Principal Financial Group Inc. Acquires 66,159 Shares of RXO, Inc. (NYSE:RXO)

Principal Financial Group Inc. increased its stake in RXO, Inc. (NYSE:RXO) by 11.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 650,222 shares of the company’s stock after buying an additional 66,159 shares during the period. Principal Financial Group Inc.’s holdings in RXO were worth $18,206,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MFN Partners Management LP grew its stake in RXO by 11.0% in the 2nd quarter. MFN Partners Management LP now owns 17,310,856 shares of the company’s stock worth $452,679,000 after acquiring an additional 1,722,301 shares in the last quarter. State Street Corp boosted its holdings in shares of RXO by 13.3% in the third quarter. State Street Corp now owns 5,124,927 shares of the company’s stock valued at $143,498,000 after purchasing an additional 602,741 shares during the period. Geode Capital Management LLC increased its holdings in RXO by 16.9% during the 3rd quarter. Geode Capital Management LLC now owns 3,055,229 shares of the company’s stock worth $85,563,000 after purchasing an additional 441,994 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of RXO by 7.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,068,380 shares of the company’s stock valued at $57,915,000 after buying an additional 136,886 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in RXO by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,032,929 shares of the company’s stock worth $53,153,000 after acquiring an additional 176,041 shares during the period. Institutional investors own 92.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. The Goldman Sachs Group reissued a “neutral” rating and set a $29.00 target price on shares of RXO in a research report on Monday, November 18th. Wells Fargo & Company restated an “equal weight” rating and set a $31.00 target price on shares of RXO in a report on Monday, November 11th. Citigroup downgraded RXO from a “buy” rating to a “neutral” rating and set a $33.00 price target on the stock. in a report on Tuesday, November 12th. Benchmark restated a “hold” rating on shares of RXO in a research note on Tuesday, October 15th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $31.00 target price on shares of RXO in a report on Tuesday, September 17th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, RXO presently has an average rating of “Hold” and a consensus target price of $26.47.

RXO Price Performance

Shares of RXO opened at $24.13 on Friday. The business’s 50-day moving average is $28.02 and its two-hundred day moving average is $27.50. The company has a market capitalization of $3.88 billion, a P/E ratio of -12.19, a P/E/G ratio of 15.82 and a beta of 1.32. RXO, Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $32.82. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.33 and a current ratio of 1.33.

RXO (NYSE:RXO) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, beating 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 company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $956.19 million. During the same period last year, the business earned $0.05 earnings per share. RXO’s quarterly revenue was up 6.6% on a year-over-year basis. Research analysts predict that RXO, Inc. will post 0.12 earnings per share for the current year.

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.