PNC Financial Services Group Inc. Raises Stake in GXO Logistics, Inc. (NYSE:GXO)

PNC Financial Services Group Inc. increased its stake in GXO Logistics, Inc. (NYSE:GXO) by 7.0% during the first quarter, according to its most recent filing with the SEC. The fund owned 20,757 shares of the company’s stock after buying an additional 1,366 shares during the quarter. PNC Financial Services Group Inc.’s holdings in GXO Logistics were worth $811,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GXO. Larson Financial Group LLC boosted its holdings in shares of GXO Logistics by 2,460.7% in the 1st quarter. Larson Financial Group LLC now owns 717 shares of the company’s stock worth $28,000 after buying an additional 689 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of GXO Logistics by 57.0% in the first quarter. GAMMA Investing LLC now owns 832 shares of the company’s stock worth $33,000 after buying an additional 302 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of GXO Logistics in the first quarter worth about $34,000. Quarry LP lifted its holdings in shares of GXO Logistics by 1,334.9% in the fourth quarter. Quarry LP now owns 1,234 shares of the company’s stock worth $54,000 after buying an additional 1,148 shares in the last quarter. Finally, UMB Bank n.a. increased its position in shares of GXO Logistics by 135.6% in the first quarter. UMB Bank n.a. now owns 1,762 shares of the company’s stock worth $69,000 after purchasing an additional 1,014 shares during the last quarter. 90.67% of the stock is owned by hedge funds and other institutional investors.

GXO Logistics Price Performance

NYSE GXO opened at $50.13 on Tuesday. GXO Logistics, Inc. has a one year low of $30.46 and a one year high of $63.33. The stock has a 50-day moving average of $48.33 and a 200 day moving average of $42.35. The company has a market capitalization of $5.74 billion, a price-to-earnings ratio of 94.59, a PEG ratio of 1.83 and a beta of 1.64. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.76 and a current ratio of 0.76.

GXO Logistics (NYSE:GXO) last announced its earnings results on Tuesday, August 5th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. The business had revenue of $3.30 billion for the quarter, compared to analysts’ expectations of $3.09 billion. GXO Logistics had a return on equity of 10.45% and a net margin of 0.50%. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period last year, the firm posted $0.55 earnings per share. On average, sell-side analysts forecast that GXO Logistics, Inc. will post 2.49 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on GXO shares. Truist Financial upgraded shares of GXO Logistics from a “hold” rating to a “buy” rating and upped their price objective for the stock from $48.00 to $62.00 in a research report on Friday, July 11th. Stifel Nicolaus increased their price objective on GXO Logistics from $63.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, June 23rd. Wells Fargo & Company increased their price objective on GXO Logistics from $57.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Citigroup raised their price target on GXO Logistics from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Finally, JPMorgan Chase & Co. raised their price objective on GXO Logistics from $56.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.50.

About GXO Logistics

GXO Logistics, Inc, together with its subsidiaries, provides logistics services worldwide. The company provides warehousing and distribution, order fulfilment, e-commerce, reverse logistics, and other supply chain services. As of December 31, 2023, it operated in approximately 974 facilities. The company serves various customers in the e-commerce, omnichannel retail, technology and consumer electronics, food and beverage, industrial and manufacturing, consumer packaged goods, and others.