Vanguard Group Inc. Raises Stake in QXO, Inc. $QXO

Vanguard Group Inc. raised its position in QXO, Inc. (NYSE:QXO) by 17.2% during the third quarter, HoldingsChannel reports. The firm owned 55,323,743 shares of the company’s stock after buying an additional 8,131,331 shares during the quarter. Vanguard Group Inc. owned 0.08% of QXO worth $1,054,471,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. State of New Jersey Common Pension Fund D increased its holdings in QXO by 13.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 186,311 shares of the company’s stock valued at $3,551,000 after buying an additional 22,164 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in QXO by 104.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,169 shares of the company’s stock worth $270,000 after buying an additional 7,252 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of QXO during the 3rd quarter worth about $191,000. Cibc World Market Inc. purchased a new position in shares of QXO in the 3rd quarter valued at about $1,223,000. Finally, Rhumbline Advisers increased its holdings in shares of QXO by 1.7% in the 3rd quarter. Rhumbline Advisers now owns 530,035 shares of the company’s stock valued at $10,102,000 after acquiring an additional 8,861 shares during the last quarter. 58.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on QXO. Weiss Ratings restated a “sell (d+)” rating on shares of QXO in a research note on Monday, December 29th. Truist Financial cut their price objective on shares of QXO from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, December 19th. Benchmark restated a “buy” rating on shares of QXO in a report on Friday. Citigroup dropped their target price on shares of QXO from $33.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Finally, Oppenheimer lifted their price target on shares of QXO from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.43.

QXO Stock Performance

Shares of QXO stock opened at $25.54 on Friday. The firm’s fifty day simple moving average is $23.32 and its 200-day simple moving average is $20.77. QXO, Inc. has a 12 month low of $11.85 and a 12 month high of $27.61. The stock has a market capitalization of $17.23 billion, a price-to-earnings ratio of -58.04, a PEG ratio of 3.19 and a beta of 2.55. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.06 and a quick ratio of 2.24.

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.