State of New Jersey Common Pension Fund D Has $2.48 Million Stock Position in RXO, Inc. (NYSE:RXO)

State of New Jersey Common Pension Fund D reduced its position in shares of RXO, Inc. (NYSE:RXO) by 27.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 94,939 shares of the company’s stock after selling 35,408 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.08% of RXO worth $2,483,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in RXO. Swedbank AB acquired a new position in RXO during the 1st quarter worth approximately $76,982,000. MFN Partners Management LP raised its stake in RXO by 19.8% during the 1st quarter. MFN Partners Management LP now owns 15,588,555 shares of the company’s stock worth $340,922,000 after buying an additional 2,580,330 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in RXO by 1,459.0% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,628,080 shares of the company’s stock worth $42,574,000 after buying an additional 1,523,650 shares during the period. Motley Fool Asset Management LLC raised its stake in RXO by 287.9% during the 1st quarter. Motley Fool Asset Management LLC now owns 1,582,324 shares of the company’s stock worth $34,605,000 after buying an additional 1,174,361 shares during the period. Finally, Norges Bank acquired a new position in RXO during the 4th quarter worth approximately $24,250,000. 92.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RXO. Barclays increased their price objective on RXO from $24.00 to $30.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. TD Cowen increased their price objective on RXO from $23.00 to $28.00 and gave the stock a “hold” rating in a research note on Thursday, August 8th. Benchmark reissued a “hold” rating on shares of RXO in a research note on Tuesday, August 13th. Oppenheimer reissued an “outperform” rating and issued a $31.00 price objective on shares of RXO in a research note on Tuesday. Finally, JPMorgan Chase & Co. increased their price objective on RXO from $25.00 to $26.00 and gave the stock an “underweight” rating in a research note on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $26.00.

RXO Stock Performance

RXO stock opened at $26.05 on Thursday. The firm has a market cap of $3.61 billion, a PE ratio of -289.44, a P/E/G ratio of 12.46 and a beta of 1.35. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.64. The business has a 50 day moving average of $28.62 and a 200-day moving average of $23.83. RXO, Inc. has a 12-month low of $16.94 and a 12-month high of $32.82.

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 company had revenue of $930.00 million during the quarter, compared to analyst estimates of $934.14 million. RXO had a positive return on equity of 2.22% and a negative net margin of 0.55%. RXO’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.08 earnings per share. As a group, sell-side analysts expect that RXO, Inc. will post 0.14 earnings per share for the current 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.