QXO (NYSE:QXO – Free Report) had its price target cut by Royal Bank Of Canada from $27.00 to $18.00 in a report issued on Wednesday, MarketBeat Ratings reports. They currently have an outperform rating on the stock.
A number of other research analysts have also weighed in on the company. Citigroup cut their price objective 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 started coverage on QXO in a report on Tuesday. They set a “buy” rating and a $17.00 price target for the company. Zacks Research raised QXO from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. DA Davidson assumed coverage on QXO in a research report on Monday, August 24th. They set a “buy” rating and a $26.00 target price for the company. Finally, Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.36.
Check Out Our Latest Report on QXO
QXO Trading Down 2.7%
QXO (NYSE:QXO – Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, hitting 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%. On average, equities analysts expect that QXO will post 0.25 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. Carnegie Investment Counsel grew its stake in shares of QXO by 38.6% during the first quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock valued at $6,013,000 after buying an additional 86,265 shares during the last quarter. CI Investments Inc. boosted its holdings in QXO by 4.1% during the 1st quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after acquiring an additional 102,838 shares during the period. Hudson Value Partners LLC grew its position in QXO by 87.6% in the 2nd quarter. Hudson Value Partners LLC now owns 215,998 shares of the company’s stock valued at $3,732,000 after acquiring an additional 100,856 shares during the last quarter. Griffin Asset Management Inc. bought a new position in QXO in the 1st quarter valued at $2,057,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in QXO in the first quarter worth $1,610,000. 58.68% of the stock is owned by hedge funds and other institutional investors.
About QXO
QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.
QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.
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