Wabtec $WAB Stock: Pictet Asset Management Holding SA Grows Stake

Key Points

• Pictet Asset Management increased its Wabtec stake by 295.1% in the third quarter, adding 292,733 shares to hold 391,942 shares valued at about $112.6 million.
• Wabtec reported quarterly EPS of $2.83, beating estimates of $2.73, while revenue of $3.12 billion came in below the $3.20 billion consensus; revenue grew 8.1% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $320.18. Wabtec also announced a quarterly dividend of $0.31 per share.

Pictet Asset Management Holding SA lifted its holdings in Wabtec (NYSE:WAB - Free Report) by 295.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 391,942 shares of the transportation company's stock after acquiring an additional 292,733 shares during the quarter. Pictet Asset Management Holding SA owned 0.23% of Wabtec worth $112,578,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Whipplewood Advisors LLC purchased a new stake in shares of Wabtec during the first quarter valued at approximately $25,000. Meeder Asset Management Inc. purchased a new stake in Wabtec in the second quarter worth $26,000. Latitude Advisors LLC purchased a new stake in Wabtec in the third quarter worth $26,000. Bell Investment Advisors Inc bought a new stake in Wabtec in the second quarter valued at $29,000. Finally, Fiduciary Financial Advisors bought a new stake in Wabtec in the second quarter valued at $29,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Wabtec

In other news, CEO Rafael Santana sold 1,087 shares of the company's stock in a transaction on Monday, October 5th. The stock was sold at an average price of $291.79, for a total value of $317,175.73. Following the completion of the sale, the chief executive officer directly owned 116,155 shares in the company, valued at $33,892,867.45. This represents a 0.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gregory Sbrocco sold 952 shares of the business'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 sale, the executive vice president directly owned 21,043 shares of the company's stock, valued at $6,312,900. This represents 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. Insiders sold a total of 5,289 shares of company stock worth $1,555,741 in the last three months. 0.57% of the stock is currently owned by company insiders.

Wabtec Stock Performance

WAB stock opened at $283.97 on Monday. The company has a current ratio of 1.10, a quick ratio of 0.56 and a debt-to-equity ratio of 0.41. Wabtec has a 12-month low of $194.93 and a 12-month high of $306.64. The stock has a market capitalization of $47.65 billion, a PE ratio of 35.28, a price-to-earnings-growth ratio of 1.59 and a beta of 0.93. The stock's 50 day simple moving average is $284.49 and its 200 day simple moving average is $269.14.

Wabtec (NYSE:WAB - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The transportation company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.73 by $0.10. Wabtec had a return on equity of 15.72% and a net margin of 11.20%. The company had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.20 billion. During the same period last year, the company earned $2.32 EPS. Wabtec's revenue for the quarter was up 8.1% on a year-over-year basis. As a group, research analysts forecast that Wabtec will post 10.97 earnings per share for the current fiscal year.

Wabtec Dividend Announcement

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 issued a $0.31 dividend. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $1.24 annualized dividend and a dividend yield of 0.4%. Wabtec's payout ratio is presently 15.40%.

Analyst Ratings Changes

A number of research analysts have issued reports on WAB shares. KeyCorp boosted their price objective on shares of Wabtec from $308.00 to $340.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Weiss Ratings raised shares of Wabtec from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, October 26th. JPMorgan Chase & Co. lifted 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 boosted their price target on shares of Wabtec from $284.00 to $315.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Finally, Susquehanna increased their price target on shares of Wabtec from $305.00 to $340.00 and gave the stock a "positive" rating in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Wabtec has an average rating of "Moderate Buy" and an average target price of $320.18.

About Wabtec

Wabtec Corporation NYSE: WAB, also known as Westinghouse Air Brake Technologies, supplies equipment, systems and services for the freight rail and passenger transit industries. Its products include locomotives, braking and train control systems, propulsion equipment, and components designed to support rail safety and performance.

The company also provides aftermarket services, including maintenance, modernization, parts and digital solutions for rail operators. Its offerings serve freight railroads, transit agencies and other customers in the global rail industry.

Wabtec was formed in 1999 through the merger of Westinghouse Air Brake Company and MotivePower Industries, bringing together businesses with roots in rail equipment dating to the 19th century.

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