Wabtec (NYSE:WAB) Hits New 12-Month High After Dividend Announcement

Wabtec (NYSE:WAB)’s share price reached a new 52-week high during mid-day trading 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 traded. 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 issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This is a positive change from Wabtec’s previous quarterly dividend of $0.25. This represents a $1.24 annualized dividend and a dividend yield of 0.5%. Wabtec’s payout ratio is presently 14.53%.

Analyst Ratings Changes

WAB has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their target price on shares of Wabtec from $221.00 to $224.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. JPMorgan Chase & Co. increased their price target on shares of Wabtec from $215.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Bank of America lifted their price objective on shares of Wabtec from $228.00 to $233.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Wolfe Research upgraded shares of Wabtec from a “peer perform” rating to an “outperform” rating and set a $245.00 target price for the company in a research report on Thursday, January 8th. Finally, Morgan Stanley increased their target price on Wabtec from $257.00 to $264.00 and gave the company an “overweight” rating in a research note on Monday, January 12th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $241.00.

Wabtec Price Performance

The stock has a market cap of $41.82 billion, a P/E ratio of 35.56, a PEG 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’s fifty day moving average price is $223.17 and its 200-day moving average price is $205.77.

Insider Activity at Wabtec

In related news, insider Michael Fetsko sold 5,058 shares of the stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $215.72, for a total value of $1,091,111.76. Following the completion of the transaction, the insider directly owned 36,882 shares of the company’s stock, valued at $7,956,185.04. This represents a 12.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP David L. Deninno sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $209.94, for a total value of $1,049,700.00. Following the completion of the transaction, the vice president directly owned 55,450 shares of the company’s stock, valued at $11,641,173. This represents a 8.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,641 shares of company stock valued at $4,609,349 over the last three months. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Wabtec

Several institutional investors and hedge funds have recently modified their holdings of WAB. CI Investments Inc. grew its holdings in shares of Wabtec by 6.1% during the third quarter. CI Investments Inc. now owns 865 shares of the transportation company’s stock valued at $173,000 after buying an additional 50 shares during the last quarter. Carnegie Investment Counsel boosted its holdings in shares of Wabtec by 2.6% in the fourth quarter. Carnegie Investment Counsel now owns 2,051 shares of the transportation company’s stock worth $438,000 after buying an additional 51 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in shares of Wabtec by 7.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 797 shares of the transportation company’s stock worth $167,000 after acquiring an additional 54 shares during the last quarter. Quadrant Capital Group LLC lifted its position in Wabtec by 1.3% during the third quarter. Quadrant Capital Group LLC now owns 4,082 shares of the transportation company’s stock valued at $818,000 after purchasing an additional 54 shares in the last quarter. Finally, CVA Family Office LLC lifted its position in shares of Wabtec by 7.9% during the 2nd quarter. CVA Family Office LLC now owns 748 shares of the transportation company’s stock valued at $157,000 after buying an additional 55 shares in the last quarter. 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.