Continental General Insurance Co. Has $7.98 Million Holdings in Freightcar America, Inc. $RAIL

Key Points

• Continental General Insurance Co. has reduced its stake in Freightcar America, Inc. by 8.9%, now owning 1,443,198 shares worth about $7.98 million, making it the company's 7th largest holding.
• Freightcar America's stock has fluctuated between a 12-month low of $4.31 and a high of $16.10, and currently trades at around $8.63 with a market cap of $165.09 million.
• Analyst ratings for Freightcar America are generally positive, with a consensus buy rating and a target price of $9.00, indicating potential upside from its current trading levels.

Continental General Insurance Co. cut its position in shares of Freightcar America, Inc. (NASDAQ:RAIL - Free Report) by 8.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,443,198 shares of the transportation company's stock after selling 140,335 shares during the quarter. Freightcar America accounts for about 2.8% of Continental General Insurance Co.'s investment portfolio, making the stock its 7th largest holding. Continental General Insurance Co. owned about 7.58% of Freightcar America worth $7,981,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RAIL. Walleye Capital LLC acquired a new stake in shares of Freightcar America during the first quarter worth $74,000. AlphaQuest LLC bought a new stake in shares of Freightcar America during the 1st quarter valued at about $90,000. Algert Global LLC grew its position in shares of Freightcar America by 49.4% during the 1st quarter. Algert Global LLC now owns 20,950 shares of the transportation company's stock valued at $116,000 after buying an additional 6,930 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Freightcar America by 435.5% during the first quarter. Russell Investments Group Ltd. now owns 141,337 shares of the transportation company's stock worth $782,000 after acquiring an additional 114,945 shares during the period. Finally, Virtu Financial LLC bought a new position in Freightcar America in the first quarter worth about $148,000. Institutional investors and hedge funds own 31.96% of the company's stock.

Freightcar America Trading Down 2.2%

Shares of NASDAQ RAIL opened at $8.63 on Wednesday. Freightcar America, Inc. has a 12-month low of $4.31 and a 12-month high of $16.10. The company has a market cap of $165.09 million, a PE ratio of -12.33 and a beta of 1.85. The stock has a 50 day simple moving average of $9.68 and a 200-day simple moving average of $8.04.

Analyst Ratings Changes

RAIL has been the subject of several recent research reports. Northcoast Research assumed coverage on Freightcar America in a report on Thursday, May 1st. They set a "buy" rating and a $9.00 target price for the company. Wall Street Zen upgraded Freightcar America from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Freightcar America currently has an average rating of "Buy" and a consensus price target of $9.00.

Insider Activity

In other news, insider Celia Perez sold 7,982 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $8.59, for a total transaction of $68,565.38. Following the transaction, the insider directly owned 50,326 shares of the company's stock, valued at approximately $432,300.34. This trade represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 28.70% of the company's stock.

Freightcar America Company Profile

FreightCar America, Inc, through its subsidiaries, engages in design, manufacture, and sale of railcars and railcar components for the transportation of bulk commodities and containerized freight products in the United States and Mexico. It operates in two segments, Manufacturing and Parts. The company offers a range of railcars, including open top hoppers, mill gondola cars, intermodal and non-intermodal flat cars, coal cars; bulk commodity cars covered hopper cars, coil steel cars, boxcars, woodchip hoppers, aluminum vehicle carriers, and articulated bulk container railcars.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.