Freightcar America Inc. (RAIL) Sees Large Volume Increase
Freightcar America Inc. (NASDAQ:RAIL) saw strong trading volume on Friday . 176,516 shares traded hands during mid-day trading, an increase of 8% from the previous session’s volume of 163,668 shares.The stock last traded at $14.68 and had previously closed at $14.13.
A number of research analysts recently issued reports on the company. Zacks Investment Research lowered Freightcar America from a “hold” rating to a “strong sell” rating in a report on Friday, May 6th. Cowen and Company assumed coverage on Freightcar America in a report on Wednesday, June 22nd. They issued a “market perform” rating and a $15.00 target price for the company. Stifel Nicolaus decreased their target price on Freightcar America from $20.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, May 4th. Finally, Longbow Research lowered Freightcar America from a “buy” rating to a “neutral” rating in a report on Wednesday, May 4th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $17.67.
The stock has a 50 day moving average price of $14.29 and a 200 day moving average price of $16.20. The firm has a market capitalization of $180.84 million and a P/E ratio of 3.89.
Freightcar America (NASDAQ:RAIL) last issued its quarterly earnings results on Monday, May 2nd. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by $0.15. The business earned $148 million during the quarter, compared to the consensus estimate of $153.38 million. During the same quarter in the previous year, the company posted ($0.17) earnings per share. The firm’s revenue for the quarter was up 60.1% on a year-over-year basis. On average, analysts predict that Freightcar America Inc. will post $1.30 earnings per share for the current fiscal year.
Other hedge funds have recently added to or reduced their stakes in the company. Cornerstone Capital Management Holdings LLC. purchased a new stake in Freightcar America during the fourth quarter worth approximately $1,072,000. Shell Asset Management Co. purchased a new stake in Freightcar America during the fourth quarter worth approximately $1,075,000. American Century Companies Inc. purchased a new stake in Freightcar America during the fourth quarter worth approximately $1,554,000. Chicago Equity Partners LLC purchased a new stake in Freightcar America during the fourth quarter worth approximately $1,847,000. Finally, New York State Common Retirement Fund increased its stake in Freightcar America by 7.9% in the fourth quarter. New York State Common Retirement Fund now owns 135,619 shares of the company’s stock worth $2,635,000 after buying an additional 9,924 shares during the last quarter.
FreightCar America Inc is engaged in manufacturing of aluminum-bodied railcars in North America. The Company is also a manufacturer of coal cars. The Company also refurbishes and rebuilds railcars and sells forged cast and fabricated parts for all of the railcars it produces as well as those manufactured by others.
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