PNC Financial Services Group Inc. Buys 1,987 Shares of RXO, Inc. (NYSE:RXO)

PNC Financial Services Group Inc. lifted its stake in shares of RXO, Inc. (NYSE:RXO) by 62.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,181 shares of the company’s stock after purchasing an additional 1,987 shares during the quarter. PNC Financial Services Group Inc.’s holdings in RXO were worth $121,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of RXO. Norges Bank acquired a new stake in RXO during the fourth quarter worth about $24,250,000. Jacobs Levy Equity Management Inc. boosted its position in shares of RXO by 290.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 868,821 shares of the company’s stock worth $17,142,000 after acquiring an additional 646,540 shares in the last quarter. Intrinsic Edge Capital Management LLC increased its stake in RXO by 325.6% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 797,542 shares of the company’s stock valued at $18,551,000 after acquiring an additional 610,166 shares during the last quarter. Douglas Lane & Associates LLC raised its position in RXO by 10.7% during the fourth quarter. Douglas Lane & Associates LLC now owns 2,579,390 shares of the company’s stock valued at $59,997,000 after purchasing an additional 248,883 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in RXO by 8.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,519 shares of the company’s stock valued at $42,415,000 after purchasing an additional 141,056 shares in the last quarter. Institutional investors own 92.73% of the company’s stock.

Insider Activity

In related news, major shareholder Mfn Partners, Lp acquired 35,985 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were bought at an average cost of $20.22 per share, with a total value of $727,616.70. Following the completion of the purchase, the insider now directly owns 15,629,679 shares in the company, valued at $316,032,109.38. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders purchased 1,128,060 shares of company stock valued at $22,099,090. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RXO. Benchmark reaffirmed a “hold” rating on shares of RXO in a report on Wednesday, June 12th. Stephens reiterated an “equal weight” rating and issued a $22.00 target price on shares of RXO in a research report on Monday, May 6th. Raymond James initiated coverage on RXO in a research note on Wednesday, May 15th. They set a “market perform” rating for the company. Susquehanna raised their price target on shares of RXO from $15.00 to $16.00 and gave the company a “negative” rating in a research note on Monday, March 25th. Finally, TD Cowen upped their price objective on shares of RXO from $19.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.90.

RXO Trading Down 0.9 %

Shares of NYSE RXO opened at $26.79 on Friday. The firm has a 50 day moving average price of $21.33 and a two-hundred day moving average price of $21.47. The stock has a market cap of $3.15 billion, a P/E ratio of -297.67, a price-to-earnings-growth ratio of 10.20 and a beta of 1.41. RXO, Inc. has a 52-week low of $16.94 and a 52-week high of $28.13. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.14 and a current ratio of 1.14.

RXO (NYSE:RXO) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $913.00 million during the quarter, compared to the consensus estimate of $929.50 million. RXO had a positive return on equity of 3.23% and a negative net margin of 0.29%. RXO’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.11 earnings per share. As a group, equities analysts forecast that RXO, Inc. will post 0.18 EPS for the current year.

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.