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

Cornerstone Advisors LLC boosted its stake in Wabtec (NYSE:WAB) by 28.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,982 shares of the transportation company’s stock after buying an additional 7,149 shares during the period. Cornerstone Advisors LLC’s holdings in Wabtec were worth $9,185,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of WAB. Aberdeen Group plc raised its position in shares of Wabtec by 620.8% during the 3rd quarter. Aberdeen Group plc now owns 1,809,470 shares of the transportation company’s stock worth $519,644,000 after buying an additional 1,558,445 shares in the last quarter. Moors & Cabot Inc. boosted its holdings in shares of Wabtec by 13.1% in the third quarter. Moors & Cabot Inc. now owns 2,131 shares of the transportation company’s stock valued at $612,000 after acquiring an additional 247 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Wabtec by 19.2% in the third quarter. Allworth Financial LP now owns 3,365 shares of the transportation company’s stock valued at $907,000 after acquiring an additional 542 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Wabtec by 49.3% in the third quarter. Fisher Asset Management LLC now owns 3,435 shares of the transportation company’s stock valued at $987,000 after acquiring an additional 1,134 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. increased its stake in shares of Wabtec by 4.7% during the third quarter. Eurizon Capital SGR S.p.A. now owns 20,369 shares of the transportation company’s stock valued at $5,852,000 after acquiring an additional 920 shares during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

Analyst Upgrades and Downgrades

WAB has been the topic of several recent analyst reports. Rothschild & Co Redburn dropped their target price on Wabtec from $293.00 to $292.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Susquehanna upped their target price on Wabtec from $305.00 to $340.00 and gave the stock a “positive” rating in a research report on Thursday, July 23rd. Jefferies Financial Group lifted their price target on Wabtec from $315.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Stephens boosted their price objective on Wabtec from $330.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 21st. Finally, Wall Street Zen lowered Wabtec from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $328.90.

Wabtec Price Performance

NYSE WAB opened at $297.68 on Friday. The stock has a market capitalization of $49.95 billion, a P/E ratio of 36.98, a P/E/G ratio of 1.68 and a beta of 0.93. Wabtec has a 1 year low of $194.93 and a 1 year high of $307.96. The business’s fifty day moving average is $286.21 and its two-hundred day moving average is $270.87. 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 announced its earnings results on Wednesday, October 21st. The transportation company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.73 by $0.10. The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.20 billion. Wabtec had a net margin of 11.20% and a return on equity of 15.72%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period last year, the company posted $2.32 earnings per share. On average, research analysts forecast that Wabtec will post 10.97 earnings per share for the current fiscal year.

Wabtec Dividend Announcement

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

Insiders Place Their Bets

In other Wabtec news, CEO Rafael Santana sold 1,087 shares of Wabtec stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $291.79, for a total transaction of $317,175.73. Following the transaction, the chief executive officer owned 116,155 shares of the company’s stock, valued at $33,892,867.45. The trade was a 0.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael Fetsko sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $293.22, for a total value of $952,965.00. Following the completion of the transaction, the insider owned 37,380 shares in the company, valued at $10,960,563.60. This represents a 8.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 5,289 shares of company stock worth $1,555,741. 0.57% of the stock is currently owned by company insiders.

About Wabtec

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.