Carnegie Investment Counsel increased its stake in shares of QXO, Inc. (NYSE:QXO – Free Report) by 38.6% during the 1st quarter, Holdings Channel reports. The fund owned 309,644 shares of the company’s stock after purchasing an additional 86,265 shares during the quarter. Carnegie Investment Counsel’s holdings in QXO were worth $6,013,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently bought and sold shares of the stock. Sunbelt Securities Inc. lifted its holdings in QXO by 6.8% in the fourth quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company’s stock valued at $122,000 after acquiring an additional 400 shares during the period. Cherry Creek Investment Advisors Inc. lifted its stake in shares of QXO by 0.6% in the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 84,636 shares of the company’s stock valued at $1,633,000 after purchasing an additional 474 shares during the period. NewEdge Advisors LLC boosted its holdings in QXO by 42.4% during the fourth quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock worth $32,000 after buying an additional 500 shares in the last quarter. Maple Capital Management Inc. boosted its holdings in QXO by 4.7% during the fourth quarter. Maple Capital Management Inc. now owns 11,988 shares of the company’s stock worth $231,000 after buying an additional 543 shares in the last quarter. Finally, Allworth Financial LP grew its position in QXO by 27.2% during the fourth quarter. Allworth Financial LP now owns 2,580 shares of the company’s stock valued at $50,000 after buying an additional 552 shares during the period. 58.68% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have weighed in on QXO shares. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $27.00 price objective on shares of QXO in a report on Friday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. BNP Paribas Exane began coverage on QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 price target on the stock. KeyCorp decreased their target price on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Finally, Stephens dropped their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Fifteen research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.79.
QXO Stock Performance
NYSE QXO opened at $15.02 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The stock’s 50 day simple moving average is $16.91 and its 200-day simple moving average is $20.46. The company has a market cap of $10.89 billion, a PE ratio of -16.50, a price-to-earnings-growth ratio of 3.84 and a beta of 2.23. QXO, Inc. has a 1-year low of $13.82 and a 1-year high of $27.61.
QXO (NYSE:QXO – Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.73 billion. The company’s revenue for the quarter was up 12716.3% compared to the same quarter last year. As a group, equities research analysts anticipate that QXO, Inc. will post 0.2 EPS for the current fiscal year.
QXO Profile
QXO, Inc operates as a business application, technology, and consulting company in North America. The company provides solutions for accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence. It also offers value-added services that focuses on consulting and professional, specialized programming, training, and technical support services. In addition, the company provides information technology managed services, such as cybersecurity, application hosting, disaster recovery, business continuity, cloud, and other services; and data back-up, network maintenance, and upgrade services.
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