Goldman Sachs Group Begins Coverage on Westinghouse Air Brake Technologies (NYSE:WAB)

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Goldman Sachs Group assumed coverage on shares of Westinghouse Air Brake Technologies (NYSE:WAB) in a research note released on Wednesday, The Fly reports. The firm issued a neutral rating on the transportation company’s stock.

WAB has been the subject of several other reports. ValuEngine downgraded Xylem from a buy rating to a hold rating in a report on Tuesday, May 14th. Wells Fargo & Co set a $95.00 price target on Westinghouse Air Brake Technologies and gave the company a buy rating in a report on Friday, April 26th. Stifel Nicolaus reiterated a buy rating and issued a $170.00 price target on shares of Spotify in a report on Friday, April 26th. Citigroup upgraded Welbilt from a neutral rating to a buy rating and boosted their price target for the company from $17.00 to $19.00 in a report on Wednesday. Finally, Buckingham Research downgraded Westinghouse Air Brake Technologies from a buy rating to a neutral rating and cut their price target for the company from $93.00 to $81.00 in a report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. Westinghouse Air Brake Technologies has a consensus rating of Hold and a consensus target price of $89.90.

Shares of WAB opened at $72.04 on Wednesday. The company has a fifty day simple moving average of $68.90. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.35 and a quick ratio of 0.75. The firm has a market cap of $11.36 billion, a P/E ratio of 18.91, a PEG ratio of 1.34 and a beta of 1.40. Westinghouse Air Brake Technologies has a fifty-two week low of $61.95 and a fifty-two week high of $115.40.

Westinghouse Air Brake Technologies (NYSE:WAB) last issued its quarterly earnings results on Thursday, April 25th. The transportation company reported $1.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.26. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.46 billion. Westinghouse Air Brake Technologies had a return on equity of 9.11% and a net margin of 4.12%. Westinghouse Air Brake Technologies’s revenue was up 50.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 EPS. As a group, research analysts anticipate that Westinghouse Air Brake Technologies will post 4.16 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders 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 dividend yield of 0.67%. Westinghouse Air Brake Technologies’s dividend payout ratio is presently 12.60%.

In related news, VP David L. Deninno acquired 3,000 shares of the stock in a transaction dated Tuesday, May 21st. The stock was bought at an average cost of $64.51 per share, with a total value of $193,530.00. Following the purchase, the vice president now directly owns 87,066 shares of the company’s stock, valued at $5,616,627.66. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Albert J. Neupaver purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were acquired at an average cost of $65.26 per share, with a total value of $652,600.00. Following the completion of the transaction, the director now owns 668,418 shares in the company, valued at approximately $43,620,958.68. The disclosure for this purchase can be found here. Insiders have bought a total of 21,000 shares of company stock valued at $1,349,650 over the last three months. Corporate insiders own 6.56% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. PRW Wealth Management LLC purchased a new stake in Westinghouse Air Brake Technologies during the 4th quarter worth $28,000. Santori & Peters Inc. boosted its position in Westinghouse Air Brake Technologies by 6.1% during the 1st quarter. Santori & Peters Inc. now owns 593,771 shares of the transportation company’s stock worth $43,772,000 after purchasing an additional 33,970 shares during the period. Smithfield Trust Co. boosted its position in Westinghouse Air Brake Technologies by 93.3% during the 1st quarter. Smithfield Trust Co. now owns 1,450 shares of the transportation company’s stock worth $107,000 after purchasing an additional 700 shares during the period. Cleararc Capital Inc. purchased a new stake in Westinghouse Air Brake Technologies during the 1st quarter worth $248,000. Finally, Thompson Investment Management Inc. purchased a new stake in Westinghouse Air Brake Technologies during the 1st quarter worth $379,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Westinghouse Air Brake Technologies (NYSE:WAB)

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