JPMorgan Chase & Co. Cuts Wabtec (NYSE:WAB) Price Target to $200.00

Key Points

• JPMorgan Chase & Co. has lowered Wabtec's price target from $216.00 to $200.00, maintaining a "neutral" rating on the stock, which reflects a potential upside of 5.69% from the previous close.
• Other brokerages have different ratings, with Goldman Sachs setting a price target of $201.00 and Bank of America increasing its target to $236.00, giving Wabtec a "buy" rating.
• Wabtec's stock recently traded at $189.22 after a decline of $4.93 in mid-day trading, with a consensus rating of "Moderate Buy" and a target price averaging $222.57.

Wabtec (NYSE:WAB - Get Free Report) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $216.00 to $200.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the transportation company's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 5.69% from the stock's previous close.

Several other brokerages have also commented on WAB. The Goldman Sachs Group reiterated a "neutral" rating and set a $201.00 price objective (up from $175.00) on shares of Wabtec in a research report on Wednesday, April 23rd. Bank of America increased their price objective on Wabtec from $231.00 to $236.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Susquehanna increased their price target on shares of Wabtec from $210.00 to $235.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Wall Street Zen cut shares of Wabtec from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, KeyCorp reaffirmed an "overweight" rating and set a $240.00 price objective (up from $220.00) on shares of Wabtec in a research report on Tuesday, June 24th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $222.57.

Wabtec Price Performance

Wabtec stock traded down $4.93 during mid-day trading on Thursday, reaching $189.22. 255,905 shares of the company were exchanged, compared to its average volume of 1,088,887. Wabtec has a 12 month low of $151.81 and a 12 month high of $216.10. The company has a fifty day simple moving average of $203.23 and a 200-day simple moving average of $193.46. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.76 and a quick ratio of 1.05. The firm has a market cap of $32.35 billion, a PE ratio of 28.28, a PEG ratio of 1.54 and a beta of 1.11.

Wabtec (NYSE:WAB - Get Free Report) last released 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. Wabtec had a net margin of 10.92% and a return on equity of 13.65%. The company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the previous year, the business posted $1.96 EPS. Wabtec's revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities research analysts expect that Wabtec will post 8.54 earnings per share for the current fiscal year.

Insider Activity at Wabtec

In other 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 value of $1,244,900.89. Following the completion of the transaction, the chief technology officer owned 18,697 shares in the company, valued at $3,784,085.83. This trade represents a 24.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gina Trombley sold 4,299 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $202.00, for a total value of $868,398.00. Following the completion of the transaction, the executive vice president owned 13,696 shares of the company's stock, valued at $2,766,592. This represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,222 shares of company stock worth $3,083,767. Insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. PFS Partners LLC increased its holdings in Wabtec by 70.4% in the 2nd quarter. PFS Partners LLC now owns 121 shares of the transportation company's stock worth $25,000 after buying an additional 50 shares in the last quarter. Colonial Trust Advisors boosted its stake in Wabtec by 454.5% during the second quarter. Colonial Trust Advisors now owns 122 shares of the transportation company's stock worth $26,000 after buying an additional 100 shares during the period. Trust Co. of Vermont increased its stake in Wabtec by 44.2% in the 2nd quarter. Trust Co. of Vermont now owns 163 shares of the transportation company's stock worth $34,000 after buying an additional 50 shares during the period. ST Germain D J Co. Inc. lifted its stake in Wabtec by 30.2% in the second quarter. ST Germain D J Co. Inc. now owns 207 shares of the transportation company's stock worth $43,000 after acquiring an additional 48 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Wabtec in the second quarter worth about $44,000. 91.69% of the stock is owned by institutional investors.

About Wabtec

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.

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