Comerica Bank Sells 79,249 Shares of Rxo Inc $RXO

Key Points

• Comerica Bank has reduced its stake in Rxo Inc by 37.4% in the first quarter, selling 79,249 shares and now holding approximately 0.08% of the company worth $2.54 million.
• Analysts have provided updated ratings for RXO, with Citigroup raising its target price to $18.00 while Wells Fargo has reduced its target to $15.00; the stock has a consensus rating of "Hold" with a target average of $17.93.
• RXO reported earnings of $0.04 per share for the last quarter, surpassing estimates by $0.02, and its revenue was up by 52.6% compared to the previous year.

Comerica Bank reduced its stake in Rxo Inc (NYSE:RXO - Free Report) by 37.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 132,714 shares of the company's stock after selling 79,249 shares during the period. Comerica Bank owned approximately 0.08% of RXO worth $2,535,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of RXO. Larson Financial Group LLC raised its holdings in shares of RXO by 1,990.2% during the first quarter. Larson Financial Group LLC now owns 1,714 shares of the company's stock valued at $33,000 after purchasing an additional 1,632 shares during the last quarter. CWM LLC increased its holdings in RXO by 234.4% in the 1st quarter. CWM LLC now owns 1,876 shares of the company's stock worth $36,000 after acquiring an additional 1,315 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of RXO by 52.5% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,745 shares of the company's stock valued at $52,000 after buying an additional 945 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of RXO during the first quarter worth about $97,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of RXO by 25.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,797 shares of the company's stock worth $130,000 after acquiring an additional 1,398 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on RXO. Citigroup reiterated a "neutral" rating and set a $18.00 target price (up from $15.00) on shares of RXO in a research report on Wednesday, May 21st. UBS Group reaffirmed a "neutral" rating and issued a $15.00 price objective (up previously from $14.00) on shares of RXO in a research report on Friday, August 8th. Cowen reaffirmed a "hold" rating on shares of RXO in a research note on Friday, August 8th. Wells Fargo & Company reduced their price objective on RXO from $20.00 to $15.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Finally, Barclays cut their price target on RXO from $18.00 to $17.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, RXO has a consensus rating of "Hold" and an average price target of $17.93.

RXO Price Performance

Shares of NYSE RXO opened at $16.33 on Tuesday. The firm's 50 day simple moving average is $16.03 and its 200-day simple moving average is $16.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.35 and a quick ratio of 1.35. Rxo Inc has a 12 month low of $12.19 and a 12 month high of $31.98. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of -7.56, a PEG ratio of 7.79 and a beta of 1.69.

RXO (NYSE:RXO - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.44 billion. RXO had a positive return on equity of 1.18% and a negative net margin of 5.45%.RXO's revenue for the quarter was up 52.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 EPS. Analysts expect that Rxo Inc will post 0.31 EPS for the current year.

About RXO

RXO, Inc provides full truckload freight transportation brokering services. It also offers brokered services for managed transportation, last mile, and freight forwarding. The company was incorporated in 2022 and is based in Charlotte, North Carolina.

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