Orbis Investment Management Ltd. recently announced the acquisition of new stake in RXO Inc (NYSE:RXO). The institutional investor has increased its shareholding in the Industrials company by 5.40% to 16.42 million shares with purchase of 0.84 million shares. This fresh investment now brings its stake to 14.03% valued currently at $381.84 million. In addition, MFN Partners Management LP raised its holdings by 0.33 million to 13.01 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.49% or 0.11 million shares – to 4.62 million shares.
With over 0.45 million RXO Inc (RXO) shares trading Friday and a closing price of $22.57 on the day, the dollar volume was approximately $10.23 million. The shares have shown a positive half year performance of 10.80% and its price on 01/12/24 lost nearly -0.22%. Currently, there are 116.40M common shares owned by the public and among those 114.73M shares have been available to trade.
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Insiders at the company have transacted a total of 31 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 468,134 shares. Insider sales of the common stock occurred on 11 occasions, with total insider shares sold totaling 63,206 shares.
The top 3 mutual fund holders in RXO Inc are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and Orbis Global Equity Fund. iShares Core S&P Small Cap ETF owns 7.83 million shares of the company’s stock, all valued at over $182.13 million. The company sold 29634.0 shares recently to bring their total holdings to about 6.69% of the shares outstanding. Vanguard Total Stock Market ETF bought 7088.0 shares to see its total holdings expand to 3.67 million shares valued at over $85.37 million and representing 3.14% of the shares outstanding. Orbis Global Equity Fund bought 3.17 million shares to bring its total holdings to over 3.17 million shares at a value of $73.85 million. Orbis Global Equity Fund now owns shares totaling to 2.71% of the shares outstanding.
Shares of RXO Inc (NYSE: RXO) opened at $22.75, up $0.13 from a prior closing price of $22.62. However, the script later moved the day high at 22.85, down -0.22%. The company’s stock has a 5-day price change of 0.36% and 18.29% over the past three months. RXO shares are trading -2.97% year to date (YTD), with the 12-month market performance up to 36.46% higher. It has a 12-month low price of $16.40 and touched a high of $24.33 over the same period. RXO has an average intraday trading volume of 647.55K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.21%, 7.11%, and 12.43% respectively.
Institutional ownership of RXO Inc (NYSE: RXO) shares accounts for 95.68% of the company’s 116.40M shares outstanding. Mutual fund holders own 46.76%, while other institutional holders and individual stakeholders account for 52.07% and 12.75% respectively.
It has a market capitalization of $2.64B and a beta (3y monthly) value of 0.91. The earnings-per-share (ttm) stands at -$0.02. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.67% over the week and 2.74% over the month.
Analysts forecast that RXO Inc (RXO) will achieve an EPS of $0.04 for the current quarter, $0.04 for the next quarter and $0.46 for 2024. The lowest estimate earnings-per-share for the quarter is $0.02 while analysts give the company a high EPS estimate of $0.07. Comparatively, EPS for the current quarter was $0.28 a year ago. Earnings per share for the fiscal year are expected to decrease by -81.91%, and 61.97% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate RXO Inc (RXO) as a “Moderate Buy” at a consensus score of 2.82. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 9 of the 17 advise that investors “hold,” and 3 rated it as a “Sell.”
