Norges Bank Purchases New Shares in RXO, Inc. (NYSE:RXO)

Norges Bank acquired a new position in shares of RXO, Inc. (NYSE:RXO - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,188,838 shares of the company's stock, valued at approximately $28,342,000. Norges Bank owned approximately 0.74% of RXO as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Loomis Sayles & Co. L P lifted its position in shares of RXO by 36.9% in the fourth quarter. Loomis Sayles & Co. L P now owns 1,367,508 shares of the company's stock worth $32,602,000 after buying an additional 368,799 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of RXO by 111.5% in the 4th quarter. JPMorgan Chase & Co. now owns 575,286 shares of the company's stock valued at $13,715,000 after buying an additional 303,224 shares in the last quarter. EFG Asset Management North America Corp. lifted its stake in RXO by 58.4% during the fourth quarter. EFG Asset Management North America Corp. now owns 141,437 shares of the company's stock worth $3,371,000 after purchasing an additional 52,161 shares during the period. Prudential Financial Inc. lifted its position in shares of RXO by 2.0% during the 4th quarter. Prudential Financial Inc. now owns 143,351 shares of the company's stock worth $3,417,000 after buying an additional 2,820 shares during the period. Finally, Corebridge Financial Inc. boosted its stake in shares of RXO by 8.1% in the 4th quarter. Corebridge Financial Inc. now owns 84,226 shares of the company's stock valued at $2,008,000 after purchasing an additional 6,291 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several equities research analysts have weighed in on RXO shares. The Goldman Sachs Group lowered their price objective on shares of RXO from $24.00 to $21.00 and set a "neutral" rating for the company in a research report on Thursday. Truist Financial assumed coverage on shares of RXO in a research report on Thursday, March 13th. They issued a "buy" rating and a $24.00 price target on the stock. Benchmark reissued a "hold" rating on shares of RXO in a research note on Wednesday, January 15th. Jefferies Financial Group reduced their target price on shares of RXO from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of RXO in a research report on Friday, March 7th. They issued a "hold" rating and a $19.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, RXO currently has a consensus rating of "Hold" and an average target price of $22.73.

RXO Stock Down 3.2 %

RXO traded down $0.45 during trading on Friday, hitting $13.62. 1,586,882 shares of the company's stock were exchanged, compared to its average volume of 1,095,439. The stock has a market cap of $2.23 billion, a P/E ratio of -6.43, a PEG ratio of 4.55 and a beta of 1.60. The business's 50 day moving average is $18.83 and its two-hundred day moving average is $24.29. RXO, Inc. has a fifty-two week low of $12.39 and a fifty-two week high of $32.82. The company has a quick ratio of 1.33, a current ratio of 1.26 and a debt-to-equity ratio of 0.22.

RXO (NYSE:RXO - Get Free Report) last released its quarterly earnings results on Wednesday, February 5th. The company reported $0.06 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.06. RXO had a positive return on equity of 1.53% and a negative net margin of 6.26%. As a group, equities analysts expect that RXO, Inc. will post 0.31 earnings per share for the current fiscal 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.