Wabtec (NYSE:WAB) Reaches New 52-Week High – What’s Next?

Wabtec (NYSE:WAB)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $231.94 and last traded at $232.9650, with a volume of 94398 shares trading hands. The stock had previously closed at $227.56.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on WAB. JPMorgan Chase & Co. raised their price target on Wabtec from $215.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Citigroup increased their price target on shares of Wabtec from $245.00 to $258.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Wells Fargo & Company boosted their price objective on shares of Wabtec from $221.00 to $224.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 17th. 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 boosted their price target on Wabtec from $257.00 to $264.00 and gave the company an “overweight” rating in a report on Monday, January 12th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Wabtec currently has an average rating of “Moderate Buy” and a consensus target price of $237.00.

Wabtec Price Performance

The stock has a market cap of $39.52 billion, a P/E ratio of 33.60, a price-to-earnings-growth ratio of 1.56 and a beta of 1.00. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.75 and a current ratio of 1.42. The firm has a 50-day moving average price of $214.28 and a 200-day moving average price of $203.44.

Wabtec (NYSE:WAB) last issued its quarterly earnings results on Wednesday, October 22nd. The transportation company reported $2.32 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.04. The company had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.88 billion. Wabtec had a return on equity of 13.84% and a net margin of 10.94%.The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.00 earnings per share. On average, analysts forecast that Wabtec will post 8.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP David L. Deninno sold 5,000 shares of Wabtec stock in a transaction that occurred on 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 completion of the transaction, the vice president directly owned 50,450 shares in the company, valued at approximately $10,827,579. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gregory Sbrocco sold 2,953 shares of the company’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $195.43, for a total value of $577,104.79. Following the completion of the sale, the executive vice president owned 17,829 shares in the company, valued at $3,484,321.47. The trade was a 14.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 33,916 shares of company stock worth $7,090,420 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Wabtec

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in Wabtec during the 2nd quarter valued at about $347,194,000. Nordea Investment Management AB increased its position in shares of Wabtec by 55.5% during the fourth quarter. Nordea Investment Management AB now owns 3,069,340 shares of the transportation company’s stock valued at $659,939,000 after acquiring an additional 1,095,083 shares in the last quarter. Farallon Capital Management LLC raised its holdings in Wabtec by 68.6% in the 3rd quarter. Farallon Capital Management LLC now owns 2,205,098 shares of the transportation company’s stock worth $442,056,000 after acquiring an additional 896,900 shares during the last quarter. UBS Group AG lifted its position in Wabtec by 194.2% in the 3rd quarter. UBS Group AG now owns 1,033,304 shares of the transportation company’s stock valued at $207,146,000 after acquiring an additional 682,048 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in Wabtec during the 2nd quarter valued at $121,612,000. 91.69% of the stock is currently owned by institutional investors.

About Wabtec

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.