Citigroup initiated coverage on shares of Westinghouse Air Brake Technologies (NYSE:WAB) in a research note issued to investors on Wednesday morning, Benzinga’s Daily Ratings Newsletter reports. The brokerage issued a neutral rating and a $80.00 price objective on the transportation company’s stock.
WAB has been the subject of several other reports. ValuEngine lowered shares of Xylem from a buy rating to a hold rating in a research note on Tuesday, May 14th. Wells Fargo & Co set a $95.00 target price on shares of Westinghouse Air Brake Technologies and gave the company a buy rating in a research note on Friday, April 26th. Buckingham Research lowered shares of Westinghouse Air Brake Technologies from a buy rating to a neutral rating and cut their target price for the company from $93.00 to $81.00 in a research note on Monday, June 24th. Finally, Stifel Nicolaus reissued a buy rating and set a $170.00 target price on shares of Spotify in a research note on Friday, April 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $89.90.
WAB stock opened at $72.04 on Wednesday. Westinghouse Air Brake Technologies has a 12 month low of $61.95 and a 12 month high of $115.40. The firm has a market capitalization of $11.36 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 1.34 and a beta of 1.40. The company’s 50 day simple moving average is $68.90. The company has a current ratio of 1.35, a quick ratio of 0.75 and a debt-to-equity ratio of 0.47.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be given a $0.12 dividend. The ex-dividend date is Thursday, August 8th. This represents a $0.48 annualized dividend and a dividend yield of 0.67%. Westinghouse Air Brake Technologies’s dividend payout ratio (DPR) is presently 12.60%.
In other news, Director Albert J. Neupaver purchased 10,000 shares of Westinghouse Air Brake Technologies stock in a transaction that occurred on Tuesday, May 21st. The stock was acquired at an average price of $65.26 per share, for a total transaction of $652,600.00. Following the transaction, the director now owns 668,418 shares in the company, valued at $43,620,958.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP David L. Deninno purchased 3,000 shares of Westinghouse Air Brake Technologies stock in a transaction that occurred on Tuesday, May 21st. The stock was purchased at an average price of $64.51 per share, with a total value of $193,530.00. Following the transaction, the vice president now owns 87,066 shares in the company, valued at approximately $5,616,627.66. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 21,000 shares of company stock valued at $1,349,650. 6.56% of the stock is owned by insiders.
Large investors have recently modified their holdings of the stock. PRW Wealth Management LLC purchased a new stake in shares of Westinghouse Air Brake Technologies in the 4th quarter valued at approximately $28,000. Cullen Frost Bankers Inc. purchased a new stake in Westinghouse Air Brake Technologies in the 1st quarter worth approximately $34,000. RPG Investment Advisory LLC lifted its position in Westinghouse Air Brake Technologies by 545.0% in the 1st quarter. RPG Investment Advisory LLC now owns 645 shares of the transportation company’s stock worth $48,000 after buying an additional 545 shares in the last quarter. Iat Reinsurance Co. LTD. purchased a new stake in Westinghouse Air Brake Technologies in the 1st quarter worth approximately $48,000. Finally, Cribstone Capital Management LLC purchased a new stake in Westinghouse Air Brake Technologies in the 1st quarter worth approximately $49,000. Institutional investors and hedge funds own 92.44% of the company’s stock.
Westinghouse Air Brake Technologies Company Profile
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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