Fiduciary Alliance LLC Increases Position in QXO, Inc. $QXO

Fiduciary Alliance LLC grew its position in shares of QXO, Inc. (NYSE:QXO) by 53.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 179,563 shares of the company’s stock after purchasing an additional 62,290 shares during the period. Fiduciary Alliance LLC’s holdings in QXO were worth $3,487,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its stake in shares of QXO by 67.5% in the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock valued at $1,620,000 after buying an additional 48,248 shares in the last quarter. AQR Capital Management LLC acquired a new position in QXO during the 1st quarter worth about $615,000. Millennium Management LLC lifted its stake in QXO by 6.6% during the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after acquiring an additional 20,067 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in QXO by 13.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock valued at $9,449,000 after acquiring an additional 81,758 shares during the period. Finally, American Century Companies Inc. purchased a new position in QXO during the 2nd quarter valued at about $837,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

QXO has been the subject of several research reports. Stephens dropped their target price on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Citigroup lowered their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Royal Bank Of Canada dropped their price objective on shares of QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a report on Monday, April 6th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.14.

QXO Trading Up 4.2%

NYSE:QXO opened at $16.91 on Thursday. QXO, Inc. has a 12-month low of $14.75 and a 12-month high of $27.61. The firm has a market cap of $12.26 billion, a PE ratio of -18.58, a price-to-earnings-growth ratio of 4.16 and a beta of 2.30. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The stock has a fifty day moving average price of $18.33 and a 200 day moving average price of $20.90.

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

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.