SAC Capital Accumulates 5.1% Stake in FreightCar America (RAIL)
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In a 13G filing on FreightCar America (Nasdaq: RAIL), SAC Capital/Steven A. Cohen disclosed a 5.1% stake (629K shares) in the company. The firm did not show a stake in RAIL at the quarter ended March 31, 2007.
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.
According to Stockpickr.com, "SAC Capital Partners is a $12 billion dollar group of hedge funds founded by Steven A. Cohen in 1992. While SAC closely guards its returns, published reports and people who have seen the fund's letters to its investors say that SAC had a gross return, before its fees, of at least 40 percent in every year since inception, making it astoundingly successful." Link to SAC Portfolio
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