BlackRock Cuts WABTEC Stake to 9.6% as of Dec 31, 2023
Ticker: WAB · Form: SC 13G/A · Filed: Feb 6, 2024 · CIK: 943452
Complexity: simple
Sentiment: mixed
Topics: institutional-ownership, stake-change, amendment, railroad-equipment
TL;DR
**BlackRock trimmed its WABTEC stake to 9.6% by year-end 2023.**
AI Summary
BlackRock Inc. has updated its ownership stake in Westinghouse Air Brake Technologies Corp. (WABTEC) as of December 31, 2023. This amendment, filed on February 6, 2024, shows BlackRock now beneficially owns 17,294,449 shares of WABTEC's Common Stock, representing 9.6% of the company. This is a decrease from their previous reported stake, indicating BlackRock has reduced its exposure to WABTEC. For investors, this matters because a major institutional investor like BlackRock reducing its stake could signal a shift in their outlook on WABTEC's future performance or valuation.
Why It Matters
A significant reduction in ownership by a major institutional investor like BlackRock can influence market sentiment and potentially signal a less bullish outlook on the company's future prospects.
Risk Assessment
Risk Level: medium — While not a direct sell-off, a large institutional investor reducing its stake can create uncertainty and potentially put downward pressure on the stock.
Analyst Insight
An investor should monitor WABTEC's stock performance and look for any further institutional ownership changes, as a major holder like BlackRock reducing its stake could signal a shift in market sentiment or fundamental outlook.
Key Numbers
- 17,294,449 — Shares Beneficially Owned (This is the total number of WABTEC shares BlackRock Inc. reported owning as of December 31, 2023.)
- 9.6% — Percentage of Class (This represents BlackRock's ownership percentage of Westinghouse Air Brake Technologies Corp. Common Stock.)
- December 31, 2023 — Reporting Date (This is the specific date for which BlackRock's ownership stake is being reported in this filing.)
Key Players & Entities
- BlackRock Inc. (company) — the institutional investor filing the SC 13G/A
- WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (company) — the subject company in which BlackRock holds shares
- 17,294,449 shares (dollar_amount) — the total number of shares beneficially owned by BlackRock
- 9.6% (dollar_amount) — the percentage of WABTEC's Common Stock owned by BlackRock
- December 31, 2023 (date) — the date of the event requiring this filing
Forward-Looking Statements
- WABTEC's stock price may experience short-term volatility due to BlackRock's reduced stake. (WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP) — medium confidence, target: Q1 2024
- Other institutional investors might re-evaluate their positions in WABTEC following BlackRock's move. (WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP) — medium confidence, target: Q2 2024
FAQ
What is the purpose of this SC 13G/A filing?
This SC 13G/A filing is an amendment (Amendment No: 12) by BlackRock Inc. to update its beneficial ownership of Common Stock in WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION as of December 31, 2023, under Rule 13d-1(b).
Who is the reporting person in this filing?
The reporting person is BlackRock Inc., a company with a Central Index Key (CIK) of 0001364742, located at 50 Hudson Yards, New York, NY 10001.
What is the subject company of this filing?
The subject company is WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION, also known as WABTEC CORP, with a CIK of 0000943452, located at 30 Isabella Street, Pittsburgh, PA 15212.
How many shares of Westinghouse Air Brake Technologies Corp. Common Stock does BlackRock Inc. beneficially own according to this filing?
BlackRock Inc. beneficially owns 17,294,449 shares of Westinghouse Air Brake Technologies Corp. Common Stock as of December 31, 2023.
What percentage of the class of securities does BlackRock Inc. own?
BlackRock Inc. owns 9.6% of the Common Stock of Westinghouse Air Brake Technologies Corp. as reported in this filing.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on February 6, 2024 regarding WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB).