Fred Alger Management LLC Sells 49,916 Shares of RXO, Inc. (NYSE:RXO)

Fred Alger Management LLC cut its position in RXO, Inc. (NYSE:RXO) by 3.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,327,292 shares of the company’s stock after selling 49,916 shares during the quarter. Fred Alger Management LLC’s holdings in RXO were worth $34,709,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of RXO. Marshall Wace LLP bought a new stake in RXO during the second quarter valued at $1,790,000. Bank of Montreal Can raised its holdings in shares of RXO by 29.7% during the 2nd quarter. Bank of Montreal Can now owns 15,973 shares of the company’s stock valued at $418,000 after buying an additional 3,655 shares in the last quarter. Public Sector Pension Investment Board lifted its position in RXO by 7.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 258,602 shares of the company’s stock worth $6,762,000 after buying an additional 18,732 shares during the last quarter. Sei Investments Co. boosted its stake in RXO by 126.8% in the second quarter. Sei Investments Co. now owns 37,445 shares of the company’s stock worth $979,000 after buying an additional 20,933 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in RXO in the second quarter worth approximately $112,000. 92.73% of the stock is owned by institutional investors.

RXO Stock Performance

Shares of RXO stock opened at $27.10 on Wednesday. RXO, Inc. has a 12 month low of $16.94 and a 12 month high of $32.82. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.64. The company’s fifty day moving average price is $28.47 and its 200-day moving average price is $24.04. The stock has a market cap of $3.76 billion, a PE ratio of -301.11, a price-to-earnings-growth ratio of 13.01 and a beta of 1.35.

RXO (NYSE:RXO) last released its earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. The firm had revenue of $930.00 million during the quarter, compared to analyst estimates of $934.14 million. RXO had a negative net margin of 0.55% and a positive return on equity of 2.22%. The business’s revenue was down 3.4% on a year-over-year basis. During the same period last year, the business earned $0.08 earnings per share. On average, equities analysts expect that RXO, Inc. will post 0.14 EPS for the current fiscal year.

Analyst Ratings Changes

RXO has been the subject of a number of research reports. Jefferies Financial Group cut their price objective on shares of RXO from $33.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. JPMorgan Chase & Co. raised their price objective on RXO from $25.00 to $26.00 and gave the company an “underweight” rating in a research note on Thursday, August 8th. Morgan Stanley lifted their price objective on RXO from $19.00 to $26.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. UBS Group increased their target price on RXO from $22.00 to $31.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, TD Cowen raised their price target on RXO from $23.00 to $28.00 and gave the stock a “hold” rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $26.00.

RXO 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.