Wabtec $WAB Shares Sold by Hahn Capital Management LLC

Key Points

• Hahn Capital Management cut its Wabtec stake by 22.7% in the third quarter, selling 9,846 shares; it retained 33,455 shares worth about $9.6 million, its second-largest portfolio holding.
• Other institutions increased their positions, and institutional investors collectively own 91.69% of Wabtec shares.
• Wabtec beat quarterly EPS estimates, reporting $2.83 per share versus $2.73 expected, while revenue of $3.12 billion fell short of forecasts. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $320.18.

Hahn Capital Management LLC cut its stake in Wabtec (NYSE:WAB - Free Report) by 22.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,455 shares of the transportation company's stock after selling 9,846 shares during the period. Wabtec accounts for 5.6% of Hahn Capital Management LLC's investment portfolio, making the stock its 2nd largest holding. Hahn Capital Management LLC's holdings in Wabtec were worth $9,608,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Resona Asset Management Co. Ltd. raised its position in Wabtec by 348.6% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 233,300 shares of the transportation company's stock valued at $62,806,000 after buying an additional 181,296 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of Wabtec by 5.5% during the 2nd quarter. QRG Capital Management Inc. now owns 93,442 shares of the transportation company's stock valued at $25,192,000 after purchasing an additional 4,878 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Wabtec by 15.0% during the 1st quarter. Hsbc Holdings PLC now owns 351,769 shares of the transportation company's stock worth $87,735,000 after purchasing an additional 45,760 shares during the period. Copeland Capital Management LLC raised its stake in shares of Wabtec by 861.4% during the 1st quarter. Copeland Capital Management LLC now owns 46,707 shares of the transportation company's stock worth $11,673,000 after purchasing an additional 41,849 shares during the period. Finally, State Street Corp grew its position in Wabtec by 2.1% during the second quarter. State Street Corp now owns 7,905,748 shares of the transportation company's stock valued at $2,131,390,000 after buying an additional 164,806 shares during the period. 91.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Wabtec from $315.00 to $320.00 and gave the company a "neutral" rating in a research note on Monday, September 21st. Wells Fargo & Company lifted their price target on shares of Wabtec from $284.00 to $315.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Rothschild & Co Redburn dropped their price objective on Wabtec from $293.00 to $292.00 and set a "buy" rating on the stock in a research note on Wednesday, July 29th. Morgan Stanley increased their price objective on Wabtec from $318.00 to $355.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. Finally, Weiss Ratings upgraded Wabtec from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Wabtec has a consensus rating of "Moderate Buy" and an average price target of $320.18.

Wabtec Stock Performance

Shares of WAB stock opened at $294.70 on Thursday. The stock has a market capitalization of $49.45 billion, a P/E ratio of 36.61, a PEG ratio of 1.63 and a beta of 0.93. The company has a current ratio of 1.10, a quick ratio of 0.56 and a debt-to-equity ratio of 0.41. The firm's 50 day moving average is $285.20 and its 200 day moving average is $268.62. Wabtec has a 12 month low of $194.93 and a 12 month high of $306.64.

Wabtec (NYSE:WAB - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The transportation company reported $2.83 earnings per share for the quarter, beating analysts' consensus estimates of $2.73 by $0.10. The business had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.20 billion. Wabtec had a net margin of 11.20% and a return on equity of 15.72%. Wabtec's revenue was up 8.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.32 EPS. On average, sell-side analysts anticipate that Wabtec will post 10.97 earnings per share for the current year.

Wabtec Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $1.24 annualized dividend and a yield of 0.4%. Wabtec's payout ratio is currently 15.40%.

Insider Buying and Selling

In other news, insider Michael Fetsko sold 3,250 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $293.22, for a total transaction of $952,965.00. Following the completion of the transaction, the insider directly owned 37,380 shares in the company, valued at $10,960,563.60. The trade was a 8.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Gregory Sbrocco sold 952 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $300.00, for a total value of $285,600.00. Following the completion of the sale, the executive vice president directly owned 21,043 shares in the company, valued at approximately $6,312,900. The trade was a 4.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 5,289 shares of company stock valued at $1,555,741. Company insiders own 0.57% of the company's stock.

Wabtec Company Profile

Westinghouse Air Brake Technologies Corporation, doing business as Wabtec NYSE: WAB, is a global provider of equipment, systems, digital solutions and services for the freight and passenger rail industries. The company develops technologies intended to improve the safety, efficiency, reliability and sustainability of rail transportation.

Wabtec's products and services include locomotives, locomotive components and modernization programs, braking systems, train control and signaling equipment, power and propulsion systems, and advanced digital solutions.

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