Longbow Finance SA Decreases Stock Position in Wabtec (NYSE:WAB)

Key Points

• Longbow Finance SA has decreased its position in Wabtec by 17.7%, holding 18,724 shares worth approximately $3.4 million after selling 4,021 shares.
• CEO Rafael Santana sold 68,833 shares of Wabtec stock, representing a 32.10% decrease in his holdings, while the company's stock has recently seen a decline of 6.4%.
• Wabtec reported $2.27 EPS for the last quarter, beating estimates, and has announced a quarterly dividend of $0.25 per share, yielding 0.50% annually.

Longbow Finance SA lowered its stake in Wabtec (NYSE:WAB - Free Report) by 17.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,724 shares of the transportation company's stock after selling 4,021 shares during the quarter. Longbow Finance SA's holdings in Wabtec were worth $3,396,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. New York State Common Retirement Fund raised its stake in Wabtec by 16.0% during the 1st quarter. New York State Common Retirement Fund now owns 142,163 shares of the transportation company's stock valued at $25,781,000 after purchasing an additional 19,600 shares during the period. Putney Financial Group LLC purchased a new position in shares of Wabtec in the 4th quarter worth approximately $52,000. Raiffeisen Bank International AG purchased a new position in shares of Wabtec in the 4th quarter worth approximately $1,221,000. Mufg Securities Americas Inc. purchased a new position in Wabtec during the 4th quarter valued at $481,000. Finally, Rhumbline Advisers boosted its holdings in Wabtec by 3.0% during the 1st quarter. Rhumbline Advisers now owns 313,459 shares of the transportation company's stock valued at $56,846,000 after acquiring an additional 9,041 shares during the period. Institutional investors own 91.69% of the company's stock.

Wall Street Analysts Forecast Growth

WAB has been the subject of a number of recent analyst reports. Susquehanna boosted their price objective on Wabtec from $210.00 to $235.00 and gave the company a "positive" rating in a report on Friday. Morgan Stanley boosted their price objective on Wabtec from $220.00 to $226.00 and gave the company an "overweight" rating in a report on Monday. Wall Street Zen upgraded Wabtec from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. KeyCorp reiterated an "overweight" rating and issued a $240.00 target price (up from $220.00) on shares of Wabtec in a report on Tuesday, June 24th. Finally, Bank of America upped their target price on Wabtec from $231.00 to $236.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $221.71.

Wabtec Stock Down 1.6%

NYSE:WAB traded down $3.24 during mid-day trading on Tuesday, hitting $193.77. 1,065,375 shares of the company's stock traded hands, compared to its average volume of 1,049,220. The company has a fifty day moving average of $205.95 and a 200 day moving average of $194.34. Wabtec has a twelve month low of $147.66 and a twelve month high of $216.10. The company has a market capitalization of $33.16 billion, a P/E ratio of 28.91, a P/E/G ratio of 1.58 and a beta of 1.12. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.76.

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

Wabtec Announces Dividend

The company 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 dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.00 annualized dividend and a yield of 0.52%. Wabtec's payout ratio is presently 14.93%.

Insider Buying and Selling at Wabtec

In related news, CTO Eric Gebhardt sold 6,151 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $202.39, for a total transaction of $1,244,900.89. Following the sale, the chief technology officer directly owned 18,697 shares of the company's stock, valued at $3,784,085.83. This trade represents a 24.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Gina Trombley sold 4,299 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $202.00, for a total value of $868,398.00. Following the sale, the executive vice president directly owned 13,696 shares in the company, valued at approximately $2,766,592. This trade represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,474 shares of company stock worth $19,283,505. 1.10% of the stock is owned by corporate insiders.

Wabtec Company 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.