Sowell Financial Services LLC Purchases New Shares in Wabtec $WAB

Sowell Financial Services LLC acquired a new stake in Wabtec (NYSE:WAB) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,956 shares of the transportation company’s stock, valued at approximately $1,998,000.

A number of other large investors have also recently added to or reduced their stakes in WAB. BlackRock Inc. purchased a new position in shares of Wabtec during the 2nd quarter worth $3,741,077,000. State Street Corp raised its holdings in Wabtec by 2.1% in the 2nd quarter. State Street Corp now owns 7,905,748 shares of the transportation company’s stock valued at $2,131,390,000 after buying an additional 164,806 shares during the period. Amundi raised its holdings in Wabtec by 43.9% in the 2nd quarter. Amundi now owns 1,580,919 shares of the transportation company’s stock valued at $426,216,000 after buying an additional 482,323 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Wabtec by 2.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,424,945 shares of the transportation company’s stock valued at $384,165,000 after buying an additional 33,942 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Wabtec in the second quarter valued at about $212,692,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Wabtec Stock Down 2.0%

WAB stock opened at $279.92 on Friday. The company’s 50 day moving average price is $285.59 and its 200 day moving average price is $267.67. The firm has a market capitalization of $46.97 billion, a price-to-earnings ratio of 34.77, a PEG ratio of 1.60 and a beta of 0.92. Wabtec has a fifty-two week low of $194.93 and a fifty-two week high of $306.64. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.56 and a current ratio of 1.10.

Wabtec (NYSE:WAB) last posted its earnings results on Wednesday, October 21st. The transportation company reported $2.83 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.20 billion. During the same quarter in the prior year, the company posted $2.32 earnings per share. Wabtec’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, equities research analysts anticipate that Wabtec will post 10.97 EPS for the current fiscal year.

Wabtec Dividend Announcement

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 issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, November 17th. Wabtec’s dividend payout ratio is presently 15.40%.

Insider Activity

In related news, CEO Rafael Santana sold 1,087 shares of the stock in a transaction on Monday, October 5th. The shares were sold at an average price of $291.79, for a total transaction of $317,175.73. Following the completion of the sale, the chief executive officer owned 116,155 shares in the company, valued at $33,892,867.45. This represents a 0.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gregory Sbrocco sold 952 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $300.00, for a total transaction of $285,600.00. Following the sale, the executive vice president owned 21,043 shares of the company’s stock, valued at $6,312,900. This trade represents a 4.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 6,452 shares of company stock valued at $1,903,524. 0.57% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WAB. Rothschild & Co Redburn dropped their price target on shares of Wabtec from $293.00 to $292.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. JPMorgan Chase & Co. upped their price objective on shares of Wabtec from $315.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, September 21st. Citigroup lowered their price objective on shares of Wabtec from $338.00 to $334.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Stephens increased their price objective 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. Finally, Susquehanna lifted their target price on shares of Wabtec from $305.00 to $340.00 and gave the company a “positive” rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $320.18.

About Wabtec

Westinghouse Air Brake Technologies Corporation, doing business as Wabtec (NYSE: WAB), is a global provider of equipment, systems, digital solutions and services for the freight and passenger rail industries. The company develops technologies intended to improve the safety, efficiency, reliability and sustainability of rail transportation.

Wabtec’s products and services include locomotives, locomotive components and modernization programs, braking systems, train control and signaling equipment, power and propulsion systems, and advanced digital solutions.