Texas Permanent School Fund Corp Cuts Position in Wabtec $WAB

Texas Permanent School Fund Corp decreased its position in shares of Wabtec (NYSE:WAB) by 31.7% during the second quarter, HoldingsChannel reports. The firm owned 13,294 shares of the transportation company’s stock after selling 6,183 shares during the period. Texas Permanent School Fund Corp’s holdings in Wabtec were worth $2,783,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC lifted its stake in shares of Wabtec by 240.8% in the 2nd quarter. Empowered Funds LLC now owns 15,924 shares of the transportation company’s stock valued at $3,334,000 after acquiring an additional 11,252 shares during the last quarter. Varenne Capital Partners increased its stake in Wabtec by 39.5% in the 2nd quarter. Varenne Capital Partners now owns 277,078 shares of the transportation company’s stock worth $58,006,000 after purchasing an additional 78,394 shares during the period. Mediolanum International Funds Ltd bought a new stake in Wabtec in the second quarter valued at approximately $8,201,000. Quantbot Technologies LP bought a new stake in Wabtec in the second quarter valued at approximately $9,371,000. Finally, Neuberger Berman Group LLC boosted its stake in shares of Wabtec by 5.2% during the second quarter. Neuberger Berman Group LLC now owns 229,233 shares of the transportation company’s stock valued at $47,990,000 after purchasing an additional 11,406 shares during the period. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Wabtec news, CAO John A. Mastalerz, Jr. sold 2,766 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $210.00, for a total transaction of $580,860.00. Following the completion of the transaction, the chief accounting officer owned 5,286 shares of the company’s stock, valued at approximately $1,110,060. This trade represents a 34.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP David L. Deninno sold 5,000 shares of the company’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $214.62, for a total transaction of $1,073,100.00. Following the completion of the sale, the vice president directly owned 50,450 shares in the company, valued at $10,827,579. This represents a 9.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 35,714 shares of company stock worth $7,441,102 over the last quarter. Company insiders own 1.10% of the company’s stock.

Wabtec Trading Up 1.1%

NYSE:WAB opened at $216.03 on Friday. The company has a 50-day moving average price of $204.95 and a 200-day moving average price of $200.97. The stock has a market cap of $36.93 billion, a price-to-earnings ratio of 31.40, a P/E/G ratio of 1.66 and a beta of 0.99. The company has a current ratio of 1.42, a quick ratio of 0.75 and a debt-to-equity ratio of 0.45. Wabtec has a 12 month low of $151.81 and a 12 month high of $220.89.

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

Wabtec Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Wednesday, November 12th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, November 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. Wabtec’s dividend payout ratio is currently 14.53%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on WAB. Wells Fargo & Company upped their price target on shares of Wabtec from $221.00 to $224.00 and gave the company an “equal weight” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of Wabtec from $200.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Susquehanna increased their target price on shares of Wabtec from $235.00 to $240.00 and gave the stock a “positive” rating in a report on Thursday, October 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Wabtec in a research note on Wednesday, October 8th. Finally, Citigroup boosted their price target on Wabtec from $225.00 to $245.00 and gave the company a “buy” rating in a report on Friday, November 14th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $227.11.

About Wabtec

Wabtec Corporation (Westinghouse Air Brake Technologies Corporation) is a global provider of equipment, systems and services for the rail industry. The company supplies products and solutions to freight railroads, transit agencies and other industrial operators, focusing on technologies that improve the performance, safety and efficiency of locomotives and rail networks. Wabtec’s business spans new equipment manufacturing, aftermarket parts and services, and digital and control systems for rail operations.

Product and service offerings include locomotive systems and components, braking and air systems, propulsion and traction equipment, signaling and control technologies, and a range of aftermarket services such as maintenance, remanufacturing, parts distribution and fleet modernization.