Salem Investment Counselors Inc. Acquires 213,150 Shares of QXO, Inc. $QXO

Salem Investment Counselors Inc. increased its holdings in QXO, Inc. (NYSE:QXO) by 177.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 332,955 shares of the company’s stock after acquiring an additional 213,150 shares during the quarter. Salem Investment Counselors Inc.’s holdings in QXO were worth $3,892,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of QXO. Root Financial Partners LLC boosted its stake in QXO by 73,350.0% during the 1st quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after purchasing an additional 1,467 shares during the period. NFSG Corp grew its position in QXO by 39.6% during the 1st quarter. NFSG Corp now owns 2,198 shares of the company’s stock worth $43,000 after purchasing an additional 623 shares during the last quarter. Whipplewood Advisors LLC increased its stake in QXO by 12,604.8% in the first quarter. Whipplewood Advisors LLC now owns 2,668 shares of the company’s stock valued at $52,000 after purchasing an additional 2,647 shares during the period. CoreCap Advisors LLC acquired a new position in QXO in the third quarter valued at $41,000. Finally, Capital Analysts LLC increased its stake in QXO by 116.2% in the second quarter. Capital Analysts LLC now owns 3,544 shares of the company’s stock valued at $61,000 after purchasing an additional 1,905 shares during the period. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Stock Up 3.7%

QXO stock opened at $11.04 on Wednesday. The stock has a market capitalization of $11.45 billion, a PE ratio of 88.67, a price-to-earnings-growth ratio of 2.16 and a beta of 2.30. The company has a fifty day moving average of $12.97 and a 200-day moving average of $15.90. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. QXO, Inc. has a one year low of $10.39 and a one year high of $27.61.

QXO (NYSE:QXO) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $3.25 billion for 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%. As a group, analysts expect that QXO, Inc. will post 0.25 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on QXO. Royal Bank Of Canada reduced their target price on shares of QXO from $27.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a research report on Wednesday, August 26th. KeyCorp reduced their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Benchmark reaffirmed a “buy” rating on shares of QXO in a research report on Friday, August 14th. Finally, Truist Financial lowered their target price on QXO from $26.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.21.

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.