Capital Investment Services of America Inc. Sells 4,220 Shares of Wabtec $WAB

Capital Investment Services of America Inc. trimmed its holdings in Wabtec (NYSE:WAB) by 3.3% in the third quarter, Holdings Channel reports. The institutional investor owned 123,474 shares of the transportation company’s stock after selling 4,220 shares during the quarter. Wabtec accounts for approximately 3.4% of Capital Investment Services of America Inc.’s investment portfolio, making the stock its 5th biggest holding. Capital Investment Services of America Inc.’s holdings in Wabtec were worth $35,459,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Collaborative Fund Advisors LLC purchased a new stake in shares of Wabtec during the third quarter worth $439,000. Ascent Group LLC boosted its holdings in shares of Wabtec by 2.8% in the third quarter. Ascent Group LLC now owns 8,318 shares of the transportation company’s stock worth $2,389,000 after acquiring an additional 226 shares during the period. Rakuten Investment Management Inc. boosted its holdings in shares of Wabtec by 9.3% in the third quarter. Rakuten Investment Management Inc. now owns 30,367 shares of the transportation company’s stock worth $8,844,000 after acquiring an additional 2,586 shares during the period. Provenance Wealth Advisors LLC boosted its holdings in shares of Wabtec by 14,610.5% in the third quarter. Provenance Wealth Advisors LLC now owns 2,795 shares of the transportation company’s stock worth $803,000 after acquiring an additional 2,776 shares during the period. Finally, Putney Financial Group LLC purchased a new position in shares of Wabtec in the third quarter valued at $57,000. Institutional investors own 91.69% of the company’s stock.

Insider Activity

In related news, EVP Gregory Sbrocco sold 952 shares of Wabtec stock in a transaction on Monday, August 17th. The shares were sold at an average price of $300.00, for a total value of $285,600.00. Following the sale, the executive vice president owned 21,043 shares in the company, valued at $6,312,900. The trade was a 4.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rafael Santana sold 1,087 shares of the 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 completion of the transaction, the chief executive officer owned 116,155 shares of the company’s stock, valued at approximately $33,892,867.45. The trade was a 0.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 5,289 shares of company stock valued at $1,555,741. Corporate insiders own 0.57% of the company’s stock.

Wabtec Stock Up 1.0%

Shares of NYSE WAB opened at $294.70 on Thursday. The company has a current ratio of 1.10, a quick ratio of 0.56 and a debt-to-equity ratio of 0.41. The business has a 50-day moving average of $285.20 and a 200-day moving average of $268.62. The firm has a market capitalization of $49.45 billion, a price-to-earnings ratio of 36.61, a PEG ratio of 1.63 and a beta of 0.93. Wabtec has a 12 month low of $194.93 and a 12 month high of $306.64.

Wabtec (NYSE:WAB) last announced its earnings results on Wednesday, October 21st. The transportation company reported $2.83 earnings per share for the quarter, beating analysts’ consensus estimates of $2.73 by $0.10. The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.20 billion. Wabtec had a net margin of 11.20% and a return on equity of 15.72%. Wabtec’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period last year, the firm posted $2.32 earnings per share. Sell-side analysts expect that Wabtec will post 10.97 earnings per share for the current fiscal year.

Wabtec Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be given a $0.31 dividend. 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 payout ratio is presently 15.40%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Citigroup decreased their price objective on Wabtec from $338.00 to $334.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Rothschild & Co Redburn dropped their price objective on Wabtec from $293.00 to $292.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Jefferies Financial Group raised their target price on Wabtec from $315.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. KeyCorp lifted their target price on Wabtec from $308.00 to $340.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Finally, Stephens upped their price target on Wabtec from $330.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $320.18.

Wabtec Company Profile

Westinghouse Air Brake Technologies Corporation, doing business as Wabtec (NYSE: WAB), is a global provider of equipment, systems, digital solutions and services for the freight and passenger rail industries. The company develops technologies intended to improve the safety, efficiency, reliability and sustainability of rail transportation.

Wabtec’s products and services include locomotives, locomotive components and modernization programs, braking systems, train control and signaling equipment, power and propulsion systems, and advanced digital solutions.