Bank of New York Mellon Corp Invests $1.23 Million in Radiant Logistics, Inc. $RLGT

Key Points

• Bank of New York Mellon acquired 129,750 Radiant Logistics shares worth approximately $1.23 million in the second quarter, giving it a 0.28% stake. Institutional investors collectively own 53.59% of the company.
• Analyst sentiment is moderately positive: Radiant has a consensus rating of “Moderate Buy” and a $12 price target, compared with the stock’s reported opening price of $8.28.
• Radiant Logistics shares were trading down 0.6%, with a market capitalization of about $387.8 million; meanwhile, CFO Todd Macomber sold 11,868 shares for roughly $109,779.

Bank of New York Mellon Corp acquired a new stake in Radiant Logistics, Inc. (NYSEAMERICAN:RLGT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 129,750 shares of the company's stock, valued at approximately $1,227,000. Bank of New York Mellon Corp owned approximately 0.28% of Radiant Logistics as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Verus Capital Partners LLC acquired a new stake in Radiant Logistics in the 1st quarter valued at approximately $150,000. Renaissance Technologies LLC bought a new position in Radiant Logistics in the first quarter valued at $286,000. Arrowstreet Capital Limited Partnership increased its stake in Radiant Logistics by 2.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 228,218 shares of the company's stock valued at $1,609,000 after buying an additional 6,098 shares during the last quarter. Sei Investments Co. acquired a new position in shares of Radiant Logistics during the 1st quarter worth about $943,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Radiant Logistics by 5.1% during the 1st quarter. Hsbc Holdings PLC now owns 89,098 shares of the company's stock worth $626,000 after buying an additional 4,309 shares during the last quarter. Institutional investors and hedge funds own 53.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RLGT. Citigroup started coverage on Radiant Logistics in a research report on Wednesday, July 15th. They issued a "market perform" rating on the stock. Lake Street Capital boosted their price target on Radiant Logistics from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. Finally, Citizens Jmp started coverage on Radiant Logistics in a research note on Wednesday, July 15th. They set a "market perform" rating on the stock. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.00.

Insiders Place Their Bets

In other Radiant Logistics news, CFO Todd Macomber sold 11,868 shares of the firm's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $9.25, for a total transaction of $109,779.00. Following the completion of the sale, the chief financial officer owned 87,249 shares of the company's stock, valued at $807,053.25. This trade represents a 11.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 24.30% of the company's stock.

Radiant Logistics Trading Down 0.6%

Radiant Logistics stock opened at $8.28 on Thursday. The stock has a 50-day simple moving average of $8.77 and a 200 day simple moving average of $8.29. The stock has a market capitalization of $387.75 million, a P/E ratio of 24.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.59 and a current ratio of 1.59. Radiant Logistics, Inc. has a 52 week low of $5.78 and a 52 week high of $9.68.

Radiant Logistics Profile

Radiant Logistics, Inc, through its subsidiaries, is a third-party logistics (3PL) provider offering freight brokerage, managed transportation, contract logistics and supply chain solutions. The company arranges full-truckload (FTL), less-than-truckload (LTL), intermodal, ocean and air freight across multiple geographies. Radiant also provides customs brokerage, trade compliance services and warehousing support, serving industries such as manufacturing, retail, energy and automotive.

Founded in 2005 and headquartered in Green Bay, Wisconsin, Radiant Logistics has grown its network of client-facing offices throughout North America, with additional service centers in Europe and the Asia Pacific region.

Want to see what other hedge funds are holding RLGT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Radiant Logistics, Inc. (NYSEAMERICAN:RLGT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.