WABCO Holdings Inc. (WBC) Stake Lowered by Turtle Creek Asset Management Inc.
Turtle Creek Asset Management Inc. cut its stake in WABCO Holdings Inc. (NYSE:WBC) by 23.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,600 shares of the auto parts company’s stock after selling 3,300 shares during the quarter. WABCO accounts for 0.2% of Turtle Creek Asset Management Inc.’s holdings, making the stock its 16th biggest position. Turtle Creek Asset Management Inc.’s holdings in WABCO were worth $1,569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently made changes to their positions in WBC. Pacad Investment Ltd. bought a new stake in WABCO during the 2nd quarter worth approximately $179,000. Brown Advisory Inc. bought a new stake in WABCO during the 3rd quarter worth approximately $202,000. Trexquant Investment LP bought a new stake in WABCO during the 2nd quarter worth approximately $204,000. Cadence Capital Management LLC bought a new stake in WABCO during the 3rd quarter worth approximately $207,000. Finally, Massey Quick Simon & CO. LLC increased its stake in WABCO by 855.3% during the 3rd quarter. Massey Quick Simon & CO. LLC now owns 1,452 shares of the auto parts company’s stock worth $215,000 after purchasing an additional 1,300 shares in the last quarter. 95.31% of the stock is owned by institutional investors.
WBC has been the subject of a number of research reports. BMO Capital Markets increased their target price on WABCO from $147.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, October 20th. Zacks Investment Research cut WABCO from a “buy” rating to a “hold” rating in a research note on Friday, September 8th. Robert W. Baird reissued a “buy” rating and set a $149.00 target price on shares of WABCO in a research note on Thursday, August 24th. Stifel Nicolaus reissued a “buy” rating and set a $160.00 target price on shares of WABCO in a research note on Thursday, October 12th. Finally, Royal Bank Of Canada increased their target price on WABCO to $169.00 and gave the stock an “outperform” rating in a research note on Friday, October 20th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. WABCO presently has an average rating of “Buy” and a consensus target price of $159.80.
WABCO (NYSE:WBC) last issued its quarterly earnings results on Thursday, October 19th. The auto parts company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.18. The company had revenue of $827.80 million during the quarter, compared to analysts’ expectations of $756.57 million. WABCO had a net margin of 9.75% and a return on equity of 38.93%. The business’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period last year, the business earned $1.54 EPS. equities research analysts forecast that WABCO Holdings Inc. will post 6.65 EPS for the current year.
In other news, Chairman Jacques Esculier sold 172,394 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $151.24, for a total transaction of $26,072,868.56. Following the completion of the transaction, the chairman now directly owns 312,079 shares of the company’s stock, valued at approximately $47,198,827.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.79% of the stock is owned by company insiders.
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WABCO Holdings Inc is a supplier of electronic, mechanical, electro-mechanical and aerodynamic products for various manufacturers of commercial trucks, buses and trailers, as well as passenger cars. The Company engineers, develops, manufactures and sells braking, stability, suspension and transmission automation and air management systems primarily for commercial vehicles.
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