Wellington Shields Capital Management LLC Buys 119,328 Shares of QXO, Inc. $QXO

Wellington Shields Capital Management LLC grew its stake in shares of QXO, Inc. (NYSE:QXO) by 28.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 532,758 shares of the company’s stock after purchasing an additional 119,328 shares during the period. QXO makes up 1.5% of Wellington Shields Capital Management LLC’s investment portfolio, making the stock its 17th largest holding. Wellington Shields Capital Management LLC’s holdings in QXO were worth $10,277,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of QXO during the 2nd quarter valued at about $30,000. LRI Investments LLC boosted its stake in shares of QXO by 129.1% during the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after purchasing an additional 835 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in shares of QXO by 57.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock valued at $30,000 after purchasing an additional 575 shares in the last quarter. Sentry Investment Management LLC bought a new stake in shares of QXO during the 3rd quarter valued at about $40,000. Finally, Allworth Financial LP boosted its stake in shares of QXO by 66.9% during the 3rd quarter. Allworth Financial LP now owns 2,028 shares of the company’s stock valued at $39,000 after purchasing an additional 813 shares in the last quarter. Institutional investors own 58.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Zacks Research lowered shares of QXO from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Citigroup cut their target price 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. KeyCorp boosted their price objective on shares of QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Finally, Robert W. Baird cut their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Sixteen equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $32.00.

QXO Stock Up 0.2%

Shares of QXO stock opened at $16.71 on Tuesday. The company has a 50 day simple moving average of $19.77 and a two-hundred day simple moving average of $21.08. 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 market cap of $12.11 billion, a P/E ratio of -18.36, a P/E/G ratio of 4.27 and a beta of 2.40. QXO, Inc. has a 12 month low of $15.50 and a 12 month high of $27.61.

QXO (NYSE:QXO) last posted its 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 negative net margin of 6.02% and a positive return on equity of 1.91%. The firm’s revenue for the quarter was up 12716.3% compared to the same quarter last year. On average, research analysts expect that QXO, Inc. will post 0.2 earnings per share for the current year.

About QXO

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.