Freightcar America Inc. (RAIL) Lifted to “Hold” at Zacks Investment Research
Freightcar America Inc. (NASDAQ:RAIL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “FreightCar America, Inc. manufactures railroad freight cars, with particular expertise in coal-carrying railcars. In addition to coal cars, FreightCar America designs and builds flat cars, mill gondola cars, intermodal cars, coil steel cars and motor vehicle carriers. It is headquartered in Chicago, Illinois and has manufacturing facilities in Danville, Illinois, Roanoke, Virginia and Johnstown, Pennsylvania. “
Separately, Cowen and Company lowered their target price on shares of Freightcar America from $15.00 to $13.00 and set a “market perform” rating for the company in a report on Wednesday, November 2nd.
Freightcar America (NASDAQ:RAIL) opened at 14.72 on Tuesday. The firm has a 50-day moving average of $13.63 and a 200-day moving average of $14.08. Freightcar America has a 12-month low of $10.87 and a 12-month high of $24.95. The stock has a market cap of $182.29 million, a PE ratio of 7.63 and a beta of 1.59.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 23rd. Investors of record on Thursday, November 17th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Tuesday, November 15th. Freightcar America’s dividend payout ratio is currently 18.65%.
In other Freightcar America news, Director Andrew B. Schmitt purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 8th. The stock was purchased at an average price of $11.59 per share, for a total transaction of $115,900.00. Following the purchase, the director now directly owns 21,000 shares in the company, valued at $243,390. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.10% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Prudential Financial Inc. boosted its stake in shares of Freightcar America by 229.4% in the first quarter. Prudential Financial Inc. now owns 77,590 shares of the company’s stock worth $1,209,000 after buying an additional 54,038 shares in the last quarter. Eqis Capital Management Inc. increased its position in shares of Freightcar America by 11.3% in the second quarter. Eqis Capital Management Inc. now owns 12,269 shares of the company’s stock worth $172,000 after buying an additional 1,245 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of Freightcar America during the second quarter worth approximately $130,000. Strs Ohio purchased a new position in shares of Freightcar America during the second quarter worth approximately $205,000. Finally, Value Holdings LP increased its position in shares of Freightcar America by 9.6% in the second quarter. Value Holdings LP now owns 45,600 shares of the company’s stock worth $641,000 after buying an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 75.23% of the company’s stock.
About Freightcar America
FreightCar America, Inc is a manufacturer of railcars and railcar components. The Company operates in the Manufacturing segment. The Company designs and manufactures a range of railcar types for transportation of bulk commodities and containerized freight products primarily in North America, including open top hoppers, covered hoppers, and gondolas along with intermodal and non-intermodal flat cars.
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