Wabtec (NYSE:WAB) Reaches New 52-Week High Following Dividend Announcement
by Michael Walen · The Markets DailyWabtec (NYSE:WAB – Get Free Report)’s share price reached a new 52-week high on Monday after the company announced a dividend. The company traded as high as $246.97 and last traded at $245.0480, with a volume of 6869 shares trading hands. The stock had previously closed at $240.12.
The newly announced dividend which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 17th will be paid a dividend of $0.31 per share. The ex-dividend date is Tuesday, February 17th. This represents a $1.24 annualized dividend and a dividend yield of 0.5%. This is a boost from Wabtec’s previous quarterly dividend of $0.25. Wabtec’s dividend payout ratio (DPR) is presently 14.53%.
Wall Street Analysts Forecast Growth
WAB has been the subject of several recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Wabtec in a research note on Wednesday, January 21st. 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 report on Thursday, January 8th. Wells Fargo & Company raised their price target on Wabtec from $221.00 to $224.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Citigroup upped their price objective on shares of Wabtec from $245.00 to $258.00 and gave the company a “buy” rating in a report on Friday, January 9th. Finally, JPMorgan Chase & Co. increased their price target on shares of Wabtec from $215.00 to $245.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $241.00.
Read Our Latest Analysis on Wabtec
Wabtec Stock Down 0.3%
The firm has a market capitalization of $42.00 billion, a price-to-earnings ratio of 35.72, a price-to-earnings-growth ratio of 1.68 and a beta of 1.01. The company has a quick ratio of 0.75, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average of $222.44 and a two-hundred day moving average of $205.46.
Insiders Place Their Bets
In related news, insider Rogerio Mendonca sold 2,019 shares of the firm’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 directly owned 9,516 shares in the company, valued at $2,041,277.16. This trade represents a 17.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David L. Deninno sold 5,000 shares of the business’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 completion of the transaction, the vice president owned 50,450 shares in the company, valued at $10,827,579. The trade was a 9.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 24,641 shares of company stock valued at $5,233,559 over the last three months. Corporate insiders own 1.10% of the company’s stock.
Hedge Funds Weigh In On Wabtec
A number of institutional investors and hedge funds have recently modified their holdings of the company. Coldstream Capital Management Inc. boosted its position in shares of Wabtec by 15.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,709 shares of the transportation company’s stock valued at $578,000 after acquiring an additional 367 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Wabtec by 4.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,671 shares of the transportation company’s stock valued at $357,000 after acquiring an additional 64 shares during the last quarter. Evoke Wealth LLC increased its stake in Wabtec by 13.7% during the fourth quarter. Evoke Wealth LLC now owns 1,411 shares of the transportation company’s stock worth $301,000 after acquiring an additional 170 shares during the last quarter. Pinnbrook Capital Management LP purchased a new position in Wabtec during the fourth quarter worth $7,743,000. Finally, Global Retirement Partners LLC boosted its stake in shares of Wabtec by 323.0% during the fourth quarter. Global Retirement Partners LLC now owns 3,443 shares of the transportation company’s stock valued at $735,000 after purchasing an additional 2,629 shares during the period. 91.69% of the stock is currently owned by hedge funds and other 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.