10 Best Self-Driving Technology Stocks To Buy According to Hedge Funds

7. Westinghouse Air Brake Technologies Corporation (NYSE:WAB)

Number of Hedge Fund Investors In Q3 2024: 54

Westinghouse Air Brake Technologies Corporation (NYSE:WAB) is an interesting stock pick when it comes to autonomous driving stocks. This is because the firm is one of the oldest rail companies in the world. Its business model also means that while Westinghouse Air Brake Technologies Corporation (NYSE:WAB) might not be making self-driving cars anytime soon, the firm can nevertheless play an important role in the autonomous rail industry. On this front, Westinghouse Air Brake Technologies Corporation (NYSE:WAB) completed a $11 billion merger with GE’s transport business to focus on autonomous trains. The firm currently allows operators to remotely control trains, which set it up well for developing autonomous systems in the future. In the short term though, Westinghouse Air Brake Technologies Corporation (NYSE:WAB)’s performance is dependent on the broader economic health that drives up the demand for railroad transportation.

Carillon Eagle Mid Cap Growth Fund mentioned Westinghouse Air Brake Technologies Corporation (NYSE:WAB) in its Q3 2024 investor letter. Here is what the fund said:

“Westinghouse Air Brake Technologies Corporation (NYSE:WAB): (Westinghouse Air Brake Technologies) is a global provider of locomotives, equipment, systems and services for both the freight and transit rail industries. The company’s shares have performed well as Wabtec is at the forefront of the modernization of the rail industry. Robust customer demand for new locomotives, modernization of older equipment, and next-generation digital solutions are resulting in a strong order pipeline that gives Wabtec what we consider to be a great deal of visibility into continued profitable growth in the future.”