Lord Abbett & CO. LLC Acquires New Holdings in Westinghouse Air Brake Technologies Co. (NYSE:WAB)

Lord Abbett & CO. LLC bought a new position in shares of Westinghouse Air Brake Technologies Co. (NYSE:WAB) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 135,500 shares of the transportation company’s stock, valued at approximately $24,630,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. grew its stake in shares of Westinghouse Air Brake Technologies by 55.0% in the third quarter. Pinnacle Bancorp Inc. now owns 155 shares of the transportation company’s stock worth $28,000 after purchasing an additional 55 shares during the last quarter. Eastern Bank acquired a new stake in shares of Westinghouse Air Brake Technologies in the third quarter valued at about $33,000. Garde Capital Inc. bought a new position in shares of Westinghouse Air Brake Technologies during the third quarter worth about $110,000. Camden National Bank acquired a new position in shares of Westinghouse Air Brake Technologies in the third quarter worth approximately $222,000. Finally, Harvest Fund Management Co. Ltd boosted its holdings in Westinghouse Air Brake Technologies by 10.4% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,820 shares of the transportation company’s stock valued at $331,000 after acquiring an additional 172 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Westinghouse Air Brake Technologies

In related news, CAO John A. Mastalerz, Jr. sold 2,796 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $199.71, for a total transaction of $558,389.16. Following the transaction, the chief accounting officer now directly owns 5,683 shares of the company’s stock, valued at $1,134,951.93. This trade represents a 32.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP David L. Deninno sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $188.60, for a total transaction of $1,886,000.00. Following the transaction, the vice president now owns 55,352 shares in the company, valued at approximately $10,439,387.20. This trade represents a 15.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,393 shares of company stock valued at $9,350,243. 1.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on WAB shares. KeyCorp boosted their price target on shares of Westinghouse Air Brake Technologies from $200.00 to $220.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Stephens boosted their target price on shares of Westinghouse Air Brake Technologies from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. The Goldman Sachs Group increased their price target on Westinghouse Air Brake Technologies from $181.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Finally, Susquehanna boosted their price objective on Westinghouse Air Brake Technologies from $190.00 to $220.00 and gave the company a “positive” rating in a research note on Monday, October 21st. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Westinghouse Air Brake Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.30.

Westinghouse Air Brake Technologies Stock Down 1.1 %

Shares of NYSE:WAB opened at $199.68 on Monday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.65 and a current ratio of 1.30. Westinghouse Air Brake Technologies Co. has a 52-week low of $120.89 and a 52-week high of $207.51. The business’s 50 day simple moving average is $194.73 and its two-hundred day simple moving average is $175.19. The firm has a market cap of $34.32 billion, a P/E ratio of 33.28, a PEG ratio of 1.45 and a beta of 1.26.

Westinghouse Air Brake Technologies (NYSE:WAB) last posted its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.13. Westinghouse Air Brake Technologies had a net margin of 10.25% and a return on equity of 12.52%. The business had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.68 billion. During the same quarter last year, the firm posted $1.70 EPS. Westinghouse Air Brake Technologies’s revenue was up 4.4% compared to the same quarter last year. As a group, research analysts forecast that Westinghouse Air Brake Technologies Co. will post 7.6 EPS for the current fiscal year.

Westinghouse Air Brake Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were issued a $0.20 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.40%. Westinghouse Air Brake Technologies’s dividend payout ratio is presently 13.33%.

Westinghouse Air Brake Technologies Company Profile

Westinghouse Air Brake Technologies Corporation, together with its subsidiaries, provides technology-based locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide. It offers diesel-electric, battery, and liquid natural gas-powered locomotives; engines, electric motors, and propulsion systems; and marine and mining products.