Fred Alger Management LLC Grows Position in RXO, Inc. (NYSE:RXO)

Fred Alger Management LLC grew its stake in RXO, Inc. (NYSE:RXO) by 31.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,751,114 shares of the company’s stock after acquiring an additional 423,822 shares during the period. Fred Alger Management LLC owned 1.09% of RXO worth $49,031,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Boston Partners grew its stake in RXO by 150.0% in the first quarter. Boston Partners now owns 42,526 shares of the company’s stock worth $930,000 after purchasing an additional 25,519 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of RXO by 1,459.0% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,628,080 shares of the company’s stock valued at $42,574,000 after buying an additional 1,523,650 shares during the period. SG Americas Securities LLC increased its stake in shares of RXO by 1,407.4% during the second quarter. SG Americas Securities LLC now owns 103,993 shares of the company’s stock valued at $2,719,000 after buying an additional 97,094 shares during the period. Comerica Bank increased its stake in shares of RXO by 219.0% during the first quarter. Comerica Bank now owns 170,377 shares of the company’s stock valued at $3,726,000 after buying an additional 116,974 shares during the period. Finally, Primecap Management Co. CA increased its stake in shares of RXO by 20.7% during the second quarter. Primecap Management Co. CA now owns 1,020,900 shares of the company’s stock valued at $26,697,000 after buying an additional 175,300 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

RXO Stock Performance

Shares of NYSE RXO opened at $29.89 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.33 and a quick ratio of 1.33. The business has a 50-day simple moving average of $28.29 and a two-hundred day simple moving average of $26.56. RXO, Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $32.82.

RXO (NYSE:RXO) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. RXO had a positive return on equity of 1.64% and a negative net margin of 6.81%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $956.19 million. During the same quarter last year, the company earned $0.05 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities analysts forecast that RXO, Inc. will post 0.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RXO shares. UBS Group raised their price target on RXO from $22.00 to $31.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Susquehanna cut their price target on RXO from $16.00 to $12.00 and set a “negative” rating on the stock in a research note on Tuesday, November 12th. Wells Fargo & Company restated an “equal weight” rating and set a $31.00 price target on shares of RXO in a research note on Monday, November 11th. TD Cowen raised their price target on RXO from $23.00 to $28.00 and gave the company a “hold” rating in a research note on Thursday, August 8th. Finally, Benchmark restated a “hold” rating on shares of RXO in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $26.47.

About RXO

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.