Allstate Corp Invests $1.27 Million in Wabtec $WAB

Allstate Corp bought a new stake in Wabtec (NYSE:WAB) in the 3rd quarter, Holdings Channel reports. The fund bought 6,315 shares of the transportation company’s stock, valued at approximately $1,266,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PFS Partners LLC boosted its position in Wabtec by 70.4% in the 2nd quarter. PFS Partners LLC now owns 121 shares of the transportation company’s stock valued at $25,000 after buying an additional 50 shares during the last quarter. Colonial Trust Advisors increased its position in shares of Wabtec by 454.5% during the second quarter. Colonial Trust Advisors now owns 122 shares of the transportation company’s stock worth $26,000 after acquiring an additional 100 shares during the last quarter. Piscataqua Savings Bank lifted its stake in shares of Wabtec by 12,800.0% in the third quarter. Piscataqua Savings Bank now owns 129 shares of the transportation company’s stock worth $26,000 after acquiring an additional 128 shares in the last quarter. Motco boosted its holdings in Wabtec by 6,600.0% in the third quarter. Motco now owns 134 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 132 shares during the last quarter. Finally, Salomon & Ludwin LLC grew its stake in Wabtec by 370.6% during the 3rd quarter. Salomon & Ludwin LLC now owns 160 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 126 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insider Buying and Selling at Wabtec

In related news, VP David L. Deninno sold 5,000 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $214.62, for a total value of $1,073,100.00. Following the completion of the transaction, the vice president directly owned 50,450 shares of the company’s stock, valued at $10,827,579. This represents a 9.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pascal Schweitzer sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $208.07, for a total value of $624,210.00. Following the completion of the sale, the insider owned 4,955 shares in the company, valued at approximately $1,030,986.85. This represents a 37.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 33,916 shares of company stock valued at $7,090,420. 1.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

WAB has been the topic of a number of recent analyst reports. Citigroup upped their target price on Wabtec from $245.00 to $258.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Bank of America upped their price target on shares of Wabtec from $228.00 to $233.00 and gave the company a “buy” rating in a report on Thursday, November 13th. Wolfe Research raised shares of Wabtec from a “peer perform” rating to an “outperform” rating and set a $245.00 price objective for the company in a report on Thursday, January 8th. Susquehanna upped their target price on shares of Wabtec from $235.00 to $240.00 and gave the company a “positive” rating in a research note on Thursday, October 23rd. Finally, 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 research report on Wednesday, January 14th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.00.

Wabtec Stock Down 0.9%

WAB stock opened at $227.57 on Wednesday. The stock has a market cap of $38.91 billion, a PE ratio of 33.08, a price-to-earnings-growth ratio of 1.56 and a beta of 1.00. The firm’s 50-day simple moving average is $214.28 and its 200 day simple moving average is $203.44. Wabtec has a fifty-two week low of $151.81 and a fifty-two week high of $230.71. The company has a quick ratio of 0.75, a current ratio of 1.42 and a debt-to-equity ratio of 0.45.

Wabtec (NYSE:WAB) last posted its earnings results on Wednesday, October 22nd. The transportation company reported $2.32 EPS for the quarter, topping the consensus estimate of $2.28 by $0.04. Wabtec had a net margin of 10.94% and a return on equity of 13.84%. The firm had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same quarter in the prior year, the firm earned $2.00 EPS. Wabtec’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, sell-side analysts predict that Wabtec will post 8.54 EPS for the current year.

Wabtec Company Profile

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.