Westinghouse Air Brake Technologies (NYSE:WAB) Lifted to “Hold” at ValuEngine
A number of other brokerages have also recently weighed in on WAB. Wellington Shields cut shares of Westinghouse Air Brake Technologies from an “accumulate” rating to a “hold” rating in a report on Thursday, July 11th. Goldman Sachs Group raised Westinghouse Air Brake Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $84.00 to $89.00 in a report on Wednesday, August 7th. Morgan Stanley initiated coverage on Westinghouse Air Brake Technologies in a report on Tuesday. They issued an “equal weight” rating and a $73.00 price target on the stock. Cowen reiterated a “buy” rating and set a $92.00 price objective on shares of Westinghouse Air Brake Technologies in a research report on Tuesday, July 30th. Finally, Citigroup set a $84.00 price objective on Westinghouse Air Brake Technologies and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $86.30.
NYSE WAB traded up $1.87 on Tuesday, reaching $72.25. The company’s stock had a trading volume of 1,596,071 shares, compared to its average volume of 2,157,897. Westinghouse Air Brake Technologies has a twelve month low of $61.00 and a twelve month high of $114.07. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.73 and a current ratio of 1.32. The stock has a market cap of $13.39 billion, a PE ratio of 18.96, a PEG ratio of 1.31 and a beta of 1.44. The firm’s 50 day moving average is $69.63 and its two-hundred day moving average is $70.95.
In other news, major shareholder Electric Co General sold 16,969,692 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.33, for a total transaction of $1,193,478,438.36. Following the sale, the insider now owns 2,048,515 shares in the company, valued at $144,072,059.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 6.56% of the company’s stock.
Several institutional investors have recently modified their holdings of WAB. Westchester Capital Management Inc. purchased a new position in shares of Westinghouse Air Brake Technologies during the first quarter valued at $75,000. Commonwealth Bank of Australia raised its position in Westinghouse Air Brake Technologies by 13.0% during the first quarter. Commonwealth Bank of Australia now owns 79,597 shares of the transportation company’s stock valued at $5,856,000 after buying an additional 9,136 shares during the period. Tredje AP fonden purchased a new stake in Westinghouse Air Brake Technologies in the 1st quarter worth about $101,000. Xact Kapitalforvaltning AB lifted its stake in Westinghouse Air Brake Technologies by 21.4% in the 1st quarter. Xact Kapitalforvaltning AB now owns 22,903 shares of the transportation company’s stock worth $1,688,000 after acquiring an additional 4,041 shares in the last quarter. Finally, Iat Reinsurance Co. LTD. acquired a new stake in Westinghouse Air Brake Technologies during the 1st quarter worth about $48,000. 92.47% of the stock is owned by institutional investors and hedge funds.
About Westinghouse Air Brake Technologies
Wabtec Corporation provides technology-based equipment, systems, and services for the freight rail and passenger transit vehicle industries worldwide. The company's Freight segment manufactures and services components for new and existing freight cars and locomotives; builds new switcher locomotives; rebuilds freight locomotives; supplies railway electronics, positive train control equipment, signal design, and engineering services; and provides related heat exchange and cooling systems.
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