Spyglass Capital Management LLC acquired a new position in QXO, Inc. (NYSE:QXO – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,643,593 shares of the company’s stock, valued at approximately $62,961,000. QXO accounts for approximately 3.4% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 18th biggest position.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Schf GPE LLC lifted its stake in QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after purchasing an additional 8,943,089 shares during the last quarter. Norges Bank bought a new position in shares of QXO during the fourth quarter valued at approximately $140,421,000. Fred Alger Management LLC grew its stake in shares of QXO by 75.4% during the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock valued at $307,173,000 after buying an additional 6,844,574 shares during the last quarter. Sound Shore Management Inc. CT purchased a new stake in shares of QXO in the fourth quarter worth approximately $77,199,000. Finally, T. Rowe Price Investment Management Inc. raised its holdings in shares of QXO by 110.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,513,588 shares of the company’s stock worth $125,648,000 after buying an additional 3,417,670 shares during the period. 58.68% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on QXO shares. DA Davidson began coverage on QXO in a report on Monday, August 24th. They set a “buy” rating and a $26.00 price objective for the company. KeyCorp cut their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Wells Fargo & Company set a $18.00 target price on QXO in a research note on Tuesday, July 28th. Royal Bank Of Canada reiterated an “outperform” rating and set a $27.00 target price on shares of QXO in a research report on Friday, July 10th. Finally, Citigroup lowered their target price on shares of QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, QXO has a consensus rating of “Moderate Buy” and an average target price of $28.00.
QXO Trading Down 2.1%
Shares of NYSE:QXO opened at $13.24 on Tuesday. The company has a market capitalization of $13.74 billion, a PE ratio of -14.71, a P/E/G ratio of 2.33 and a beta of 2.28. The company has a current ratio of 4.11, a quick ratio of 3.29 and a debt-to-equity ratio of 0.66. QXO, Inc. has a 12-month low of $13.15 and a 12-month high of $27.61. The business’s fifty day simple moving average is $14.84 and its 200-day simple moving average is $18.28.
QXO (NYSE:QXO – Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The firm had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. As a group, equities research analysts predict that QXO, Inc. will post 0.29 earnings per share for the current fiscal year.
QXO Company 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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