the transportation company's stock after selling 17,543 shares during the quarter. Tredje AP fonden's holdings in Wabtec were worth $3,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of WAB. Twin Capital Management Inc. lifted its holdings in shares of Wabtec by 4.3% during the 4th quarter. Twin Capital Management Inc. now owns 15,832 shares of the transportation company's stock valued at $3,002,000 after buying an additional 647 shares during the period. Mufg Securities Americas Inc. bought a new position in shares of Wabtec during the 4th quarter valued at $481,000. Raiffeisen Bank International AG purchased a new stake in shares of Wabtec in the 4th quarter worth $1,221,000. GF Fund Management CO. LTD. purchased a new stake in shares of Wabtec in the 4th quarter worth $205,000. Finally, Putney Financial Group LLC purchased a new stake in shares of Wabtec in the 4th quarter worth $52,000. 91.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Wall Street Zen upgraded Wabtec from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Morgan Stanley upped their price objective on Wabtec from $220.00 to $226.00 and gave the stock an "overweight" rating in a research note on Monday. KeyCorp restated an "overweight" rating and issued a $240.00 price objective (up from $220.00) on shares of Wabtec in a research note on Tuesday, June 24th. JPMorgan Chase & Co. upped their price objective on Wabtec from $175.00 to $194.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Finally, Susquehanna upped their price objective on Wabtec from $210.00 to $235.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Wabtec currently has an average rating of "Moderate Buy" and an average price target of $221.71.

Wabtec Price Performance

WAB stock traded down $5.34 during trading on Friday, reaching $186.71. The company's stock had a trading volume of 1,235,412 shares, compared to its average volume of 1,200,798. Wabtec has a 1 year low of $147.66 and a 1 year high of $216.10. 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 has a market capitalization of $31.92 billion, a P/E ratio of 27.87, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company's fifty day moving average is $205.10 and its 200-day moving average is $194.22.

Wabtec (NYSE:WAB - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The transportation company reported $2.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.18 by $0.09. Wabtec had a return on equity of 13.65% and a net margin of 10.92%. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the prior year, the business posted $1.96 EPS. Wabtec's revenue for the quarter was up 2.3% compared to the same quarter last year. On average, research analysts expect that Wabtec will post 8.54 earnings per share for the current fiscal year.

Wabtec Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Thursday, August 14th. Wabtec's dividend payout ratio is presently 14.93%.

Insiders Place Their Bets

In other Wabtec news, CEO Rafael Santana sold 886 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $213.35, for a total value of $189,028.10. Following the completion of the sale, the chief executive officer owned 141,186 shares in the company, valued at approximately $30,122,033.10. This represents a 0.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP David L. Deninno sold 3,000 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $201.05, for a total value of $603,150.00. Following the transaction, the vice president owned 60,450 shares of the company's stock, valued at approximately $12,153,472.50. The trade was a 4.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,641 shares of company stock worth $5,512,759 in the last three months. 1.10% of the stock is owned by company 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.