Wabtec $WAB Stake Boosted by Public Employees Retirement System of Ohio

Key Points

• The Public Employees Retirement System of Ohio increased its stake in Wabtec by 57.6% during the second quarter, owning approximately $18.6 million worth of shares.
• Wabtec's recent quarterly earnings report revealed earnings per share of $2.27, surpassing estimates, with revenue of $2.71 billion, showing a year-over-year increase of 2.3%.
• Several analysts, including KeyCorp and Citigroup, have recently issued positive ratings on Wabtec, with target prices increasing to as high as $240.00.

Public Employees Retirement System of Ohio lifted its stake in shares of Wabtec (NYSE:WAB - Free Report) by 57.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 89,028 shares of the transportation company's stock after purchasing an additional 32,550 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.05% of Wabtec worth $18,638,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. UMB Bank n.a. grew its stake in Wabtec by 22.2% during the 2nd quarter. UMB Bank n.a. now owns 358 shares of the transportation company's stock worth $75,000 after buying an additional 65 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in shares of Wabtec by 9.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 630 shares of the transportation company's stock worth $114,000 after acquiring an additional 56 shares during the last quarter. Goelzer Investment Management Inc. acquired a new stake in shares of Wabtec in the 2nd quarter worth about $209,000. Farther Finance Advisors LLC lifted its position in Wabtec by 14.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,215 shares of the transportation company's stock valued at $254,000 after purchasing an additional 150 shares during the last quarter. Finally, CX Institutional boosted its stake in Wabtec by 6.3% during the 2nd quarter. CX Institutional now owns 1,478 shares of the transportation company's stock valued at $309,000 after purchasing an additional 87 shares during the period. Institutional investors and hedge funds own 91.69% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on WAB. KeyCorp restated an "overweight" rating and issued a $240.00 price target (up previously from $220.00) on shares of Wabtec in a research note on Tuesday, June 24th. Citigroup initiated coverage on Wabtec in a research report on Monday. They issued a "buy" rating and a $225.00 target price on the stock. Bank of America upped their price objective on shares of Wabtec from $231.00 to $236.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Susquehanna increased their target price on shares of Wabtec from $210.00 to $235.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Wabtec from $216.00 to $200.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Wabtec presently has an average rating of "Moderate Buy" and an average target price of $222.88.

Wabtec Price Performance

NYSE:WAB opened at $194.60 on Friday. 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 business's 50-day moving average price is $193.56 and its 200 day moving average price is $193.19. Wabtec has a 52-week low of $151.81 and a 52-week high of $216.10. The firm has a market cap of $33.27 billion, a P/E ratio of 29.04, a PEG ratio of 1.53 and a beta of 1.11.

Wabtec (NYSE:WAB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The transportation company reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.09. The company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.76 billion. Wabtec had a net margin of 10.92% and a return on equity of 13.65%. The business's revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.96 EPS. Wabtec has set its FY 2025 guidance at 8.550-9.150 EPS. As a group, sell-side analysts predict 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 was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were given a $0.25 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.00 annualized dividend and a yield of 0.5%. Wabtec's payout ratio is 14.93%.

Insider Activity

In other news, CEO Rafael Santana sold 1,799 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $189.97, for a total transaction of $341,756.03. Following the completion of the sale, the chief executive officer owned 136,729 shares in the company, valued at approximately $25,974,408.13. This represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 5,369 shares of company stock valued at $1,042,586 over the last quarter. 1.10% of the stock is currently owned by corporate 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.

Want to see what other hedge funds are holding WAB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wabtec (NYSE:WAB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.