FreightCar America (NASDAQ:RAIL) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday.
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. “
Several other analysts have also commented on the company. Stifel Nicolaus set a $19.00 price target on FreightCar America and gave the company a “hold” rating in a research note on Friday, August 3rd. Stephens reaffirmed a “hold” rating and issued a $19.00 price target on shares of FreightCar America in a research note on Thursday, August 2nd. Buckingham Research boosted their price target on FreightCar America from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Monday, August 13th. Finally, ValuEngine raised FreightCar America from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. Seven analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and an average price target of $18.00.
FreightCar America (NASDAQ:RAIL) last released its quarterly earnings data on Wednesday, August 1st. The transportation company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.27. The business had revenue of $66.74 million for the quarter, compared to analysts’ expectations of $78.30 million. FreightCar America had a negative return on equity of 10.78% and a negative net margin of 10.46%. Analysts anticipate that FreightCar America will post -1.17 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the stock. Royce & Associates LP boosted its stake in FreightCar America by 15.0% in the 2nd quarter. Royce & Associates LP now owns 1,460,910 shares of the transportation company’s stock valued at $24,529,000 after buying an additional 190,689 shares in the last quarter. Wells Fargo & Company MN boosted its stake in FreightCar America by 4.1% in the second quarter. Wells Fargo & Company MN now owns 760,776 shares of the transportation company’s stock worth $12,783,000 after purchasing an additional 30,042 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in FreightCar America by 109.5% in the first quarter. JPMorgan Chase & Co. now owns 109,421 shares of the transportation company’s stock worth $1,466,000 after purchasing an additional 57,198 shares in the last quarter. GSA Capital Partners LLP acquired a new position in FreightCar America in the first quarter worth $178,000. Finally, Russell Investments Group Ltd. boosted its stake in FreightCar America by 4.6% in the second quarter. Russell Investments Group Ltd. now owns 1,485,733 shares of the transportation company’s stock worth $24,937,000 after purchasing an additional 65,922 shares in the last quarter. 84.97% of the stock is currently owned by institutional investors and hedge funds.
FreightCar America Company Profile
FreightCar America, Inc, through its subsidiaries, designs, manufactures, and sells railcars for the transportation of bulk commodities and containerized freight products primarily in North America. The company offers a range of freight cars, including open top hoppers, covered hoppers, and gondolas; intermodal flats, such as well cars; and non-intermodal flat cars comprising slab, hot slab, ribbon rail, and bulkhead flats.
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