Morgan Stanley Initiates Coverage on Westinghouse Air Brake Technologies (NYSE:WAB)

Morgan Stanley started coverage on shares of Westinghouse Air Brake Technologies (NYSE:WAB) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm set an “equal weight” rating and a $73.00 price target on the transportation company’s stock. Morgan Stanley’s price target would indicate a potential downside of 2.41% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Goldman Sachs Group raised Westinghouse Air Brake Technologies from a “neutral” rating to a “buy” rating and upped their target price for the company from $84.00 to $89.00 in a report on Wednesday, August 7th. Citigroup set a $84.00 target price on Westinghouse Air Brake Technologies and gave the company a “hold” rating in a report on Wednesday, July 31st. ValuEngine lowered Westinghouse Air Brake Technologies from a “hold” rating to a “sell” rating in a report on Friday, August 16th. Wellington Shields lowered Westinghouse Air Brake Technologies from an “accumulate” rating to a “hold” rating in a report on Thursday, July 11th. Finally, Buckingham Research upped their target price on Westinghouse Air Brake Technologies from $81.00 to $83.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $86.30.

NYSE WAB traded up $0.34 on Tuesday, hitting $74.80. 937,065 shares of the stock traded hands, compared to its average volume of 2,149,816. The stock has a 50-day moving average of $69.67 and a 200 day moving average of $70.95. Westinghouse Air Brake Technologies has a twelve month low of $61.00 and a twelve month high of $113.24. The company has a market capitalization of $13.59 billion, a P/E ratio of 19.63, a price-to-earnings-growth ratio of 1.35 and a beta of 1.44. The company has a current ratio of 1.32, a quick ratio of 0.73 and a debt-to-equity ratio of 0.46.



Westinghouse Air Brake Technologies (NYSE:WAB) last announced its quarterly earnings data on Tuesday, July 30th. The transportation company reported $1.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.08. Westinghouse Air Brake Technologies had a return on equity of 8.34% and a net margin of 3.68%. The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the firm posted $0.96 earnings per share. Westinghouse Air Brake Technologies’s revenue for the quarter was up 101.2% compared to the same quarter last year. As a group, equities research analysts expect that Westinghouse Air Brake Technologies will post 4.16 earnings per share for the current year.

In related news, major shareholder Electric Co General sold 16,969,692 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.33, for a total value of $1,193,478,438.36. Following the completion of the transaction, the insider now directly owns 2,048,515 shares of the company’s stock, valued at approximately $144,072,059.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.56% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Coastal Capital Group Inc. acquired a new stake in shares of Westinghouse Air Brake Technologies during the 2nd quarter valued at $25,000. YorkBridge Wealth Partners LLC lifted its position in shares of Westinghouse Air Brake Technologies by 72.4% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 393 shares of the transportation company’s stock valued at $28,000 after acquiring an additional 165 shares during the last quarter. Iat Reinsurance Co. LTD. acquired a new stake in shares of Westinghouse Air Brake Technologies during the 1st quarter valued at $48,000. Stonebridge Capital Advisors LLC acquired a new stake in shares of Westinghouse Air Brake Technologies during the 2nd quarter valued at $49,000. Finally, Captrust Financial Advisors lifted its position in shares of Westinghouse Air Brake Technologies by 47.5% during the 2nd quarter. Captrust Financial Advisors now owns 950 shares of the transportation company’s stock valued at $68,000 after acquiring an additional 306 shares during the last quarter. 92.47% of the stock is owned by institutional investors and hedge funds.

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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