Wabtec $WAB Stock: Beutel Goodman & Co Ltd. Decreases Holdings

Beutel Goodman & Co Ltd. lessened its holdings in Wabtec (NYSE:WAB) by 15.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 713,508 shares of the transportation company’s stock after selling 132,903 shares during the period. Wabtec makes up 1.6% of Beutel Goodman & Co Ltd.’s portfolio, making the stock its 28th biggest position. Beutel Goodman & Co Ltd.’s holdings in Wabtec were worth $204,905,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Wabtec during the 2nd quarter valued at about $3,741,077,000. State Street Corp increased its stake in Wabtec by 2.1% in the second quarter. State Street Corp now owns 7,905,748 shares of the transportation company’s stock valued at $2,131,390,000 after acquiring an additional 164,806 shares during the period. Amundi raised its position in Wabtec by 43.9% in the second quarter. Amundi now owns 1,580,919 shares of the transportation company’s stock worth $426,216,000 after purchasing an additional 482,323 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised 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 worth $384,165,000 after purchasing an additional 33,942 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Wabtec in the second quarter worth about $212,692,000. Institutional investors own 91.69% of the company’s stock.

Wabtec Price Performance

NYSE:WAB opened at $298.38 on Tuesday. The firm has a market cap of $50.07 billion, a PE ratio of 37.07, a price-to-earnings-growth ratio of 1.65 and a beta of 0.93. Wabtec has a 12 month low of $194.93 and a 12 month high of $306.64. The company has a quick ratio of 0.56, a current ratio of 1.10 and a debt-to-equity ratio of 0.41. The company’s 50-day moving average price is $284.61 and its two-hundred day moving average price is $269.47.

Wabtec (NYSE:WAB) last issued its quarterly earnings data on Wednesday, October 21st. The transportation company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.73 by $0.10. The firm had revenue of $3.12 billion for 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 company’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.32 earnings per share. On average, equities analysts anticipate that Wabtec will post 10.97 EPS for the current fiscal year.

Wabtec Announces Dividend

The firm also recently announced 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 payout ratio is presently 15.40%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on WAB. JPMorgan Chase & Co. raised their price target on shares of Wabtec from $315.00 to $320.00 and gave the stock a “neutral” rating in a research note on Monday, September 21st. Weiss Ratings upgraded Wabtec from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, October 26th. Susquehanna upped their price objective on Wabtec from $305.00 to $340.00 and gave the company a “positive” rating in a research note on Thursday, July 23rd. Wall Street Zen cut Wabtec from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Finally, Rothschild & Co Redburn dropped their target price on Wabtec from $293.00 to $292.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. One investment 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $320.18.

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 stock was sold at an average price of $293.22, for a total transaction of $952,965.00. Following the completion of the sale, the insider directly owned 37,380 shares of the company’s stock, valued at $10,960,563.60. This trade represents a 8.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Rafael Santana sold 1,087 shares of the firm’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $291.79, for a total value of $317,175.73. Following the sale, the chief executive officer directly owned 116,155 shares of the company’s stock, valued at $33,892,867.45. This represents a 0.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 5,289 shares of company stock valued at $1,555,741 in the last three months. 0.57% of the stock is owned by corporate 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.

Wabtec was formed in 1999 through the merger of Westinghouse Air Brake Company and MotivePower Industries, bringing together businesses with roots in rail equipment dating to the 19th century.