Sumitomo Mitsui Trust Group Inc. Reduces Position in Wabtec $WAB

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Wabtec (NYSE:WAB) by 0.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 436,808 shares of the transportation company’s stock after selling 2,336 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.26% of Wabtec worth $87,567,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of WAB. Vanguard Group Inc. increased its position in Wabtec by 2.5% in the second quarter. Vanguard Group Inc. now owns 19,930,893 shares of the transportation company’s stock worth $4,172,532,000 after buying an additional 493,437 shares in the last quarter. Geode Capital Management LLC increased its holdings in Wabtec by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,288,014 shares of the transportation company’s stock worth $893,830,000 after acquiring an additional 30,489 shares in the last quarter. Boston Partners raised its stake in Wabtec by 9.0% during the 2nd quarter. Boston Partners now owns 2,261,456 shares of the transportation company’s stock worth $471,410,000 after acquiring an additional 186,248 shares during the period. Norges Bank purchased a new position in Wabtec during the second quarter valued at approximately $347,194,000. Finally, Amundi boosted its position in shares of Wabtec by 36.8% in the second quarter. Amundi now owns 1,614,789 shares of the transportation company’s stock worth $345,371,000 after purchasing an additional 434,401 shares during the period. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on WAB shares. Susquehanna raised their price objective on shares of Wabtec from $235.00 to $240.00 and gave the company a “positive” rating in a research report on Thursday, October 23rd. Bank of America boosted their price objective on Wabtec from $228.00 to $233.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wabtec in a research report on Wednesday, October 8th. Wolfe Research raised Wabtec from a “peer perform” rating to an “outperform” rating and set a $245.00 target price on the stock in a research note on Thursday, January 8th. Finally, Morgan Stanley upped their price target on Wabtec from $257.00 to $264.00 and gave the stock an “overweight” rating in a research note on Monday. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.00.

Wabtec Price Performance

NYSE:WAB opened at $226.77 on Thursday. The business’s 50-day moving average is $212.52 and its 200 day moving average is $203.03. Wabtec has a 12 month low of $151.81 and a 12 month high of $228.69. The company has a market capitalization of $38.77 billion, a P/E ratio of 32.96, a P/E/G ratio of 1.55 and a beta of 1.00. 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 (NYSE:WAB) last released its quarterly earnings data 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. The business had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.88 billion. Wabtec had a return on equity of 13.84% and a net margin of 10.94%.The company’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.00 EPS. Wabtec has set its FY 2025 guidance at 8.850-9.050 EPS. On average, equities research analysts forecast that Wabtec will post 8.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Wabtec

In other Wabtec news, insider Michael Fetsko sold 5,058 shares of Wabtec stock in a transaction on Friday, December 12th. The shares were sold at an average price of $215.72, for a total value of $1,091,111.76. Following the completion of the transaction, the insider directly owned 36,882 shares of the company’s stock, valued at $7,956,185.04. This trade represents a 12.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP David L. Deninno sold 5,000 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $214.62, for a total transaction of $1,073,100.00. Following the sale, the vice president 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 33,916 shares of company stock valued at $7,090,420 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.

Wabtec Company Profile

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.