Hosking Partners LLP acquired a new stake in QXO, Inc. (NYSE:QXO – Free Report) in the third quarter, according to its most recent filing with the SEC. The fund acquired 331,910 shares of the company’s stock, valued at approximately $3,880,000.
A number of other hedge funds have also bought and sold shares of the business. Finepoint Capital LP raised its holdings in QXO by 30.7% during the 2nd quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock valued at $313,007,000 after acquiring an additional 4,255,435 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of QXO by 25.9% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company’s stock worth $66,679,000 after acquiring an additional 1,173,274 shares during the period. Spyglass Capital Management LLC bought a new position in shares of QXO in the second quarter worth $62,961,000. Bank of New York Mellon Corp bought a new position in shares of QXO in the second quarter worth $44,919,000. Finally, CI Investments Inc. boosted its holdings in shares of QXO by 4.1% in the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock worth $50,469,000 after acquiring an additional 102,838 shares during the period. 58.68% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages have recently weighed in on QXO. Citigroup reduced their price target on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Melius Research initiated coverage on QXO in a report on Tuesday, October 6th. They set a “buy” rating and a $17.00 price objective on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of QXO in a report on Wednesday, August 26th. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, Royal Bank Of Canada reduced their target price on QXO from $27.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.77.
QXO Stock Performance
NYSE QXO opened at $10.30 on Thursday. The company’s 50 day simple moving average is $12.37 and its two-hundred day simple moving average is $15.54. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29. QXO, Inc. has a 1 year low of $10.03 and a 1 year high of $27.61. The stock has a market capitalization of $10.68 billion, a PE ratio of -11.44, a P/E/G ratio of 2.20 and a beta of 2.30.
QXO (NYSE:QXO – Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Analysts predict that QXO, Inc. will post 0.24 earnings per share for the current fiscal year.
QXO Profile
QXO, Inc is a building products distribution company serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.
The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO’s strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.
QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.
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