Fred Alger Management LLC Acquires 371,511 Shares of Rxo Inc $RXO

Key Points

• Fred Alger Management LLC increased its stake in RXO Inc by 21.4%, now owning approximately 2.1 million shares valued at $40.2 million, according to its latest SEC filing.
• Other hedge funds, including Larson Financial Group and CWM LLC, have significantly increased their holdings in RXO, with institutional investors owning a total of 92.73% of the company's stock.
• Analysts hold a consensus rating of "Hold" for RXO shares, with a price target averaging $17.93 and a mix of ratings from various investment firms indicating cautious optimism.

Fred Alger Management LLC raised its stake in shares of Rxo Inc (NYSE:RXO - Free Report) by 21.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,104,842 shares of the company's stock after buying an additional 371,511 shares during the quarter. Fred Alger Management LLC owned about 1.28% of RXO worth $40,202,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RXO. Wellington Management Group LLP grew its position in shares of RXO by 374.1% during the 1st quarter. Wellington Management Group LLP now owns 9,259,421 shares of the company's stock worth $176,855,000 after buying an additional 7,306,537 shares during the period. T. Rowe Price Investment Management Inc. acquired a new position in shares of RXO during the 1st quarter worth about $56,693,000. Douglas Lane & Associates LLC grew its position 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 worth $68,589,000 after buying an additional 916,379 shares during the period. Nuveen LLC acquired a new position in shares of RXO during the 1st quarter worth about $8,107,000. Finally, Vaughan Nelson Investment Management L.P. grew its position 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 worth $52,155,000 after buying an additional 355,255 shares during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

RXO Stock Down 3.5%

Shares of RXO stock traded down $0.59 on Friday, reaching $16.56. 1,389,203 shares of the company were exchanged, compared to its average volume of 1,656,888. Rxo Inc has a one year low of $12.19 and a one year high of $31.98. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -7.67, a PEG ratio of 7.98 and a beta of 1.69. 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 company has a 50-day moving average of $16.10 and a 200 day moving average of $16.19.

RXO (NYSE:RXO - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.02. RXO had a positive return on equity of 1.18% and a negative net margin of 5.45%.The company had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.44 billion. During the same quarter in the prior year, the business posted $0.03 EPS. The business's revenue was up 52.6% compared to the same quarter last year. On average, equities research analysts forecast that Rxo Inc will post 0.31 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RXO. JPMorgan Chase & Co. decreased their target price on RXO from $15.00 to $14.00 and set an "underweight" rating for the company in a research report on Tuesday, July 8th. Morgan Stanley decreased their price objective on RXO from $23.00 to $21.00 and set an "equal weight" rating for the company in a research report on Monday, July 7th. UBS Group reiterated a "neutral" rating and issued a $15.00 price objective (up from $14.00) on shares of RXO in a research report on Friday, August 8th. Wall Street Zen upgraded RXO from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Susquehanna set a $12.00 price objective on RXO and gave the company a "neutral" rating in a research report on Tuesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, RXO presently has an average rating of "Hold" and a consensus target price of $17.93.

RXO Company Profile

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.