Resona Asset Management Co. Ltd. Acquires 2,001 Shares of Wabtec $WAB

Resona Asset Management Co. Ltd. lifted its stake in Wabtec (NYSE:WAB) by 3.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,584 shares of the transportation company’s stock after purchasing an additional 2,001 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Wabtec were worth $11,622,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in WAB. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Wabtec by 8.7% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 439,144 shares of the transportation company’s stock worth $91,935,000 after buying an additional 35,088 shares during the period. Keeler Thomas Management LLC acquired a new stake in shares of Wabtec in the 2nd quarter valued at approximately $1,421,000. Nordea Investment Management AB boosted its stake in Wabtec by 33.4% during the 2nd quarter. Nordea Investment Management AB now owns 1,592,529 shares of the transportation company’s stock worth $333,062,000 after acquiring an additional 398,782 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Wabtec by 6.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 48,066 shares of the transportation company’s stock worth $9,996,000 after acquiring an additional 2,765 shares during the last quarter. Finally, Catalyst Capital Advisors LLC grew its holdings in Wabtec by 1,788.6% during the second quarter. Catalyst Capital Advisors LLC now owns 9,953 shares of the transportation company’s stock valued at $2,084,000 after purchasing an additional 9,426 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Wabtec

In related news, EVP Gregory Sbrocco sold 2,953 shares of the business’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $195.43, for a total transaction of $577,104.79. Following the transaction, the executive vice president directly owned 17,829 shares in the company, valued at approximately $3,484,321.47. The trade was a 14.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP David L. Deninno sold 2,100 shares of the company’s stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $199.87, for a total transaction of $419,727.00. Following the sale, the vice president directly owned 60,450 shares in the company, valued at $12,082,141.50. This trade represents a 3.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 15,556 shares of company stock valued at $3,061,101. 1.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

WAB has been the topic of several analyst reports. Morgan Stanley increased their target price on shares of Wabtec from $220.00 to $226.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Wall Street Zen cut shares of Wabtec from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Citigroup started coverage on Wabtec in a report on Monday, September 22nd. They set a “buy” rating and a $225.00 target price on the stock. Susquehanna boosted their target price on Wabtec from $235.00 to $240.00 and gave the company a “positive” rating in a research note on Thursday, October 23rd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Wabtec in a report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.38.

Wabtec Trading Up 1.2%

Wabtec stock opened at $206.13 on Friday. The firm has a 50-day moving average of $196.02 and a 200-day moving average of $198.15. Wabtec has a one year low of $151.81 and a one year high of $216.10. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.75. The company has a market cap of $35.24 billion, a price-to-earnings ratio of 29.96, a P/E/G ratio of 1.55 and a beta of 1.09.

Wabtec (NYSE:WAB) last released its earnings results on Wednesday, October 22nd. The transportation company reported $2.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.28 by $0.04. Wabtec had a return on equity of 13.84% and a net margin of 10.94%.The business had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the business earned $2.00 earnings per share. Wabtec’s quarterly revenue was up 8.4% on a year-over-year basis. Wabtec has set its FY 2025 guidance at 8.850-9.050 EPS. On average, equities analysts expect that Wabtec will post 8.54 earnings per share for the current fiscal year.

Wabtec Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Wednesday, November 12th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, November 12th. Wabtec’s dividend payout ratio is presently 14.53%.

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.