Advisors Capital Management LLC Raises Holdings in QXO, Inc. $QXO

Key Points

• Advisors Capital Management LLC increased its stake in QXO, Inc. by 18.9% during the first quarter, now holding 646,595 shares, valued at approximately $8.75 million.
• Several research analysts initiated coverage on QXO with positive outlooks, giving price targets ranging from $28.00 to $35.00 and a consensus rating of "Buy."
• As of the latest report, 58.68% of QXO’s stock is owned by institutional investors, indicating strong institutional interest in the company.

Advisors Capital Management LLC boosted its stake in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 18.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 646,595 shares of the company's stock after acquiring an additional 102,862 shares during the quarter. Advisors Capital Management LLC owned 0.12% of QXO worth $8,755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Deutsche Bank AG purchased a new stake in QXO during the 4th quarter valued at about $255,000. Northern Trust Corp raised its position in QXO by 46.9% during the 4th quarter. Northern Trust Corp now owns 731,610 shares of the company's stock valued at $11,633,000 after purchasing an additional 233,538 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in QXO during the 1st quarter valued at approximately $200,000. KBC Group NV raised its position in QXO by 23.8% during the 1st quarter. KBC Group NV now owns 16,270 shares of the company's stock valued at $220,000 after purchasing an additional 3,126 shares during the last quarter. Finally, First Bank & Trust bought a new position in QXO during the 1st quarter valued at approximately $194,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on QXO shares. Stephens started coverage on QXO in a research report on Wednesday, August 13th. They set an "overweight" rating and a $29.00 price target for the company. Raymond James Financial started coverage on QXO in a research report on Friday, September 5th. They set an "outperform" rating and a $28.00 price target for the company. Morgan Stanley started coverage on QXO in a research report on Tuesday, September 2nd. They set an "overweight" rating and a $35.00 price target for the company. Wells Fargo & Company started coverage on QXO in a research report on Tuesday, August 5th. They set an "overweight" rating and a $30.00 price target for the company. Finally, Citigroup started coverage on QXO in a research report on Wednesday, July 16th. They set a "buy" rating and a $33.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $33.73.

QXO Stock Performance

Shares of NASDAQ:QXO opened at $21.26 on Friday. QXO, Inc. has a 52-week low of $11.85 and a 52-week high of $24.69. The firm has a market capitalization of $14.32 billion, a P/E ratio of -2.33, a P/E/G ratio of 4.09 and a beta of 2.35. The stock has a 50 day moving average price of $20.85 and a 200-day moving average price of $17.45.

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.

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