Carnegie Investment Counsel Sells 32,660 Shares of GXO Logistics, Inc. (NYSE:GXO)

Key Points

• Carnegie Investment Counsel has reduced its stake in GXO Logistics by 29.5%, selling 32,660 shares and holding a total of 78,102 shares valued at approximately $3,052,000 following the sale.
• GXO Logistics reported a strong quarterly earnings result with an EPS of $0.29, surpassing the consensus estimate by $0.03, and the company's revenue increased by 21.2% year-over-year, reaching $2.98 billion.
• Various analysts have expressed positive sentiment towards GXO Logistics, with ten analysts assigning a buy rating and an average price target of $57.43, reflecting confidence in the company's growth potential.

Carnegie Investment Counsel trimmed its holdings in shares of GXO Logistics, Inc. (NYSE:GXO - Free Report) by 29.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,102 shares of the company's stock after selling 32,660 shares during the period. Carnegie Investment Counsel owned 0.07% of GXO Logistics worth $3,052,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Pinnacle Associates Ltd. increased its holdings in GXO Logistics by 2.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 18,430 shares of the company's stock valued at $720,000 after purchasing an additional 430 shares in the last quarter. Readystate Asset Management LP acquired a new stake in GXO Logistics during the 1st quarter valued at $3,908,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in GXO Logistics during the 1st quarter valued at $4,190,000. Larson Financial Group LLC increased its holdings in GXO Logistics by 2,460.7% during the 1st quarter. Larson Financial Group LLC now owns 717 shares of the company's stock valued at $28,000 after purchasing an additional 689 shares in the last quarter. Finally, Dakota Wealth Management increased its holdings in GXO Logistics by 30.8% during the 1st quarter. Dakota Wealth Management now owns 33,705 shares of the company's stock valued at $1,317,000 after purchasing an additional 7,940 shares in the last quarter. 90.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GXO has been the subject of several research reports. JPMorgan Chase & Co. lifted their target price on GXO Logistics from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Truist Financial raised GXO Logistics from a "hold" rating to a "buy" rating and lifted their target price for the company from $48.00 to $62.00 in a research note on Friday, July 11th. Citigroup lifted their target price on GXO Logistics from $56.00 to $59.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Susquehanna reissued a "positive" rating and issued a $58.00 target price (up from $57.00) on shares of GXO Logistics in a research note on Tuesday, June 24th. Finally, Barclays lifted their target price on GXO Logistics from $45.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.43.

GXO Logistics Trading Down 0.1%

GXO stock traded down $0.07 during midday trading on Monday, hitting $52.56. 188,119 shares of the company's stock were exchanged, compared to its average volume of 1,460,248. The stock's fifty day moving average price is $46.28 and its 200-day moving average price is $41.90. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $6.01 billion, a PE ratio of 84.71, a price-to-earnings-growth ratio of 1.92 and a beta of 1.64. GXO Logistics, Inc. has a one year low of $30.46 and a one year high of $63.33.

GXO Logistics (NYSE:GXO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.03. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.94 billion. GXO Logistics had a return on equity of 10.49% and a net margin of 0.61%. The company's quarterly revenue was up 21.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 earnings per share. Research analysts predict that GXO Logistics, Inc. will post 2.49 earnings per share for the current fiscal year.

About GXO Logistics

GXO Logistics, Inc, together with its subsidiaries, provides logistics services worldwide. The company provides warehousing and distribution, order fulfilment, e-commerce, reverse logistics, and other supply chain services. As of December 31, 2023, it operated in approximately 974 facilities. The company serves various customers in the e-commerce, omnichannel retail, technology and consumer electronics, food and beverage, industrial and manufacturing, consumer packaged goods, and others.