Federated Hermes Inc. Decreases Stock Position in GXO Logistics, Inc. (NYSE:GXO)

Key Points

• Federated Hermes Inc. significantly reduced its stake in GXO Logistics by 98.6%, selling 577,807 shares to hold 8,092 shares valued at $316,000.
• Despite the sell-off by Federated Hermes, other institutional investors, like the State of Michigan and Louisiana State Employees Retirement Systems, have increased their stakes in the company.
• GXO Logistics reported earnings of $0.57 per share, beating analyst estimates, with revenues of $3.30 billion for the most recent quarter, a 15.9% year-over-year increase.

Federated Hermes Inc. decreased its holdings in shares of GXO Logistics, Inc. (NYSE:GXO - Free Report) by 98.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,092 shares of the company's stock after selling 577,807 shares during the period. Federated Hermes Inc.'s holdings in GXO Logistics were worth $316,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Janney Montgomery Scott LLC boosted its holdings in GXO Logistics by 13.7% in the first quarter. Janney Montgomery Scott LLC now owns 17,243 shares of the company's stock worth $674,000 after acquiring an additional 2,076 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of GXO Logistics by 2.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 38,679 shares of the company's stock worth $1,512,000 after purchasing an additional 886 shares during the last quarter. KBC Group NV raised its stake in shares of GXO Logistics by 20.0% in the first quarter. KBC Group NV now owns 5,821 shares of the company's stock worth $227,000 after purchasing an additional 969 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of GXO Logistics by 0.3% in the first quarter. Principal Financial Group Inc. now owns 274,832 shares of the company's stock worth $10,740,000 after purchasing an additional 831 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of GXO Logistics by 57.0% in the first quarter. GAMMA Investing LLC now owns 832 shares of the company's stock worth $33,000 after purchasing an additional 302 shares during the last quarter. Institutional investors own 90.67% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Truist Financial raised GXO Logistics from a "hold" rating to a "buy" rating and increased their price objective for the stock from $48.00 to $62.00 in a research note on Friday, July 11th. Stifel Nicolaus increased their price target on GXO Logistics from $63.00 to $67.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. JPMorgan Chase & Co. increased their price target on GXO Logistics from $56.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Oppenheimer increased their price target on GXO Logistics from $55.00 to $62.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company increased their price target on GXO Logistics from $57.00 to $60.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, GXO Logistics has a consensus rating of "Moderate Buy" and an average price target of $59.50.

GXO Logistics Stock Performance

Shares of GXO Logistics stock traded up $2.36 during trading hours on Wednesday, reaching $53.76. The company had a trading volume of 1,354,094 shares, compared to its average volume of 1,460,809. GXO Logistics, Inc. has a one year low of $30.46 and a one year high of $63.33. The business has a fifty day simple moving average of $48.53 and a 200 day simple moving average of $42.41. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market cap of $6.15 billion, a PE ratio of 101.44, a price-to-earnings-growth ratio of 1.82 and a beta of 1.64.

GXO Logistics (NYSE:GXO - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. The company 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 firm's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the company earned $0.55 earnings per share. On average, analysts anticipate 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.