143,735 Shares in QXO, Inc. $QXO Bought by Teachers Retirement System of The State of Kentucky

Key Points

• Teachers Retirement System of The State of Kentucky bought 143,735 shares of QXO in the first quarter, a stake valued at about $2.79 million.
• Institutional interest in QXO remains high, with several large funds increasing or initiating positions; 58.68% of the stock is now owned by institutional investors.
• QXO shares were up 3.9% to $14.44, while analysts currently have a Moderate Buy consensus and an average price target of $30.57.

Teachers Retirement System of The State of Kentucky purchased a new stake in shares of QXO, Inc. (NYSE:QXO - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 143,735 shares of the company's stock, valued at approximately $2,792,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in QXO. Baillie Gifford & Co. raised its holdings in 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 QXO during the 3rd quarter worth approximately $208,534,000. Schf GPE LLC grew its holdings in QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company's stock worth $286,901,000 after acquiring an additional 8,943,089 shares during the last quarter. Norges Bank acquired a new position in QXO in the 4th quarter valued at approximately $140,421,000. Finally, Fred Alger Management LLC increased its position in QXO by 75.4% in the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock valued at $307,173,000 after acquiring an additional 6,844,574 shares during the period. 58.68% of the stock is currently owned by institutional investors.

QXO Trading Up 3.9%

NYSE:QXO opened at $14.44 on Wednesday. The firm's fifty day moving average is $16.69 and its 200-day moving average is $20.36. 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 52 week low of $13.82 and a 52 week high of $27.61. The firm has a market cap of $10.47 billion, a P/E ratio of -15.86, a P/E/G ratio of 3.56 and a beta of 2.23.

QXO (NYSE:QXO - Get Free Report) last announced 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 firm had revenue of $1.73 billion for 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%.QXO's revenue was up 12716.3% compared to the same quarter last year. Equities analysts expect that QXO, Inc. will post 0.2 earnings per share for the current year.

Analysts Set New Price Targets

QXO has been the topic of a number of recent research reports. Stephens cut their price target on shares of QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a report on Thursday, May 14th. Royal Bank Of Canada restated an "outperform" rating and issued a $27.00 price objective on shares of QXO in a report on Friday, July 10th. Oppenheimer raised their target price on QXO from $30.00 to $32.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Robert W. Baird cut their target price on QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Finally, Citigroup reduced their price target on QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday. Fifteen research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $30.57.

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.

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