Sound Shore Management Inc. CT Takes Position in QXO, Inc. $QXO

Sound Shore Management Inc. CT bought a new stake in QXO, Inc. (NYSE:QXO) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,002,028 shares of the company’s stock, valued at approximately $77,199,000. QXO accounts for about 2.5% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 27th biggest holding. Sound Shore Management Inc. CT owned 0.59% of QXO as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in QXO. Baillie Gifford & Co. boosted its stake in shares of QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after purchasing an additional 14,644,305 shares during the period. MTCO Ltd. purchased a new position in shares of QXO in the third quarter valued at $208,534,000. Fred Alger Management LLC purchased a new position in shares of QXO in the third quarter valued at $173,053,000. Schf GPE LLC boosted its stake in shares of QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after purchasing an additional 8,943,089 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of QXO by 17.2% in the third quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock valued at $1,054,471,000 after purchasing an additional 8,131,331 shares during the period. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

QXO Trading Up 1.2%

NYSE QXO opened at $16.52 on Thursday. QXO, Inc. has a 12 month low of $15.50 and a 12 month high of $27.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The company has a market capitalization of $11.98 billion, a price-to-earnings ratio of -18.15, a price-to-earnings-growth ratio of 4.18 and a beta of 2.30. The company’s fifty day moving average price is $19.33 and its two-hundred day moving average price is $21.05.

QXO (NYSE:QXO) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. The company’s revenue for the quarter was up 12716.3% on a year-over-year basis. As a group, research analysts predict that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Stephens decreased their target price on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Zacks Research downgraded shares of QXO from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Benchmark restated a “buy” rating on shares of QXO in a research note on Friday, February 20th. KeyCorp upped their target price on shares of QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Finally, Citigroup reduced their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Sixteen investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

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.