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

Several other institutional investors have also made changes to their positions in WAB. Pacer Advisors Inc. raised its stake in shares of 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 acquiring an additional 706,227 shares during the last quarter. New York State Common Retirement Fund increased its stake in Wabtec by 16.0% in the first 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 in the last quarter. Rhumbline Advisers increased its position in shares of Wabtec by 3.0% during the first quarter. Rhumbline Advisers now owns 313,459 shares of the transportation company's stock worth $56,846,000 after acquiring an additional 9,041 shares in the last quarter. Raiffeisen Bank International AG acquired a new stake in shares of Wabtec in the 4th quarter valued at about $1,221,000. Finally, Mufg Securities Americas Inc. acquired a new stake in shares of Wabtec in the 4th quarter valued at about $481,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Susquehanna raised their target price on shares of Wabtec from $210.00 to $235.00 and gave the stock a "positive" rating in a research note on Friday. JPMorgan Chase & Co. increased their target price on shares of Wabtec from $175.00 to $194.00 and gave the company a "neutral" rating in a report on Thursday, April 24th. Wall Street Zen upgraded shares of Wabtec from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Bank of America raised their price objective on shares of Wabtec from $231.00 to $236.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Finally, KeyCorp reissued an "overweight" rating and set a $240.00 price target (up from $220.00) on shares of Wabtec in a research note on Tuesday, June 24th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Wabtec presently has a consensus rating of "Moderate Buy" and an average target price of $221.00.

Insider Buying and Selling

In other news, CEO Rafael Santana sold 68,833 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $191.70, for a total transaction of $13,195,286.10. Following the completion of the transaction, the chief executive officer directly owned 145,616 shares of the company's stock, valued at $27,914,587.20. This represents a 32.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Rogerio Mendonca sold 4,033 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $200.04, for a total value of $806,761.32. Following the sale, the insider owned 11,535 shares of the company's stock, valued at $2,307,461.40. The trade was a 25.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 99,474 shares of company stock valued at $19,283,505 in the last three months. 1.10% of the stock is currently owned by company insiders.

Wabtec Trading Down 1.7%

WAB traded down $3.47 during trading on Friday, reaching $197.23. The company had a trading volume of 1,993,901 shares, compared to its average volume of 945,009. The company has a quick ratio of 0.73, a current ratio of 1.76 and a debt-to-equity ratio of 0.44. The business has a 50 day simple moving average of $206.16 and a 200-day simple moving average of $194.26. Wabtec has a 52 week low of $147.66 and a 52 week high of $216.10. The stock has a market cap of $33.75 billion, a P/E ratio of 29.44, a PEG ratio of 1.40 and a beta of 1.12.

Wabtec (NYSE:WAB - Get Free Report) last issued its earnings results on Thursday, July 24th. The transportation company reported $2.27 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.71 billion for the quarter, compared to analysts' expectations of $2.76 billion. During the same period in the prior year, the business earned $1.96 EPS. The firm's quarterly revenue was up 2.3% on a year-over-year basis. On average, equities analysts anticipate that Wabtec will post 8.54 EPS for the current fiscal year.

Wabtec Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.51%. The ex-dividend date is Thursday, August 14th. Wabtec's dividend payout ratio (DPR) is currently 14.93%.

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.