Wells Fargo & Company Raises GXO Logistics (NYSE:GXO) Price Target to $60.00

Key Points

• Wells Fargo & Company has raised its target price for GXO Logistics from $57.00 to $60.00, indicating a potential upside of 17.99% from the stock's previous close.
• Several other firms have also increased their price targets for GXO, with Oppenheimer setting it at $62.00 and Barclays at $52.00, reflecting a generally positive sentiment towards the stock.
• GXO Logistics reported a quarterly earnings per share (EPS) of $0.57, surpassing estimates, alongside a year-over-year revenue increase of 15.9%, showcasing strong financial performance.

GXO Logistics (NYSE:GXO - Get Free Report) had its target price boosted by equities researchers at Wells Fargo & Company from $57.00 to $60.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 19.17% from the stock's current price.

Several other brokerages also recently issued reports on GXO. Stifel Nicolaus lifted their price objective on GXO Logistics from $63.00 to $67.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Susquehanna lifted their price objective on GXO Logistics from $58.00 to $60.00 and gave the company a "positive" rating in a research report on Thursday. Truist Financial upgraded GXO Logistics from a "hold" rating to a "buy" rating and lifted their price objective for the company from $48.00 to $62.00 in a research report on Friday, July 11th. Barclays lifted their price objective on GXO Logistics from $45.00 to $52.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Finally, JPMorgan Chase & Co. lifted their price objective on GXO Logistics from $52.00 to $56.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $59.50.

GXO Logistics Price Performance

Shares of NYSE GXO traded down $0.58 during midday trading on Thursday, reaching $50.35. 904,905 shares of the company traded hands, compared to its average volume of 1,110,263. The firm has a market cap of $5.76 billion, a PE ratio of 95.00, a PEG ratio of 1.83 and a beta of 1.64. The stock's 50-day simple moving average is $48.13 and its 200-day simple moving average is $42.34. GXO Logistics has a 12 month low of $30.46 and a 12 month high of $63.33. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.78 and a current ratio of 0.76.

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

Institutional Investors Weigh In On GXO Logistics

Institutional investors and hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC increased its holdings in GXO Logistics by 2,460.7% in the first quarter. Larson Financial Group LLC now owns 717 shares of the company's stock valued at $28,000 after purchasing an additional 689 shares during the last quarter. GAMMA Investing LLC increased its holdings in GXO Logistics by 57.0% in the first quarter. GAMMA Investing LLC now owns 832 shares of the company's stock valued at $33,000 after purchasing an additional 302 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in GXO Logistics in the first quarter valued at about $34,000. Hantz Financial Services Inc. increased its holdings in GXO Logistics by 1,964.4% in the second quarter. Hantz Financial Services Inc. now owns 929 shares of the company's stock valued at $45,000 after purchasing an additional 884 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in GXO Logistics by 72.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 945 shares of the company's stock valued at $37,000 after purchasing an additional 396 shares during the last quarter. Institutional investors own 90.67% of the company's stock.

GXO Logistics Company 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.