7,149 Wabtec $WAB Shares Acquired by Cornerstone Advisors LLC

Cornerstone Advisors LLC increased its position in shares of Wabtec (NYSE:WAB) by 28.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 31,982 shares of the transportation company’s stock after buying an additional 7,149 shares during the quarter. Cornerstone Advisors LLC’s holdings in Wabtec were worth $9,185,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Resona Asset Management Co. Ltd. lifted its holdings in shares of Wabtec by 348.6% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 233,300 shares of the transportation company’s stock valued at $62,806,000 after buying an additional 181,296 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Wabtec by 5.5% in the 2nd quarter. QRG Capital Management Inc. now owns 93,442 shares of the transportation company’s stock valued at $25,192,000 after buying an additional 4,878 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Wabtec by 15.0% in the 1st quarter. Hsbc Holdings PLC now owns 351,769 shares of the transportation company’s stock valued at $87,735,000 after buying an additional 45,760 shares in the last quarter. Copeland Capital Management LLC grew its stake in shares of Wabtec by 861.4% in the 1st quarter. Copeland Capital Management LLC now owns 46,707 shares of the transportation company’s stock valued at $11,673,000 after buying an additional 41,849 shares in the last quarter. Finally, State Street Corp increased its holdings in Wabtec by 2.1% in the second quarter. State Street Corp now owns 7,905,748 shares of the transportation company’s stock worth $2,131,390,000 after buying an additional 164,806 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Citigroup dropped their price objective on Wabtec from $338.00 to $334.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. JPMorgan Chase & Co. lifted their target price on shares of Wabtec from $315.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, September 21st. Stephens boosted their target price on shares of Wabtec from $330.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 21st. Jefferies Financial Group boosted their target price on shares of Wabtec from $315.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Finally, Susquehanna increased their price target on shares of Wabtec from $305.00 to $340.00 and gave the stock a “positive” rating in a research note on Thursday, July 23rd. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $328.90.

Insider Transactions at Wabtec

In related news, insider Michael Fetsko sold 3,250 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $293.22, for a total value of $952,965.00. Following the transaction, the insider directly owned 37,380 shares in the company, valued at approximately $10,960,563.60. This trade represents a 8.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Gregory Sbrocco sold 952 shares of Wabtec stock in a transaction on Monday, August 17th. The stock was sold at an average price of $300.00, for a total transaction of $285,600.00. Following the completion of the transaction, the executive vice president owned 21,043 shares in the company, valued at $6,312,900. This trade represents a 4.33% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 5,289 shares of company stock worth $1,555,741. 0.57% of the stock is owned by insiders.

Wabtec Stock Down 0.9%

Shares of WAB stock opened at $297.68 on Friday. The stock’s 50 day simple moving average is $286.21 and its 200 day simple moving average is $270.87. Wabtec has a twelve month low of $194.93 and a twelve month high of $307.96. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.56 and a current ratio of 1.10. The company has a market capitalization of $49.95 billion, a price-to-earnings ratio of 36.98, a PEG ratio of 1.68 and a beta of 0.93.

Wabtec (NYSE:WAB) last announced its earnings results on Wednesday, October 21st. The transportation company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.73 by $0.10. Wabtec had a return on equity of 15.72% and a net margin of 11.20%. The firm had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.20 billion. During the same quarter in the prior year, the business earned $2.32 earnings per share. The company’s revenue was up 8.1% on a year-over-year basis. As a group, research analysts predict that Wabtec will post 10.97 EPS for the current year.

Wabtec Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Tuesday, November 17th. Wabtec’s payout ratio is presently 15.40%.

Wabtec Company Profile

Wabtec Corporation (NYSE: WAB), also known as Westinghouse Air Brake Technologies, supplies equipment, systems and services for the freight rail and passenger transit industries. Its products include locomotives, braking and train control systems, propulsion equipment, and components designed to support rail safety and performance. The company also provides aftermarket services, including maintenance, modernization, parts and digital solutions for rail operators. Its offerings serve freight railroads, transit agencies and other customers in the global rail industry.