Tredje AP fonden Sells 17,543 Shares of 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 lowered its position in Wabtec (NYSE:WAB - Free Report) by 45.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,861 shares of the transportation company's stock after selling 17,543 shares during the period. Tredje AP fonden's holdings in Wabtec were worth $3,783,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Putney Financial Group LLC bought a new position in shares of Wabtec in the fourth quarter valued at approximately $52,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Wabtec by 9.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 630 shares of the transportation company's stock valued at $114,000 after purchasing an additional 56 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Wabtec in the fourth quarter valued at approximately $205,000. Mufg Securities Americas Inc. acquired a new stake in shares of Wabtec in the fourth quarter valued at approximately $481,000. Finally, Greenleaf Trust increased its holdings in shares of Wabtec by 2.8% in the first quarter. Greenleaf Trust now owns 3,437 shares of the transportation company's stock valued at $623,000 after purchasing an additional 93 shares in the last quarter. Institutional investors own 91.69% of the company's stock.

Insider Transactions at Wabtec

In related news, CEO Rafael Santana sold 886 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $213.35, for a total transaction of $189,028.10. Following the sale, the chief executive officer owned 141,186 shares in the company, valued at approximately $30,122,033.10. This trade represents a 0.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP David L. Deninno sold 3,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $201.05, for a total transaction of $603,150.00. Following the completion of the transaction, the vice president directly 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. Over the last 90 days, insiders sold 20,141 shares of company stock worth $4,071,334. 1.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. The Goldman Sachs Group reissued a "neutral" rating and issued a $201.00 price target (up previously from $175.00) on shares of Wabtec in a report on Wednesday, April 23rd. KeyCorp reaffirmed an "overweight" rating and set a $240.00 target price (up previously from $220.00) on shares of Wabtec in a report on Tuesday, June 24th. Bank of America lifted their target price on shares of Wabtec from $231.00 to $236.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Wall Street Zen raised shares of Wabtec from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Morgan Stanley lifted their target price on shares of Wabtec from $220.00 to $226.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $221.71.

Wabtec Trading Down 0.0%

Shares of WAB stock traded down $0.03 on Monday, hitting $186.86. The stock had a trading volume of 402,998 shares, compared to its average volume of 1,073,837. Wabtec has a twelve month low of $147.66 and a twelve month high of $216.10. The firm has a market cap of $31.94 billion, a P/E ratio of 27.90, a PEG ratio of 1.49 and a beta of 1.11. The company has a current ratio of 1.76, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The company has a fifty day moving average price of $205.10 and a two-hundred day moving average price of $194.14.

Wabtec (NYSE:WAB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The transportation company reported $2.27 EPS for the quarter, beating the consensus estimate of $2.18 by $0.09. Wabtec had a net margin of 10.92% and a return on equity of 13.65%. The business had revenue of $2.71 billion for the quarter, compared to analysts' expectations of $2.76 billion. During the same period in the previous year, the firm posted $1.96 EPS. The firm's revenue was up 2.3% compared to the same quarter last year. As a group, analysts forecast that Wabtec will post 8.54 earnings per share for the current fiscal year.

Wabtec Announces Dividend

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

About Wabtec

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.