Bank of New York Mellon Corp Sells 4,243 Shares of Wabtec $WAB

Bank of New York Mellon Corp reduced its holdings in shares of Wabtec (NYSE:WAB) by 0.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 847,404 shares of the transportation company’s stock after selling 4,243 shares during the period. Bank of New York Mellon Corp owned about 0.50% of Wabtec worth $169,879,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Colonial Trust Advisors grew its position in shares of Wabtec by 454.5% during the 2nd quarter. Colonial Trust Advisors now owns 122 shares of the transportation company’s stock valued at $26,000 after acquiring an additional 100 shares during the period. Piscataqua Savings Bank lifted its position in Wabtec by 12,800.0% during the third quarter. Piscataqua Savings Bank now owns 129 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 128 shares in the last quarter. Motco grew its holdings in Wabtec by 6,600.0% during the third quarter. Motco now owns 134 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 132 shares during the period. Salomon & Ludwin LLC grew its holdings in Wabtec by 370.6% during the third quarter. Salomon & Ludwin LLC now owns 160 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 126 shares during the period. Finally, Trust Co. of Vermont increased its position in Wabtec by 44.2% in the second quarter. Trust Co. of Vermont now owns 163 shares of the transportation company’s stock worth $34,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insider Activity

In other news, insider Rogerio Mendonca sold 2,019 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $214.51, for a total transaction of $433,095.69. Following the transaction, the insider owned 9,516 shares of the company’s stock, valued at approximately $2,041,277.16. The trade was a 17.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO John A. Mastalerz, Jr. sold 2,766 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $210.00, for a total transaction of $580,860.00. Following the transaction, the chief accounting officer owned 5,286 shares in the company, valued at $1,110,060. This trade represents a 34.35% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 26,439 shares of company stock worth $5,599,650. 1.10% of the stock is owned by insiders.

Wabtec Stock Performance

NYSE:WAB opened at $230.01 on Friday. The company has a market cap of $39.32 billion, a price-to-earnings ratio of 33.43, a PEG ratio of 1.58 and a beta of 1.00. Wabtec has a 1 year low of $151.81 and a 1 year high of $236.00. The stock’s 50 day simple moving average is $219.10 and its two-hundred day simple moving average is $204.59. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.75.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on WAB shares. Bank of America lifted 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 restated a “buy (b)” rating on shares of Wabtec in a research note on Wednesday, January 21st. Wolfe Research raised shares of Wabtec from a “peer perform” rating to an “outperform” rating and set a $245.00 price target on the stock in a report on Thursday, January 8th. Citigroup increased their price objective on shares of Wabtec from $245.00 to $258.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. Finally, Morgan Stanley lifted their target price on shares of Wabtec from $257.00 to $264.00 and gave the company an “overweight” rating in a research note on Monday, January 12th. Eight 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 has a consensus rating of “Moderate Buy” and an average target price of $241.00.

Wabtec 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.