Principal Financial Group Inc. Lowers Position in Wabtec $WAB

Principal Financial Group Inc. lessened its stake in Wabtec (NYSE:WAB) by 4.3% during the third quarter, Holdings Channel reports. The firm owned 185,481 shares of the transportation company’s stock after selling 8,373 shares during the period. Principal Financial Group Inc.’s holdings in Wabtec were worth $37,183,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Colonial Trust Advisors grew its position in Wabtec by 454.5% during the second quarter. Colonial Trust Advisors now owns 122 shares of the transportation company’s stock valued at $26,000 after acquiring an additional 100 shares during the period. Piscataqua Savings Bank lifted its stake in shares of Wabtec by 12,800.0% in the 3rd quarter. Piscataqua Savings Bank now owns 129 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 128 shares in the last quarter. Motco lifted its stake in shares of Wabtec by 6,600.0% in the 3rd quarter. Motco now owns 134 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 132 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Wabtec by 370.6% during the 3rd quarter. Salomon & Ludwin LLC now owns 160 shares of the transportation company’s stock worth $32,000 after purchasing an additional 126 shares during the period. Finally, North Capital Inc. raised its holdings in Wabtec by 18,900.0% in the third quarter. North Capital Inc. now owns 190 shares of the transportation company’s stock valued at $38,000 after buying an additional 189 shares during the period. 91.69% of the stock is owned by hedge funds and other institutional investors.

Wabtec Stock Performance

Shares of WAB stock opened at $240.00 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.75. The company’s fifty day moving average price is $221.68 and its two-hundred day moving average price is $205.32. The firm has a market capitalization of $41.03 billion, a P/E ratio of 34.88, a P/E/G ratio of 1.64 and a beta of 1.01. Wabtec has a 12 month low of $151.81 and a 12 month high of $243.99.

Insiders Place Their Bets

In related news, CAO John A. Mastalerz, Jr. sold 2,766 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $210.00, for a total value of $580,860.00. Following the completion of the sale, the chief accounting officer directly owned 5,286 shares of the company’s stock, valued at $1,110,060. The trade was a 34.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Rogerio Mendonca sold 2,019 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $214.51, for a total value of $433,095.69. Following the sale, the insider owned 9,516 shares in the company, valued at $2,041,277.16. The trade was a 17.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 24,641 shares of company stock worth $5,233,559. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on WAB. Citigroup boosted their price objective on shares of Wabtec from $245.00 to $258.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. Weiss Ratings restated a “buy (b)” rating on shares of Wabtec in a report on Wednesday, January 21st. Bank of America upped their price target on shares of Wabtec from $228.00 to $233.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Wells Fargo & Company raised their price objective on Wabtec from $221.00 to $224.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 17th. Finally, Wolfe Research raised Wabtec from a “peer perform” rating to an “outperform” rating and set a $245.00 target price for the company in a research report on Thursday, January 8th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $241.00.

About Wabtec

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.