Amalgamated Bank has reduced its holdings in Rxo Inc (NYSE: RXO) by 2.4% during the first quarter of 2024, according to Holdings Channel. The bank sold 1,019 shares, bringing its total ownership to 40,818 shares valued at approximately $780,000 as of March 15, 2024.
Several major investors have also adjusted their positions in RXO. The Illinois Municipal Retirement Fund increased its stake in the company by 4.2%, now owning 79,539 shares worth around $1.52 million after acquiring an additional 3,236 shares in the same quarter. Kirr Marbach & Co. LLC raised its holdings by 1.1%, bringing its total to 188,826 shares valued at $3.61 million following the purchase of 2,049 shares.
Oppenheimer & Co. Inc. made a more substantial move, boosting its holdings by 24.4% in Q1. The firm now owns 37,440 shares valued at $715,000 after acquiring 7,343 additional shares. Similarly, Oppenheimer Asset Management Inc. increased its position by 21.6%, now holding 45,536 shares worth approximately $870,000 after purchasing 8,080 shares. Finally, Vaughan Nelson Investment Management L.P. raised its stake by 15.0%, owning 2,730,665 shares valued at about $52.16 million.
Institutional investors now hold approximately 92.73% of RXO’s stock, reflecting a significant confidence in the company’s potential.
Analysts Adjust Price Targets for RXO
Recent evaluations from various equity research analysts have led to new price targets for RXO. On June 24, 2024, Susquehanna set a target of $12.00 while maintaining a “neutral” rating. The Goldman Sachs Group lowered its target from $21.00 to $18.00, also assigning a “neutral” rating. Similarly, UBS Group revised its target from $24.00 to $14.00.
Morgan Stanley provided a more conservative outlook, cutting its target from $23.00 to $21.00 while issuing an “equal weight” rating. Barclays decreased its price objective from $24.00 to $22.00, maintaining an “overweight” rating. One analyst has assigned a sell rating, while twelve have given a hold rating, and three analysts have issued a buy recommendation. According to MarketBeat, RXO currently holds an average rating of “Hold” with a consensus price target of $18.87.
Current Stock Performance and Company Overview
RXO stock opened at $17.23 on Thursday, March 15, 2024. The company boasts a market capitalization of approximately $2.82 billion, with a price-to-earnings (P/E) ratio of -7.94 and a P/E/G ratio of 8.42. The stock is characterized by a beta of 1.69, indicating higher volatility compared to the market. RXO’s current ratio stands at 1.30 and a quick ratio of 1.30, alongside a debt-to-equity ratio of 0.24.
Over the past year, RXO has seen a low of $12.19 and a high of $32.82. In its most recent quarterly earnings report released on May 7, 2024, RXO reported earnings per share (EPS) of (0.03), falling short of analysts’ expectations of (0.02) by ($0.01). The company achieved revenue of $1.43 billion, although this was below the anticipated $1.51 billion. Year-over-year, RXO experienced a 57.0% increase in quarterly revenue.
Founded in 2022, RXO, Inc. is based in Charlotte, North Carolina, providing full truckload freight transportation brokering services. The company has also expanded its offerings to include brokered services for managed transportation, last mile, and freight forwarding.
For those interested in monitoring RXO’s performance and updates, Holdings Channel provides the latest 13F filings and insider trades.
