Quantbot Technologies LP has significantly increased its holdings in Wabtec Corporation (NYSE: WAB), acquiring an additional 44,763 shares during the second quarter of 2023. This investment is valued at approximately $9.37 million, according to the firm’s recent filing with the Securities and Exchange Commission (SEC). This acquisition is part of a broader trend, as several other institutional investors have also modified their positions in Wabtec during the same period.
Norges Bank made a notable entry by acquiring a new stake valued at about $347.19 million. Meanwhile, Aviva PLC increased its position by an impressive 7,960%, now holding 527,685 shares worth around $110.47 million after purchasing an additional 521,138 shares. Vanguard Group Inc. added 2.5% to its holdings, bringing its total to 19,930,893 shares valued at approximately $4.17 billion.
Nordea Investment Management AB also raised its stake by 33.4%, now owning 1,592,529 shares valued at $333.06 million, while Robeco Institutional Asset Management B.V. lifted its position by 56.3%, obtaining a total of 778,156 shares worth $162.91 million. Collectively, institutional investors and hedge funds now own 91.69% of Wabtec’s stock.
Wabtec’s Stock Performance and Dividend Announcement
As of the latest trading session, Wabtec shares opened at $208.48. The stock has a 50-day simple moving average of $200.28 and a 200-day simple moving average of $199.84. With a market capitalization of $35.64 billion, Wabtec’s price-to-earnings (P/E) ratio stands at 30.30, and it has a beta of 1.09. Over the past year, Wabtec’s stock hit a low of $151.81 and a high of $216.10.
Recently, Wabtec announced a quarterly dividend of $0.25 per share, which was paid on November 26, 2023, to investors of record as of November 12, 2023. This represents an annualized dividend of $1.00, yielding 0.5%. The company’s current payout ratio is 14.53%, reflecting its commitment to returning value to shareholders.
Insider Transactions and Analyst Ratings
In related news, Wabtec’s CEO, Rafael Santana, sold 1,799 shares on September 12, 2023, at an average price of $189.97, totaling approximately $341,756.03. After this transaction, Santana retains 136,729 shares valued at $25.97 million, marking a 1.30% decrease in his holdings. Additionally, Vice President David L. Deninno sold 5,000 shares on November 12, 2023, for $1.05 million, resulting in an 8.27% decrease in his ownership.
Analysts have also been active in revising their ratings for Wabtec. Citigroup recently raised its target price from $225.00 to $245.00, maintaining a “buy” rating. Wells Fargo & Company initiated coverage of Wabtec, suggesting an “equal weight” rating with a price objective of $221.00. JPMorgan Chase & Co. adjusted its target price from $200.00 to $215.00, while Weiss Ratings reaffirmed a “buy (b)” rating. Susquehanna raised its price objective from $235.00 to $240.00.
Currently, seven analysts have assigned a “buy” rating to Wabtec, while three have given it a “hold” rating. The average rating stands at “Moderate Buy,” with a price target of $226.78, according to data from MarketBeat.com.
Wabtec Corporation, known for its technology-based solutions in the transportation sector, continues to attract interest from both institutional investors and analysts, reflecting confidence in its growth potential in the freight rail and passenger transit industries.
