Comerica Bank Acquires 16,212 Shares of GXO Logistics, Inc. $GXO

Key Points

• Comerica Bank increased its stake in GXO Logistics, Inc. by 32.4%, acquiring 16,212 additional shares, bringing its total to 66,180 shares valued at approximately $2.59 million.
• GXO Logistics reported an earnings per share (EPS) of $0.57 for the last quarter, surpassing the consensus estimate and achieving a 15.9% year-over-year revenue growth.
• Multiple analysts have raised their price targets for GXO Logistics, with the highest target now set at $67.00 following upgrades from firms like JPMorgan and Stifel Nicolaus.

Comerica Bank grew its stake in shares of GXO Logistics, Inc. (NYSE:GXO - Free Report) by 32.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,180 shares of the company's stock after buying an additional 16,212 shares during the period. Comerica Bank owned 0.06% of GXO Logistics worth $2,586,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GXO. Larson Financial Group LLC increased its position in shares of GXO Logistics by 2,460.7% during the first quarter. Larson Financial Group LLC now owns 717 shares of the company's stock valued at $28,000 after buying an additional 689 shares during the period. GAMMA Investing LLC grew its holdings in shares of GXO Logistics by 57.0% during the first quarter. GAMMA Investing LLC now owns 832 shares of the company's stock worth $33,000 after purchasing an additional 302 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in shares of GXO Logistics during the first quarter worth about $34,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of GXO Logistics by 72.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 945 shares of the company's stock worth $37,000 after purchasing an additional 396 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of GXO Logistics by 63.2% during the first quarter. Covestor Ltd now owns 1,645 shares of the company's stock worth $64,000 after purchasing an additional 637 shares in the last quarter. 90.67% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GXO has been the subject of several recent analyst reports. UBS Group boosted their price objective on GXO Logistics from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Wells Fargo & Company boosted their price objective on GXO Logistics from $57.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Barclays boosted their price objective on GXO Logistics from $45.00 to $52.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Truist Financial raised GXO Logistics from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $48.00 to $62.00 in a report on Friday, July 11th. Finally, Citigroup upped their target price on GXO Logistics from $56.00 to $59.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $59.50.

GXO Logistics Price Performance

GXO traded down $0.36 during midday trading on Thursday, hitting $50.76. The stock had a trading volume of 333,353 shares, compared to its average volume of 1,406,545. The company has a market cap of $5.81 billion, a P/E ratio of 95.84, a price-to-earnings-growth ratio of 2.11 and a beta of 1.65. The business has a fifty day moving average of $51.29 and a 200 day moving average of $43.44. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.76 and a current ratio of 0.76. GXO Logistics, Inc. has a 1 year low of $30.46 and a 1 year high of $63.33.

GXO Logistics (NYSE:GXO - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. The firm had revenue of $3.30 billion during the quarter, compared to analyst estimates of $3.09 billion. GXO Logistics had a return on equity of 10.45% and a net margin of 0.50%.The business's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.55 earnings per share. As a group, equities analysts forecast that GXO Logistics, Inc. will post 2.49 earnings per share for the current fiscal year.

GXO Logistics Profile

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.