T. Rowe Price Investment Management Inc. Buys Shares of 2,968,181 Rxo Inc $RXO

Key Points

• T. Rowe Price Investment Management Inc. acquired approximately 2.97 million shares in RXO Inc, valued at around $56.69 million, representing about 1.81% of the company.
• RXO experienced a significant increase in revenue, up 52.6% year-over-year, posting $1.42 billion for the quarter.
• The stock has an average rating of "Hold" from analysts, with a consensus price target of $17.93.

T. Rowe Price Investment Management Inc. purchased a new position in Rxo Inc (NYSE:RXO - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,968,181 shares of the company's stock, valued at approximately $56,693,000. T. Rowe Price Investment Management Inc. owned approximately 1.81% of RXO as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RXO shares. JPMorgan Chase & Co. reduced their price objective on RXO from $15.00 to $14.00 and set an "underweight" rating for the company in a research report on Tuesday, July 8th. The Goldman Sachs Group reduced their price objective on RXO from $21.00 to $18.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Citigroup reiterated a "neutral" rating and set a $18.00 price objective (up from $15.00) on shares of RXO in a research report on Wednesday, May 21st. Wall Street Zen upgraded RXO from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Bank of America boosted their price objective on RXO from $15.00 to $18.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Three research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, RXO currently has an average rating of "Hold" and an average target price of $17.93.

RXO Price Performance

RXO traded up $0.05 during trading on Wednesday, reaching $16.24. The stock had a trading volume of 1,272,617 shares, compared to its average volume of 1,642,348. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -7.50, a price-to-earnings-growth ratio of 7.71 and a beta of 1.68. Rxo Inc has a 1-year low of $12.19 and a 1-year high of $31.98. The stock has a 50 day moving average of $15.97 and a two-hundred day moving average of $16.53. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.24.

RXO (NYSE:RXO - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. The company had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.44 billion. RXO had a positive return on equity of 1.18% and a negative net margin of 5.45%.The firm's revenue was up 52.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 earnings per share. As a group, equities analysts anticipate that Rxo Inc will post 0.31 EPS for the current fiscal year.

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.