Citigroup initiated coverage on shares of Westinghouse Air Brake Technologies (NYSE:WAB) in a report published on Wednesday, Benzinga’s Daily Ratings Newsletter reports. The firm issued a neutral rating and a $80.00 price objective on the transportation company’s stock.
Several other research analysts have also recently weighed in on the stock. Wells Fargo & Co set a $95.00 price target on shares of Westinghouse Air Brake Technologies and gave the stock a buy rating in a report on Friday, April 26th. ValuEngine cut shares of Xylem from a buy rating to a hold rating in a report on Tuesday, May 14th. Stifel Nicolaus reaffirmed a buy rating and issued a $170.00 price objective on shares of Spotify in a research report on Friday, April 26th. Finally, Buckingham Research lowered shares of Westinghouse Air Brake Technologies from a buy rating to a neutral rating and lowered their price objective for the stock from $93.00 to $81.00 in a research report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $89.90.
Westinghouse Air Brake Technologies stock traded down $0.14 during midday trading on Wednesday, hitting $69.80. 1,137,124 shares of the stock were exchanged, compared to its average volume of 2,104,765. Westinghouse Air Brake Technologies has a 52-week low of $61.95 and a 52-week high of $115.40. The company has a market capitalization of $11.43 billion, a PE ratio of 18.32, a price-to-earnings-growth ratio of 1.42 and a beta of 1.40. The stock’s 50-day simple moving average is $68.75. The company has a quick ratio of 0.75, a current ratio of 1.35 and a debt-to-equity ratio of 0.47.
Westinghouse Air Brake Technologies (NYSE:WAB) last released its quarterly earnings results on Thursday, April 25th. The transportation company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.26. Westinghouse Air Brake Technologies had a net margin of 4.12% and a return on equity of 9.11%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the previous year, the company earned $0.92 earnings per share. The firm’s revenue for the quarter was up 50.9% compared to the same quarter last year. As a group, analysts predict that Westinghouse Air Brake Technologies will post 4.16 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.48 annualized dividend and a yield of 0.69%. Westinghouse Air Brake Technologies’s dividend payout ratio is currently 12.60%.
In other news, Director William E. Kassling acquired 8,000 shares of Westinghouse Air Brake Technologies stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $62.94 per share, with a total value of $503,520.00. Following the completion of the purchase, the director now owns 69,730 shares in the company, valued at $4,388,806.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Albert J. Neupaver acquired 10,000 shares of Westinghouse Air Brake Technologies stock in a transaction that occurred on Tuesday, May 21st. The shares were purchased at an average cost of $65.26 per share, with a total value of $652,600.00. Following the purchase, the director now owns 668,418 shares of the company’s stock, valued at approximately $43,620,958.68. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 21,000 shares of company stock valued at $1,349,650. 6.56% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. PRW Wealth Management LLC purchased a new position in Westinghouse Air Brake Technologies in the 4th quarter worth approximately $28,000. Santori & Peters Inc. grew its stake in Westinghouse Air Brake Technologies by 6.1% in the 1st quarter. Santori & Peters Inc. now owns 593,771 shares of the transportation company’s stock worth $43,772,000 after buying an additional 33,970 shares in the last quarter. Smithfield Trust Co. grew its stake in Westinghouse Air Brake Technologies by 93.3% in the 1st quarter. Smithfield Trust Co. now owns 1,450 shares of the transportation company’s stock worth $107,000 after buying an additional 700 shares in the last quarter. Cleararc Capital Inc. purchased a new position in Westinghouse Air Brake Technologies in the 1st quarter worth approximately $248,000. Finally, Thompson Investment Management Inc. purchased a new position in Westinghouse Air Brake Technologies in the 1st quarter worth approximately $379,000. 92.44% of the stock is owned by institutional investors and hedge funds.
About Westinghouse Air Brake Technologies
Wabtec Corporation provides technology-based equipment, systems, and services for the freight rail and passenger transit vehicle industries worldwide. The company's Freight segment manufactures and services components for new and existing freight cars and locomotives; builds new switcher locomotives; rebuilds freight locomotives; supplies railway electronics, positive train control equipment, signal design, and engineering services; and provides related heat exchange and cooling systems.
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