State of New Jersey Common Pension Fund D Boosts Stock Holdings in QXO, Inc. $QXO

State of New Jersey Common Pension Fund D lifted its position in QXO, Inc. (NYSE:QXO) by 4.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,147 shares of the company’s stock after acquiring an additional 6,485 shares during the period. State of New Jersey Common Pension Fund D’s holdings in QXO were worth $3,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in QXO by 146.1% in the 1st quarter. Vanguard Group Inc. now owns 24,707,435 shares of the company’s stock valued at $334,539,000 after purchasing an additional 14,667,571 shares in the last quarter. Blue Investment Opportunities LLC Project Breeze Series 1 purchased a new stake in shares of QXO during the first quarter worth $118,142,000. Catawba River Capital raised its position in shares of QXO by 127.8% in the second quarter. Catawba River Capital now owns 1,116,119 shares of the company’s stock valued at $24,041,000 after buying an additional 626,067 shares during the last quarter. TD Asset Management Inc raised its position in shares of QXO by 189.1% in the second quarter. TD Asset Management Inc now owns 891,482 shares of the company’s stock valued at $19,203,000 after buying an additional 583,092 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new position in shares of QXO in the first quarter worth about $6,534,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. KeyCorp set a $28.00 price objective on shares of QXO in a research note on Wednesday, October 1st. Benchmark upgraded QXO to a “strong-buy” rating in a research report on Monday, August 25th. Truist Financial cut their price target on QXO from $30.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, October 9th. Citigroup initiated coverage on QXO in a research report on Wednesday, July 16th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, Royal Bank Of Canada began coverage on QXO in a report on Monday, July 21st. They issued an “outperform” rating and a $33.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.85.

QXO Price Performance

QXO stock opened at $18.08 on Tuesday. QXO, Inc. has a 52-week low of $11.85 and a 52-week high of $24.69. The company has a quick ratio of 2.15, a current ratio of 3.00 and a debt-to-equity ratio of 0.38. The stock has a market cap of $12.18 billion, a price-to-earnings ratio of -86.11, a price-to-earnings-growth ratio of 2.57 and a beta of 2.25. The business has a fifty day moving average of $19.94 and a two-hundred day moving average of $18.92.

QXO (NYSE:QXO) last announced its quarterly earnings results on Thursday, August 14th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.04 by $0.07. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.87 billion. QXO had a positive return on equity of 2.15% and a negative net margin of 1.09%. As a group, research analysts anticipate that QXO, Inc. will post -0.13 earnings per share for the current 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.