Initiates Coverage on FreightCar America (NASDAQ:RAIL)

Equities research analysts at initiated coverage on shares of FreightCar America (NASDAQ:RAILGet Rating) in a research note issued to investors on Sunday. The brokerage set a “sell” rating on the transportation company’s stock.

FreightCar America Trading Down 1.5 %

Shares of NASDAQ RAIL opened at $3.20 on Friday. The stock has a fifty day simple moving average of $3.55 and a two-hundred day simple moving average of $3.70. FreightCar America has a 1-year low of $3.07 and a 1-year high of $6.90. The firm has a market cap of $55.10 million, a price-to-earnings ratio of -2.76 and a beta of 2.13.

Institutional Investors Weigh In On FreightCar America

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH increased its stake in shares of FreightCar America by 69.9% in the first quarter. Allianz Asset Management GmbH now owns 693,077 shares of the transportation company’s stock worth $4,096,000 after purchasing an additional 285,119 shares in the last quarter. Walleye Capital LLC bought a new position in FreightCar America in the 1st quarter worth approximately $820,000. Ancora Advisors LLC purchased a new position in FreightCar America in the 1st quarter valued at approximately $386,000. Renaissance Technologies LLC bought a new stake in FreightCar America during the 2nd quarter valued at $156,000. Finally, PDT Partners LLC purchased a new stake in shares of FreightCar America during the second quarter worth $94,000. 87.26% of the stock is currently owned by institutional investors.

About FreightCar America

(Get Rating)

FreightCar America, Inc engages in the manufacture of railcars and railcar components. It operates through the Manufacturing and Corporate and Other segments. The Manufacturing segment includes new railcar manufacturing, used railcar sales, railcar leasing and major railcar rebuilds. The Corporate and Other segment focuses on the sales of parts.

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