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

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of RXO by 374.1% during the first quarter. Wellington Management Group LLP now owns 9,259,421 shares of the company's stock valued at $176,855,000 after acquiring an additional 7,306,537 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in RXO in the 1st quarter worth about $56,693,000. Douglas Lane & Associates LLC grew its stake in shares of RXO by 34.3% during the 1st quarter. Douglas Lane & Associates LLC now owns 3,591,040 shares of the company's stock valued at $68,589,000 after purchasing an additional 916,379 shares during the period. Nuveen LLC bought a new stake in shares of RXO during the 1st quarter valued at about $8,107,000. Finally, Vaughan Nelson Investment Management L.P. grew its stake in shares of RXO by 15.0% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 2,730,665 shares of the company's stock valued at $52,155,000 after purchasing an additional 355,255 shares during the period. Hedge funds and other institutional investors own 92.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wall Street Zen raised RXO from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. 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 note on Friday, August 8th. Citigroup reissued a "neutral" rating and set a $18.00 target price (up previously from $15.00) on shares of RXO in a research report on Wednesday, May 21st. Barclays cut their target price on RXO from $18.00 to $17.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. Finally, Bank of America upped their price objective on RXO from $15.00 to $18.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Three 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. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $17.93.

RXO Stock Performance

Shares of RXO stock traded up $0.14 during mid-day trading on Friday, reaching $16.50. The stock had a trading volume of 1,460,221 shares, compared to its average volume of 1,893,007. The business's fifty day moving average is $16.07 and its 200-day moving average is $16.26. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.24. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -7.64, a PEG ratio of 7.88 and a beta of 1.69. Rxo Inc has a 1-year low of $12.19 and a 1-year high of $31.98.

RXO (NYSE:RXO - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. The firm had revenue of $1.42 billion for 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 period last year, the company earned $0.03 earnings per share. On average, research analysts forecast that Rxo Inc will post 0.31 earnings per share 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.