First Manhattan CO. LLC. Buys 251,100 Shares of QXO, Inc. $QXO

First Manhattan CO. LLC. raised its stake in QXO, Inc. (NYSE:QXO) by 18.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,578,055 shares of the company’s stock after buying an additional 251,100 shares during the period. First Manhattan CO. LLC. owned about 0.23% of QXO worth $30,441,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in QXO. Baillie Gifford & Co. grew its position in shares of QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after buying an additional 14,644,305 shares during the last quarter. MTCO Ltd. bought a new stake in shares of QXO in the 3rd quarter valued at about $208,534,000. Fred Alger Management LLC bought a new stake in shares of QXO in the 3rd quarter valued at about $173,053,000. Schf GPE LLC grew its position in shares of QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after buying an additional 8,943,089 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of QXO by 17.2% in the 3rd quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock valued at $1,054,471,000 after buying an additional 8,131,331 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on QXO. Citigroup reduced their price target on QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. BNP Paribas Exane began coverage on QXO in a research report on Monday, March 16th. They issued an “outperform” rating and a $30.00 price target on the stock. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Oppenheimer upped their target price on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Finally, Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $31.14.

QXO Trading Down 2.5%

Shares of QXO stock opened at $16.58 on Thursday. The company has a market cap of $12.03 billion, a P/E ratio of -18.22, a PEG ratio of 4.36 and a beta of 2.30. The stock has a 50 day simple moving average of $18.71 and a two-hundred day simple moving average of $20.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. QXO, Inc. has a fifty-two week low of $14.75 and a fifty-two week high of $27.61.

QXO (NYSE:QXO) last issued its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The company’s quarterly revenue was up 12716.3% compared to the same quarter last year. Research analysts forecast that QXO, Inc. will post 0.2 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. 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.